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Mining Capital
EPIC: ROCK
Market: AIM
52-week High/Low: 2.47p / 0.75p
Sector: Mining
Market Cap: 4.39M
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Rockfire Resources plc is an exploration company with projects in Australia and Papua New Guinea. The company has large-scale porphyry copper targets on the island of New Britain in PNG and Intrusion-related gold systems and breccia-hosted gold projects in Queensland, Australia.  The Company's Lighthouse Project sits within a province of multi-million ounce gold mines and recent drilling at...

Rockfire Resources PLC

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Big picture - Why invest in Rockfire Resources PLC

Rockfire Resources PLC Snapshot

Group Strategy

The Group’s strategy is to explore for and, where the Directors believe that it is commercially feasible, develop deposits of gold and/or copper within the territory of PNG. It is the Group’s intention to conduct its activities in a professional and responsible manner, for the benefit of the Company’s shareholders, its employees and the national and local communities within which it operates.

Bikpela wok bilong Grup em long wok painim aut, na sapos ol Directors i ting olsem dispel wok bai i gat kaikai, Grup bai kirapim wanpela gold or copper mine insait long PNG. Strong pela tingting bilong grup em long behainim stret lo na olgeta gutpela pasin bilong bisnis long olgeta wok bilong em. Grup bai was gut long ol wok pasin bilong em wantain Gavman na pipol na mekim bisinis long stretpela pasin tasol. Kain gutpela wok pasin nao bai halivim ol papa bilong Kampani na ol wokman.

Through its subsidiaries, the Papua Mining Group holds six Exploration Licences on New Britain island with a total area of 1,112 square kilometres.   In addition to the currently held ground, the Group has three licence applications pending in New Britain.

Papua Mining Project Location map

New Britain

  • Large ground holding on New Britain island along a zone of established potential for porphyry mineralization with known significant mineralised systems at Simuku, Plesyumi and Nakru. Known deposits nearby include Simuku deposit which contains a reported Inferred Mineral Resource of 200 million tonnes grading 0.47% copper equivalent
  • Since early-2014 Papua Mining’s exploration has concentrated on the Tripela prospect where spectacular near surface copper mineralisation was discovered by our reconnaissance team.
  • By April 2015 almost 10,000 metres of drilling have been completed on the project

Background to the New Britain Project

The PM Group holds six Exploration Licences on New Britain island with a total area of 1,112 square kilometres. Most of the licences are in West New Britain Province  In addition to the currently held ground, the Group has three licence applications pending.

The New Britain licences cover an area which straddles the so called Kulu-Fulleborn Trend, a NW-SE trending belt of mainly intermediate volcanic rocks and associated, sub-volcanic intrusives which host a number of historically reported porphyry copper mineralisation targets, particularly those at Simuku, Plesyumi and Nakru.

The main contiguous block of licences held and under application covers an irregular elongated shape between Kimbe, the capital of the West New Britain province, on the north coast, to Fulleborn on the south coast.
 Kimbe has a deep water port that can be used to bring in vehicles and drilling equipment. The area around Kimbe is covered for the most part with oil-palm plantations and has a good road infrastructure and access to this area is therefore relatively easy.  Apart from the area around Kimbe most of the Exploration Licence areas are covered by dense tropical rain forest with patchy areas of secondary growth where logging and subsistence farming has been carried out.

The central part of the main licence block is dominated by the rugged Whiteman Mountain ranges which have altitudes ranging from 200m to 1,830m above sea level at the highest point. Numerous rivers and streams dissect the area and drain to the north and south coasts from the ranges. Access to parts of EL 1462 is difficult and in some instances prospects can only be reached on foot or by helicopter.  However the Mt Nakru area which includes our most advanced exploration targets at Tripela, Junction and Flying Fox has road access via a logging track.

Overview of the Papua Mining plc project area on New Britain island. Individual licence boundaries are not shown. Current tenement licencing information for Papua New Guinea can be found on the Mineral Resource Authority website at http://portal.mra.gov.pg/Map/

 

Papua Mining’s Exploration on New Britain

The Papua Mining team assembled a large database from previous exploration programmes on New Britain Island and followed this with a reinterpretation of all available geophysical data for the project area. This work produced a significant number of high priority target areas. Using the results of the studies, the Company embarked on a major field program in June 2010 to follow up and test a number of these targets. Our exploration teams completed widespread reconnaissance rock chip sampling, geological mapping and detailed, grid-based, geochemical soil sampling programmes.

By December 2012 more than 5,000 soil samples and more than 2,000 rock samples had been collected on the New Britain project. Mapping by our geological field team located significant copper mineralisation at a number of new locations where mineralisation had not previously been recorded.  Subsequent fieldwork focused on the delineation of potential drill target areas.  During 2013 three holes were drilled on geophysics targets in the Mt Nakru area, two at Junction and one at the Flying Fox target.

