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Didn't get to speak to David at the mining finance in london today, but he is immensely enthusiastic about molaoi... So him being an Aussie, you can imagine what that was like!! :-)
I like what I've seen so far.
Interesting.
Welcome.
Hello I have just bought in for 1 mil share. Nice to meet you all. :) GLA
So drilling again on the Queensland gold acreage, drilling at Molaoi continues and significant resource upgrade on the cards.
2023 looks promising. Mkt cap £3mn.
Farming out a percentage of the Molaoi zinc project after next resource upgrade, may make sense.
Dyor.
I would agree with you there. Looking forward to more drill results to prove up to maybe 600,000 or 700,000 tonnes of zinc EQ in only 1.5km of an 11km play with multi lodes. The future is looking roses and just a matter of time. Can't believe this play already has a mine entrance which goes down to the zinc....a lot of money already spent here which Rock won't have to.
This looks to be a gem in the making.
Positive news on Rockfire's Youtube account! Worth taking a look!
https://www.youtube.com/watch?v=qenC2mgiu-s
This investing lark is all a bit of luck....some companies get lucky...most don't....many die. The point is nobody can tell...e.g. GGP when NEM dumped us @ GGP ....the share became a dog....when NCM stole us we rallied......(I missed all of this action because I logged out for 5 years due to my portfolio dropping from £280k to £35k)
.I sold out most of my GGP holding early 20's ( overvalued imo) and felt sick when it went to 38p.....but I didn't feel sick when it's since dropped to 8p or less...relief phew!
Some others I have lost 100%...some near that...and yet here in ROCK I seem to be doing ok....at the end of the day it's best to buy into here or similar and let it ride....if it goes up 50% sell 50%...if it goes down 36% buy 36% as a top up....if it goes down another 15% buy another top up of 15% of your holding....eventually it should go up....then rinse repeat.....diversify and play others the same....all we need is some luck...it could be in any one of our chosen shares or it could be here in ROCK!
GLA and best weekend wishes!
So, ROCK is drilling geotechnical hole 4, out of approximately 15 planned before any new plan to restart mining. Findings seem to be promising and work progressing quietly
Drill holes are being positioned approximately 100m apart, along a 1.5km strike. This will ensure that the full length of the zinc resource is tested for underground mining geotechnical parameters, as well as crushing/grinding work index studies.
David Price, Chief Executive Officer of Rockfire, commented:" We are pleased with the progress of our geotechnical drilling at Molaoi, and particularly thrilled with the quantity of sulphides being encountered. Multiple lodes are still being encountered in each hole, which bodes well for bringing these multiple lodes into our next resource upgrade. The market will continue to be informed of drilling progress and assay results as they are received."
They miffed about market reticence... but placing fears have their effect... sure is going to bounce on the right news but they must do the work.
When reviewing our excellent drilling results from the Molaoi Zn/Pb/Ag/Ge deposit in Greece (7.18m @ 13.4% ZnEq), it is worth recalling our RNS from 23 May 2022, in which we said "Molaoi may grow to a globally significant size". #Rockfire #Molao
https://twitter.com/Rockfireplc/status/1622832005196165120?t=y_N8tlZye05kUJIx0eXWdg&s=35
Interesting comment from management re the zinc deposit at Molaoi
Looks like Sunshine Gold have started already on the gold front. Confirmation that field mapping at Plateau has started.
Let’s hope
Agree, particularly re JV, as the zinc asset is looking stronger with each RNS.
£3m market cap now looks mispriced.
But the Jv was always on with the neighbours so I wonder which action was the initial driver. May have been the Jv that drove the Maloi purchase. At least it means that news flow is going to come thicker and faster than it may otherwise have been as Australian acreage is governed by seasons. But Greece should be pretty all year news flow. Hoping that with a class asset that maybe another JV may not be out of the question.
It would be nice to see a double digit increase today on this rns as it shows excellent drill results and david Price says "outstanding" and I would not argue with that. Good luck to all. Molaoi has never really been priced in and maybe now investors are cottoning on and we shall start seeing a more realistic sp.
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