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1980s (Greek Government Drilling Program)

o 179 diamond drill holes were drilled by the Greek government as part of an initial exploration program.

2022-2023 (Rockfire Resources Exploration)

o 20 additional drill holes were completed by Rockfire Resources after acquiring the project.

o These holes were drilled to confirm historical results, extend known mineralization, and test new targets.

This brings the total number of drill holes to 199 as of today.

It does get confusing because the Greek government didn’t drill 179 holes in the centre section, 6 were drilled elsewhere but there’s not much detail on these.

The six drill holes completed by the Greek government outside the main targeted area were likely drilled to test extensions of the known mineralization or assess regional potential. However, specific details on their exact locations have not been widely published.

Based on available reports, they were probably positioned:

• Along strike from the main deposit to test continuity.

• At depth to assess vertical extensions.

• In peripheral zones where geological indicators suggested possible mineralization.

Remember this whole area would have been stripped had it not been for the decline in zinc prices, which indicated the 6 drills outside the main area found something interesting.

For what it’s worth this is what I think

If you did your research you would know 199 holes have been drilled and if you are going to reference websites, post the links, it’s not hard.

It appears they are now going to industrialise many locations in Greece. Melten, supported by the government will take the lead, much like Norilsk in Russia. Then there will be all the 2nd tier operators, an area where Rockfire and others will fill.

Explains more about 2027 and onwards.

All massively exciting

https://www.kathimerini.gr/visual/infographics/563421538/i-ellada-sto-kynigi-ton-spanion-orykton-oi-ereynes-kai-oi-ependyseis/?fbclid=IwY2xjawIJXqZleHRuA2FlbQIxMAABHSw70Hfk7GWMT8cb1oPcBFEEP00HB5K1lxl2F5Gp6gaBngca7OpwNxrLMA_aem_xKArWfCCdDAcPEST6Pk0EQ

Based on data from the mining sector, Greece is the first in Europe in bauxite production, accounting for 85% of total production and 12th in the world in bauxite production, with high-quality raw material but also processing requirements. Now, with Metlen's new investment of 295.5 million euros in bauxite processing, Greece acquires for the first time the ability to produce gallium with the aim of covering almost all of Europe's gallium needs (50 tons, in 2024 Europe needed 65 tons).

Our country is also dynamically entering the promising alumina market and at the same time strengthening its footprint in the supply of aluminum. Greece is also the only country in Europe that has antimony deposits in Chios and Rhodope and it is of great importance to explore their exact reserves and surplus value in order to become Europe's main supplier of antimony.

Greece also has proven deposits of germanium at Molaoi in the Peloponnese, along with copper and zinc. It should be noted that in a letter of thanks to EAGME, the Australian Rockfire, which has won the tender for the exploitation of the mining area at Molaoi, has emphasized that the tests confirm the importance of the Molaoi Project, while also noting that "the Hellenic Geological and Mining Research Authority (EGMRE) must be commended for its analytical excellence.

The Molaoi Project is among the top 20 undeveloped zinc deposits worldwide. In the Kimmeria of Xanthi, our country has tungsten in its subsoil along with zinc. In this particular area, EAGME has completed its studies.

https://www-naftemporiki-gr.translate.goog/business/1892295/exoryxi-protias-se-krisimes-protes-yles-ependytikos-pyretos-stin-ellada/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

Allenby Capital have set fair value at 2.2p. There’s your line in the sand start point.

The characteristics of the Molai ore, as described, are somewhat unusual but not entirely uncommon, especially in ore deposits that are enriched in critical raw materials (CRMs) like silver (Ag) and germanium (Ge). Here's a breakdown of how common these features are:

Ag Enrichment and Tetrahedrite as the Ag Carrier:

Tetrahedrite is a well-known carrier of silver in many hydrothermal ore deposits, particularly in epithermal and mesothermal systems. While silver can occur in native form or as sulfides such as argentite, its incorporation into tetrahedrite is relatively common in Ag-enriched polymetallic deposits.

The presence of tetrahedrite as the major Ag carrier is typical for certain types of ore systems, but the overall abundance of Ag in the Molai ore may make it noteworthy.

Ge Enrichment and Pyrite (Py-I) as the Ge Carrier:

Germanium is a rare element often associated with sulfide minerals, particularly sphalerite (ZnS). However, its occurrence in pyrite, especially as sub-microscopic inclusions, is less common but has been documented in specific geochemical environments.

