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(Alliance News) - Rockfire Resources PLC on Thursday celebrated on approval for its Molaoi environmental study by the Greek government.
Rockfire Resources is a Greece and Australia-focused gold, base metal and critical mineral exploration company.
It told investors that the Greek government has approved its application for resource definition and step-out drilling for the next five years at Molaoi.
Although the permit allows for five years of drilling, Rockfire said it intends to expedite this process, and to complete as much drilling as possible in 2023.
It noted that the decision by the government had been received "in swift time", adding that the approval was "clear affirmation of the resolve of the Greek Government to facilitate foreign investment in the mining sector".
"The Greek Government has previously drilled 179 exploration holes at Molaoi, so Rockfire is not focussed on any further exploration. Our planned drilling for the remainder of 2023 is designed to upgrade the resource from 'Inferred' to the 'Measured and Indicated' categories. Once this milestone is achieved, the company will move as quickly as possible to complete a feasibility study," said Chief Executive Officer David Price.
"We remain on track to achieve this milestone and the granting of this permit is a very important step in our development plans. The market will continue to be informed of progress at Molaoi, including drilling assay results as they are received."
Rockfire Resources shares were trading 1.7% lower at 0.23 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
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