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Looks to be very encouraging news.
Massive and Semi-massive sulphides, found exactly where they're supposed to be straight of the bat. Nice!
"Rockfire Resources plc (LON: ROCK), the gold, base metal and critical mineral exploration company, is pleased to announce that inaugural drilling has encountered massive sulphides at the predicted depth and position at its 100%-owned Molaoi zinc/silver/lead/germanium deposit in Greece ("Molaoi")."
@obrien, first it is you are not your, second, you will find out sooner rather than later who is, as you put it, the idiot.
the 2m shares in this dog was from profits over a 6 week period.......so a "free" carry.....indeed if I bought another 2m....then that too would be a "free" carry.
so chrisobrien....whilst being an idiot remains profitable.....I'll rinse and repeat and carry on being an idiot! lol!
GLA
if you bought 2m shares in this dog then your an idiot
Thank you Oilman, that is illuminating and backs up my feeling that the risk/ reward at this SP
Is very favourable.
Critical tonnage for a mining operation is 500,000t zn eq.
The maiden jorc was for 0.25Mt and they are very confident they can double that in the JORC resource area to the south. Recent news has indicated the northern extension, which can triple that , is way more de risked than the market thinks
I have calculated £140m NPV(10) per 0.5Mt Zn Eq which is just shy of 10p. I can post the parameters used if peeps want
Good points.
Don't forget there is already an incline to mine level so potentially a lot of hard work done and this looks like it could well fastback this to production once more zinc has been firmed up which is a 100% certainty imo.
Maiden JORC 200,000 tonnes of zinc, current value before cost of extraction, £600million. Underground mining costs will be substantial, even so a DCF valuation makes the current market capitalisation of ROCK look rather low.
What's the value of the Jorc and how much will it cost for you to extract it? That'll be the value of the asset. First part is easy, second part is a little guess work but there are similar mines you can get a rough figure from.
Anyone care to put a value on this asset if current drilling proves up historical zinc load. Indeed any ballpark figures for optimistic/ pessimistic drilling results and core sampling.
As I believe the current SP is supported fully by the Queensland gold acreage, the upside potential is there.
The last time I bought 2m shares here in ROCK was almost 2 years ago at the cost of £14,811.........at the time I put in a sell order for 1m at for 1.45p....and I actually forgot about it and it triggered 6 weeks later at 1.474p.....so got my stake back.
I have stayed invested till this day.....but decided to top up by 2m again today. but only needed to outlay £3,704.95...which includes AJB £4.95 broker fee.
I really wish they would drill SW of Plateau and a deep drill at Copper Dome.......but heyho it is what it is.....and I'm liking the way the Greek asset is developing!
GLA!
The maximum order and position sizes are based on each stock's average traded volume and liquidity.
Drill is turning. Not too long until results. Confirmation of historical results would be a major positive. SP risk reward looks enticing, at such a low mkt cap.
They are certainly in 'communication mode' ! Fresh drill results confirming historical ones key.....
Further derisk the zinc imo
Listen...it's simple... the Cu plays are not quite on the money.... but the Zinc clearly has all the attributes for going into production... just neeeds some new confirmatory intercepts and a nice Zinc price.
The latter looks very likely. Drills are go...
The gold is still there and if gold re-rates then it will become more and more tenable. The SP is on it's knees. BUT if you enter now and they get the Zinc going then there is a new game afoot. ATB BH
Truth is we both want ROCK to do something worthwhile, and the dire SP track record to reverse, agreed.
But personally I find it rather strange that the two Cu prospects that were so heavily plugged by many Am Geo types (as well as the management here). Has come to so little in the last 2 years..... Nevermind the original Au find.
The Cu grades were very poor, the then lower drilling touted pretty much ignored, and the second prospect not seeming worth following up despite Cu being a likely big selling point?
Again, & when some of us commented on the above we were shouted down. No no, the low grades are fine if on enough volume and Open Pit.... Then a change of tack to..... Actually the far deeper layers will be the main ore body.... But no we aren't drilling there to prove it.... We are off to Greece for a new opportunity..... Emmmmm...
The whole thing to many of us non experts smacks of Obfuscation frankly....
To develope a mine like the one discussed coincidentally on RMM takes what.... 8-10 years. So the money here has to be in pricing up something and selling it most likely I would have thought.
Wandering off and leaving the Cu prospects for a new Zn play maybe a stroke of genius.... But most of us, plus Mr Market don't quite see it as yet.....
Let's hope your optimism is warranted. But hopefully you have also learned a bit of a lesson here..... Making, sure fire imminent incoming SP predictions only gets peoples backs up!
I am happy with the operational progress Rock have made over the last 12 months, yes. The share price performance has been very disappointing for a number of reasons.
Still we are where we are, alongside many other investors in the micro cap exploration sector. I do not know RMM very well but I can see they need cash. The sector has been starved of capital for many many years but imo is starting to turn with the improving demand for metal, particularly ‘forward looking’ ones. Yes we will get our money back together with a healthy profit.
I wish you well with RMM and your other investments in this space. It is a question of how long and how much as far as I am concerned and at that point we have to disagree.
Been vocal in my praise for the RMM CEOs ability to turn round the mining aspects there, and further uncover the 2% Cu grade etc.
Been equally balanced I hope, in my distaste for the way he has miss lead the investors there on his appalling financial management, that's been recently uncovered.
A stunning inability to make the most of the super strong resource by hedging at the right point, and even worse not managing cash flow remotely ... All that's been acknowledged by many of us invested there tbf.
Not sure then how that's remotely relevant to the crushing lack of progress (and SP decimation) here in the last 4 years....
Or are you happy with how it's all gone.... ?
Although having read the SP Angel note on RMM the 168p on I can understand your dislike of brokers notes.
And so the same thing applies to ROCK as it does to RMM
Those living in glass houses should learn not to throw stones.
"try harder next time boy".....
Hillarious,: coming from the man who led the ramptastic valuations imminently incoming for a couple of years now. None of which (quite the reverse) anywhere near....
This one has been a lifestyle share for DP for far longer than any upcoming recession mate....
Been invested here now quite long enough to see his butterfly approach to the various prospects. You can't be caught out if lighting your feet is his mantra clearly.
Oh and btw, how's your 3p coming next prediction on the back of the now seeming forgotten Cu "prospects".....
No lectures from you needed my friend!
Since the recession of 1991 the ave house price has increased over 400% , from £50,000 to £270,000+ and so
If the professional who did the valuation had have bought it they would have made a nice return.
The real problem with your analogy is that it is the lack of buyers during recessions which leads to low prices not the lack of value. As prices drop as long as nothing has changed value has to increase. It is a very basic premise of investment .
‘Try harder next time that boy’