Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Nice update but the market doesn't seem to give a tuppenny ****
Drill assays reinforce quality of Molaoi zinc deposit
Rockfire Resources plc (LON: ROCK), the base metal, gold and critical mineral exploration company, is pleased to announce that results from the Company's geotechnical drilling programme at the Molaoi zinc deposit in Greece include multiple, high-grade intersections, which demonstrates the quality of the Molaoi deposit.
Confirmation of multiple lodes provides opportunity to significantly increase tonnage and potentially have a considerable positive impact on the future economics of the project.
Highlights
· Assay results from Rockfire's first geotechnical drill hole at Molaoi (MO_GTK_001) are now at hand and provided below.
· MO_GTK_001 was drilled halfway between historical drill holes to provide sufficient sample for geotechnical test work. Historical drilling encountered several possible parallel lodes and MO_GTK_001 confirms that Molaoi comprises multiple lodes, and perhaps as many as four stacked, high-grade lodes.
· MAIN LODE
13.4% ZnEq. over 7.18m width, from 130.62m (11.3% Zn, 1.4% Pb and 50g/t Ag).
· SECOND LODE
15.6% ZnEq. over 0.17m width, from 142.60m (14.3% Zn, 0.5% Pb and 41.80g/t Ag)
· THIRD LODE
10.7% ZnEq. over 1.73m width, from 144.90m (8.3% Zn, 1.3% Pb and 62g/t Ag)
· FOURTH LODE
19.5% ZnEq. over 2.24 m width, from 161.10m (16.6% Zn, 3.1% Pb and 36g/t Ag)
· Overall, the main, second and third lodes, comprise a broad mineralised zone with an intersection of 7.5% ZnEq. over 16m width, from 130.62m (6.2% Zn, 0.8% Pb and 31 g/t Ag).
· The highest individual samples are:
20.5% Zn and 93.4g/t Ag over 1.25m (from 132.15m depth) and 4.1% Pb over 1.0m (from 161.10m)
· Germanium values are low, suggesting that germanium may be concentrated in a particular part of the resource, or controlled by structures or preferential lithology. More drilling is required to determine the precise association between zinc and germanium.
· Core samples from the mineralised lodes will contribute towards a compilation sample to commence crushing and grinding work index studies.
· The geotechnical drilling programme continues, with the third drill hole currently being drilled. Core from the second drill hole is being cut and will be sent to the laboratory when core sampling is complete.
David Price, Chief Executive Officer of Rockfire, commented:
" Results from our first geotechnical drill hole at Molaoi are outstanding.
"MO_GTK_001 illustrates several very important points at Molaoi.
§ The deposit continues to demonstrate very high grades
§ Zinc occurs over widths suitable for underground, mechanised mining
§ Mineralisation is continuous between historical drill sections
§ Multiple lodes have been confirmed
§ Downhole surveys show no material hole deviation from th
· JORC resource of 208,000 ounces of gold at Plateau (including 53k oz. near surface) and today's JV will expand the resource with a £1.2m spend (by Sunshine) over 3 years
· JORC resource of 1.5 million ounces of silver at Plateau
· JORC resource of 120,000 tonnes of copper equivalent at Copperhead
· JORC resource of 250,000 tonnes of zinc equivalent at Molaoi, Greece (including 3.5m oz. silver)
· A Landowner access and compensation agreement has been signed with the landowner at the Company's Copper Dome porphyry project in Queensland. (Could we please have a deep drill here David?)
And what is our market cap?
and I am now just in profit on my Nov 2m purchase so I can repeat my 1st December reply .........."so chrisobrien....whilst being an idiot remains profitable.....I'll rinse and repeat and carry on being an idiot! lol!"
GLA over and out
Sunshine have to spend $AUD 2.2m over 3 years to get 75%. If they don't do that they don't get the 75%. If they do this...it is only then in three years time that we have to decide on keeping our 25% by funding future spending on the project @25%....or give it up for the 1.5% royalty.
I would expect that if they're going to spend the $AUD 2.2m then the project resources will grow much larger and we will know in 3 years which way to play it.
I hope they also do at least one deep drill to the SW.....I hope DP reads this share-chat board and reads this comment. I have good reason to expect exciting game changing dynamics if they do this 300m SW drill!
