Rockfire Resources (AIM:ROCK), a gold, base metal and critical mineral exploration company, reported that its partner ASX‑listed Eastern Resources (ASX: EFE) had completed maiden fieldwork at the Marengo Goldfield project.
Marengo is being progressed under a binding three‑year farm‑in, under which Eastern will sole‑fund exploration to earn up to an 80% interest.
The Farm‑in covers exploration permit EPM25715 in Queensland and requires staged expenditure of AUD250,000 in year one, AU$500,000 in year two and AU$750,000 in year three, totaling AU$1.5m, with Rockfire transferring 20% of the tenement at the end of Stage One, a further 31% at the end of Stage Two and a further 29% at the end of Stage Three.
Once Eastern has earned 80% the parties will fund the project on a pro‑rata basis under a JV agreement to be finalised and Eastern has agreed to pay Rockfire AU$1m in cash or Eastern shares, at Eastern's option, upon announcing a JORC mineral resource estimate of at least 500,000 ounces at a minimum average grade of 2.5 g/t Au, with any shares valued using the 30‑day VWAP at announcement.
Eastern's maiden fieldwork identified in excess of 200 isolated quartz localities and approximately 1.7km of continuous vein system and assays are pending while Rockfire's drilling programme at Molaoi in Greece continues.
"It is pleasing to see that Eastern has commenced its field work and is identifying targets," David Price, Chief Executive Officer of Rockfire, said.
The next material milestones are receipt of assay results from Eastern's fieldwork and the completion of Stage One expenditure, which will trigger the transfer of a 20% interest to Eastern.
