Rockfire rises on "encouraging" Greek study but further tests needed

(Alliance News) - Rockfire Resources PLC on Monday noted "positive implications" from a study of its Greek mineral project, but said it was unclear whether the elements found in the study were feasible targets.

The London-based mining firm targets metals and critical minerals, with assets in Australia as well as Greece, where it owns 100% of the Molaoi zinc deposit.

According to Rockfire, there is evidence of gallium and silver at Molaoi, with grades of up to 858 grams per tonne and 3,364 grams per tonne respectively.

"Surprisingly, pyrite crystals at Molaoi are also a strong host of other high-value minerals," the company added, noting maximum grades of 21% nitrate, 1.4% copper and 245.0 grams per tonne gold. It continues to study germanium potential at the site.

Rockfire shares rose 4.2% to 0.25 pence on Monday morning in London.

"It is yet to be determined if any of these elements can be extracted in sufficient quantities, or at economic grades," noted Chief Executive David Price, though he maintained the findings were "encouraging".

"The ability to extract any of these elements commercially will be determined in the next round of planned metallurgical test work," Price added.

By Holly Munks, Alliance News reporter

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