I'm on a 2m free carry here from past profits and could double up and still be on the free carry...so I'm pretty happy with this although I just had to close a Share dealing account and had to sell my lucky 888,888.
This is a good RNS and it could become a great result in time!
GLA
In the longer term, should it turn out to be a 1m oz Mt Wright replica (as DP believes) the 1.5% royalty is worth around $28.5m in total
The cash flow study they did a while back had a top case of $20m but was completed with gold at 1720.
Sunshine are our ‘neighbours and have run out of dirt for ther nearby processing plant.
The work commitments total $2.9% which values our retained stake at plateau at £604,000
More importantly is the 50,000 near surface gold which at $1000 profit per oz is worth a total of $50m and so should the open pit operation proceed our 25% is worth $12.5m
Would appreciate your view and if you had any numbers. if we kept 25% or opted for the 1.5% SMR. At what stage does one option outweigh the other. Water drinker thanks for your reply. As luck would have it.
This should speed up the news from both rockfires Australian copper and gold investments and the Zinc and paladium Molaoi investment in Greece. This also gives us the option to retain 25% ownership of our Australian investment or 1.5% NSR. Whilst I would have been happier to see a percentage around 2% -4%. The upside is that the !.5% is based on NSR and not NPI so we will get any payments relatively quicker. All good news and this could be the start of a very nice recovery to .75-1p if we can get some positive news from Molaoi sp may start to motor. Anybody that knows the history will realise that this is very cheap.
Blachopper you are correct in you assumption I feel. They can focus on Molaoi now and rachet up the progress being made there. This may give us a new base for the sp in the mid twenties. time will tell.
Sunshine Gold Ltd don't seem to be in great shape, wonder where their funding will come from ?
If you're trading this there is a gap to fill up to 0.25p.
Perhaps the best RNS of recent times... shows they have focus on Greece......
And that shows they are very happy with what they see at Molaoi.
My trade from this morning is missing as has been a previous 1000000 purchase so the list shown here is often incomplete. Hmmm
Great, now that's out of the way, we can concentrate on drilling holes in Greece.
We like drilling holes. "Pass me another Souvlaki and i'll just dill another one over here".
Critically - "· Rockfire has the option to retain 25% ownership of the Plateau gold project by participating in 25% expenditure in on-going exploration, or the Company may elect to convert its right over a 25% share of the Tenements to a 1.5% net smelter royalty. With this structure, any discovery success by Sunshine will directly benefit shareholders of Rockfire."
"Rockfire has entered into a binding heads of agreement with Sunshine Gold Limited ("Sunshine") to advance the Plateau gold deposit in Queensland. Sunshine is listed on the Australian Stock Exchange (ASX:SHN)."
A Rockfire Resources Non Exec director.
Patrick Elliott
Non-executive Director
Pat Elliott is an experienced resources and industrial company director. In a career spanning over 45 years, he has held senior executive positions with Consolidated Gold Fields (Australia) Limited and Morgan Grenfell Australia Limited. Pat has an MBA in Mineral Economics from Macquarie University, and a B Comm from the University of New South Wales. He has extensive management experience in a range of fields including manufacturing, mineral exploration and oil and gas exploration. Pat is currently Executive Chairman of Argonaut Resources NL (an ASX-listed copper explorer), Cap-XX Limited and Tamboran Resources Ltd. He is also a Non-Executive Director of Kirrama Resources Limited (an unlisted explorer and developer of chromite and manganese projects in Madagascar).
A 3% holder I thought would be good news. Interesting if he had a mining background. Well welcome and grateful a large investor can see the same potential as us smaller holders. Goodluck all rockits
the same dodgy game. Commodities assumed to
be there. Dreamers end up without any share.
Investors lose, short sellers gain. That is the
game on dodgy AIM.
:-))
You have me panicking already chrisobrien.....lol
You seem to have your caps lock stuck on, or do you need a hearing aid
No need to shout obrien, we all still ignore you :-)
THE BOD WILL HAVE THE BEGGING CAP OUT SOON YET AGAIN FOR MORE MONEY
HEARD THIS ALL BEFORE BUST THIS TIME NEXT YEAR