 

Background to the drilling programme at Tripela

 

Geological mapping and sampling in 2012 discovered significant copper and molybdenum soil anomalism at Tripela in the Mt Nakru area. Float and outcrop sampling and geological mapping delineated numerous occurrences of in situ high grade copper and molybdenum mineralization with grades up to 29.5% copper returned from outcrop assays. Much of the mineralization in outcrop is interpreted as D veins occurring around the alteration halo of a buried porphyry deposit. This geological mapping and rock sampling were followed up with trenching in 2013 and 2014 to more fully define the surface anomalies.

Tripela Drilling – Phase 1

The initial drilling programme at Tripela completed between January and May 2014 was designed to test for confirmatory evidence of underlying porphyry emplacement. The principal aim was the recognition of the zonation of argillic, phyllic and propylitic alteration at Tripela that would lead us to an inner potassic alteration zone which is in turn believed to be at the core of the porphyry deposit. DDH010, the last of seven drillholes completed during the initial phase of drilling, was completed in May and we then collated and assessed the data obtained from the seven drillholes. Widespread phyllic and argillic alteration was recognized in most of the holes, in particular DDH004, DDH006 and DDH008.

Intense clay alteration exposed during drill pad preparation at Tripela in early-2014. The dense vegetation on New Britain island makes geological mapping difficult and exposures such as this are of great assistance in delineating alteration zonation patterns.

 

Current Tripela Drilling – Phase 2

In June 2014 we commenced a follow-up programme to test for the deeper porphyry bodies interpreted from the shallower vector drilling programme. The first deep hole, DDH012, was completed in early-August 2014.

By January 2015 we had completed four additional deep (each >950 metre) holes. Extensive epidote alteration, intersected in each of these holes, has allowed us to start to define an inner propylitic alteration halo. Petrographic work on samples from the hole confirmed the host rock as a dioritic porphyry intrusion.  By the end of the first quarter of 2015 approximately 7,000 metres had been drilled at Tripela.

Dr. Greg Corbett and Doug Menzies of CMC Consulting Pty Limited (“CMC”) visited our project in PNG between 23rd June and 31st June 2014.  The visit included some three days of core logging alongside our technical team and proved very helpful in terms of the development of our geological model for the project. The resulting CMC report has informed and validated the thrust of our exploration programme at Tripela and its objectives.

In June 2014 we commenced a follow-up programme to test for the deeper porphyry bodies interpreted from the shallower vector drilling programme. The first deep hole, DDH012, was completed in early-August 2014.

By January 2015 we had completed four additional deep (each >950 metre) holes. Extensive epidote alteration, intersected in each of these holes, has allowed us to start to define an inner propylitic alteration halo. Petrographic work on samples from the hole confirmed the host rock as a dioritic porphyry intrusion.  By the end of the first quarter of 2015 approximately 7,000 metres had been drilled at Tripela.

Dr. Greg Corbett and Doug Menzies of CMC Consulting Pty Limited (“CMC”) visited our project in PNG between 23rd June and 31st June 2014.  The visit included some three days of core logging alongside our technical team and proved very helpful in terms of the development of our geological model for the project. The resulting CMC report has informed and validated the thrust of our exploration programme at Tripela and its objectives.

Intense epidote alteration in Tripela drillcore

 

The Junction Target

Our initial drilling programme at Junction, carried out in mid-2013, comprised two holes of 841 metres and 736 metres depth respectively.  These two diamond drillholes were directed at a strong combined chargeability and conductivity geophysical anomaly – a shallower chargeability anomaly which enclosed a deeper conductivity anomaly. While neither hole intersected economic grades or thickness of copper mineralization, important positive indicators of proximity to porphyry systems were observed in each. These indicators do point to the presence of a copper porphyry system at Junction, but possibly at a depth of up to 1,500 metres.  The very extensive and intense silica-sericite-pyrite (“Phyllic”) alteration and the exceptionally well-developed pebble dykes which are seen in those two holes are diagnostic of such systems.

Aerial view of a drill site at the Junction target

 

Michael Gordon Jolliffe (aged 67), Chairman

Papua MiningMichael Jolliffe holds dual Greek/U.K. citizenship. He is currently Chairman and the largest beneficial shareholder of Wigham-Richardson Shipbrokers Ltd. (“WRS”), one of the oldest established shipbrokers, which was established in 1894 in the U.K. WRS is one of the oldest members and shareholders of the Baltic Exchange. WRS also owns Harion Shipping Services, a shipbroker based in Piraeus. Michael Jolliffe was one of the two founding shareholders of Burren Energy plc (originally known as Sumo Oil Ltd) and was its original President and CEO. Following the involvement of outside private equity investors and its focus on E&P, and the appointment of Finian O’Sullivan (former Chevron executive) as the CEO of the company, Michael Jolliffe remained as a director of Burren until its flotation on the London Stock Exchange some eleven years later in 2003. The company was sold to ENI the Italian State Oil Company in 2007.

