(Sharecast News) - Base metal, gold and critical minerals explorer Rockfire Resources announced a precise drilling programme at its wholly-owned Molaoi zinc deposit in Greece on Friday.
The AIM-traded company said the effort aimed to validate historical drilling data rather than expand its resource estimates.
It said the programme would see the creation of five holes, with the explicit purpose of replicating several historical drill holes.
The objective behind revisiting the specific locations was to affirm the accuracy of the positioning of the historical holes, thus instilling a heightened degree of confidence in the previously obtained data.
Rockfire said it was looking to elevate its current inferred resources to a more reliable indicated resources status through the validation.
The company noted that inferred resources, under the JORC code for reporting, could not be used in feasibility studies, necessitating the conversion to indicated resources.
Rockfire said the drilling would set the stage for a comprehensive feasibility study at the Molaoi deposit, scheduled for 2024.
"Although the trading of Rockfire shares is currently under suspension, the company will be releasing drilling results from Molaoi," the board confirmed.
Reporting by Josh White for Sharecast.com.
Rockfire (ROCK)