Rockfire Resources PLC on Thursday said its joint venture partner Sunshine Gold Ltd has identified a new gold and silver mineralisation zone, as it reports assay results from the Lighthouse tenement in Queensland, Australia.

The Greece and Australia-focused gold, base metal and critical mineral exploration company said rock chip assays showed 9.6 grammes of gold per tonne and 9.9 grammes of silver per tonne at the newly identified zone, which sits 500 metres south of its Cardigan Dam prospect.

The company said field reconnaissance over a 300 metres gold anomaly at Cardigan Dam has identified a promising find, the best assay result of which indicated 13.2 grammes of gold per tonne and 4.8 grammes of silver per tonne.

The firm added that a rock chip assay showed cobalt and copper over a strong magnetic anomaly 250 metres to the northwest of the ridge, returning 0.62% cobalt, 0.48% copper and 0.93% barium, as well as 186 ppm of nickel.

Chief executive David Price said: ‘The discovery of an elevated cobalt sample is an interesting and exciting discovery, particularly with the increasing demand for cobalt. Cobalt is used in large quantities in battery storage of energy and the supply of cobalt as a raw material for future energy storage is a growing and important industry.

‘Sunshine Gold states that further investigation of the cobalt-enriched gossan is required, but it is also extremely exciting to see the high-grade gold in the rock samples being collected at Cardigan Dam prospect, within the Lighthouse tenement.’

Rockfire shares rose 4.7% to 0.23 pence each in London on Thursday morning.

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