Mr. Jolliffe also has significant experience with maritime companies in accessing the public capital markets in the U.S. He was the former Joint Managing Director and is currently Co-Founder and Vice Chairman of Tsakos Energy Navigation which is currently quoted on the New York Stock Exchange, and today controls 61 tankers with an average age of around five years.

Mr. Jolliffe is also Chairman of StealthGas Inc., a shipping company which has 51 LPG ships under operation, and four product tankers. This company was listed on the NASDAQ in October 2005.

Hugh Martin McCullough (aged 67)

Papua Mining

Hugh McCullough has over 40 years’ experience in gold and base metal exploration, principally in Ireland, Ghana and Mali. Having previously worked as a project geologist, in 1982 he became chief executive of Glencar Mining plc, a public company listed on the IEX (of the Dublin Stock Exchange) and AIM. Mr. McCullough was responsible for the management, financing and strategy of Glencar for over 27 years until Glencar was taken over by Gold Fields Limited in September 2009. During his time at Glencar, Mr. McCullough was involved in a number of multi million ounce gold discoveries and oversaw the development of certain gold deposits from exploration to production.

Mr.McCullough is a Professional Geologist and holds an Honours degree in Geology from University College Dublin and the degree of Barrister-at-Law from the King’s Inns, Dublin. In 1994 he was appointed by the then Irish Minister for Energy to the National Minerals Policy Review Group to review Irish Minerals Policy and to make recommendations to the Minister for the reform of the fiscal and regulatory policy for the mining industry in Ireland.

Kieran Harrington (aged 54)

Papua MiningKieran Harrington is a geologist with 30 years of experience and expertise in gold exploration, mine development, project evaluation and project management, with particular experience and past success in exploration of gold deposits in West Africa and Europe. He joined Glencar Mining plc in 1992 as a senior geologist where he was involved in the discovery of a major commercial mine in Ghana (Wassa) and the more recent discovery of the Komana Deposit in Southern Mali. He left Glencar as Technical Director on its acquisition by Gold Fields Limited in 2009. Prior to joining Glencar, Mr. Harrington worked with Tara Prospecting Ltd and Burmin Exploration and Development Ltd. Mr. Harrington is a Professional Geologist holding an Honours degree in Geology from the National University of Ireland, Galway.

 

John Christopher Hutchinson (aged 54)

John Hutchinson has been managing partner at Epi-V LLP, a private equity fund specialising in oil and gas technology investments, since 2012 having joined at its inception in 2006.  During his time at Epi-V his responsibilities have included transaction management, business development and fundraising and he currently has overall responsibility for Epi-V’s own business. Prior to this John was head of the corporate team at law firm Pitmans LLP for 7 years and in 2015 he was appointed as its Managing Partner.

 Michael Fitzroy Somerset-Leeke (aged 73)

Michael Somerset-Leeke was formerly Chairman of Winchmore PLC, a quoted investment trust which developed a significant presence in the leisure sector. Prior to this Mr Somerset-Leeke was Senior Partner at Coni & Covington Stockbrokers.

Number in issue at 27 July 2017: 151,994,423 ordinary shares of £0.001 each
Percentage of ordinary shares not in public hands at 27 July 2017: 69.6%
Identity and percentage holdings of significant shareholders at 27 July 2017:
  Number of Ordinary Shares % of issued share capital
Thalassa Holdings Limited 40,000,000 26.32
Michael Somerset-Leeke 37,991,102 25.00
Salida Capital (Europe) Limited   14,885,000  9.79
SouthPacific Mining Holdings Limited  11,384,621  7.49
Paul and Michelle Johnson 6,365,000  4.19
Nicholas Walley 5,087,800 3.32
Marnie Holdings Limited  4,850,000 3.19
Last updated 27 July 2017

 

There are no restrictions on the transfer of the Company’s AIM Securities. The Company has not applied for or agreed to have any of its securities admitted to or traded on any exchange or trading platform other than AIM.

 

Registered office:

27/28 Eastcastle Street, London W1W 8DH

email: [email protected]

Nominated Adviser and Broker

Cenkos Securities plc, 66 Hanover Street, Edinburgh EH2 1EL

and

6.7.8 Tokenhouse Yard, London EC2R 7AS

 

Solicitors to the Company as to English law

Fladgate LLP,16 Great Queen Street, London WC2B 5DG

 

Solicitors to the Company as to Papua New Guinea Law

Niugini Legal Practice,  Units 204, 205, 206, Level 2, Pacific View Apartments Pruth Street,  2 Mile Hill, National Capital District, Papua New Guinea

 

Registrars

Computershare Investor Services plc,  The Pavilions, Bridgwater Road, Bristol BS99 6ZZ

 

Competent Person

CSA Global Pty Limited, 3 Ord Street,  West Perth,  Australia WA 6005

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