Rockfire reports progress at Molaoi zinc project

(Sharecast News) - Rockfire Resources reported progress at its Molaoi zinc project in Greece on Monday, where drilling of the third hole in the current campaign was advancing and had reached a depth of 140 metres as of early 8 December.

The AIM-traded explorer said drilling at hole HMO-010 was progressing well, with massive sulphides encountered at predicted depths consistent with its existing resource model.

Preliminary handheld pXRF readings from the hole indicated high grades of zinc, silver and lead, including individual spot readings peaking at 13.9% zinc, 1.48% lead and 133 parts per million silver between 97.55 and 98.20 metres.

Germanium, a strategic metal used in semiconductors and fibre optics, is not measured by the device and would instead be analysed by laboratory testing.

Rockfire said that once the current campaign was completed, Molaoi was expected to host the only defined inferred germanium resource in Europe and one of just two globally.

The principal target lodes are located below the current drill depth, with mineralisation expected to begin around 200 metres.

Rockfire said it aims to upgrade its zinc, silver and lead resource from inferred to indicated status, with drilling planned to continue through the first half of 2026.

It said it had also begun commissioning long lead-time components for a planned pre-feasibility study, including hydrology and ecological studies requiring at least 12 months of baseline monitoring.

"Our third drill hole is encountering improved ground conditions," said chief executive David Price.

"The rig is 672 metres south of hole HMO-008, and 396 metres south of hole HMO-009, where broken and fractured ground created difficult drilling conditions in both holes.

"It should be kept in mind that the zinc resource is 2.2 kilometres long so far and there are still 28 holes to be drilled within this resource distance."

At 1332 GMT, shares in Rockfire Resources were up 5.71% at 0.19p.

Reporting by Josh White for Sharecast.com.

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