High Ge contents in pyrite are often attributed to Ge-bearing inclusions, such as Ge-sulfides (e.g., argyrodite or germanite), or substitution of Ge in the pyrite crystal lattice. This is typically observed in sediment-hosted Pb-Zn deposits, volcanic-hosted massive sulfide (VHMS) deposits, and coal deposits.

Sphalerite (Sp-I) as a Ge Carrier:

Sphalerite is a more common carrier of germanium compared to pyrite. Ge often substitutes for Zn in the sphalerite crystal structure or occurs as inclusions within the mineral. Thus, the role of sphalerite in hosting Ge aligns with known geochemical behavior, although the exact concentration in the Molai ore might be noteworthy.

Presence of Sub-Microscopic Inclusions:

The presence of sub-microscopic inclusions hosting Ge is a recognized phenomenon in geochemistry. It suggests a complex formation process, likely involving rapid cooling or fluid mixing during ore formation, preventing larger-scale crystallization.

Rarity of the Combination:

While each characteristic (Ag in tetrahedrite, Ge in pyrite and sphalerite) is known, their combination in significant concentrations within a single orebody like the Molai ore makes it somewhat unique. Such deposits are not globally widespread but can be important sources of CRMs, especially germanium, which is a critical material for electronics and fiber optics.

If you want to get right down to it, this is the most up to date document.

https://www.mdpi.com/2075-163X/14/9/885

Factors Indicating Expansion Potential

Geological Continuity:

If the known mineralized orebodies are part of a stratiform or vein-type system, they may extend laterally or at depth. For example:

Stratiform Deposits: These can extend for tens of kilometres, as mineralized horizons are often laterally continuous (e.g., the Red Dog Zinc District in Alaska).

Vein-Type Systems: If faults or fractures control mineralization, these structures may extend far beyond the known mining zone.

Regional Metallogenic Belt:

Molaoi is part of a metallogenic belt that has historically yielded high-grade zinc-lead-silver deposits. Similar belts worldwide often host mineralized zones spanning 20-50 km or more (e.g., the Mississippi Valley-Type lead-zinc deposits or Broken Hill in Australia).

Geophysical and Geochemical Anomalies:

If surveys have detected anomalies beyond the known 7 km, these may indicate further mineralized zones. Anomalies covering large areas can suggest deposits that span 10-20 km or more.

Satellite Deposits:

Many mining regions contain satellite deposits around the main zone, adding significantly to reserves. For example:

The Red Dog District (Alaska): Known for several deposits spread across a 50 km area.

Broken Hill (Australia): Includes multiple orebodies distributed over 20 km.

Molaoi could have similar potential, with additional orebodies located nearby.

Potential Size Estimates

Assuming favourable conditions and typical deposit sizes in similar geological settings:

10-20 km Potential Expansion Zone: Mineralization could extend beyond the current 7 km mining zone in both directions, creating a larger footprint of 20 km or more.

Additional Reserves: New deposits could add 5-15 million tonnes of ore (or more) to the current 10 million tonnes, based on the known grades and size of similar orebodies.

Exploration Evidence for Molaoi

If exploration suggests:

Anomalies in Host Rocks: Favourable geology (e.g., limestone, shale) extends significantly outside the 7 km zone.

Geochemical Indicators: Soil or stream sediments show elevated levels of zinc, lead, silver, or associated metals (gallium, germanium).

Geophysical Continuity: Surveys reveal structures like faults, fractures, or mineralized horizons extending well beyond the mining zone.

This could confirm the potential for a large-scale deposit system, perhaps spanning 20-30 km, with significant additions to resources.

Economic and Mining Implications

Mine Life Extension: With additional reserves, the project could expand from 25 years to 50+ years of mine life.

Increased Output: Multiple satellite deposits or larger-scale operations could double or triple annual production rates.

Attracting Investment: A larger resource base increases the economic viability, making it more attractive to investors or partners.

I did some calculations on cap ex, op ex over the weekend, taking into account all 9 orebodies are mined.

Combined these were in the mid region of $450 m

Life of mine for the 9 orebodies 25 years +

Total profit potential

Low - $5 billion

Mid $35 billion

High - $75 bilion

Remembering outside of the 7km zone

The presence of favourable mining geology outside the known 7 km mining zone in Molaoi suggests the potential for expansion of resources and discovery of additional mineral deposits. Here’s an explanation of why this is significant and what it might indicate:

Orebody Extensions: Mineral deposits often extend beyond initially identified zones, especially in areas with complex geology like Molaoi. The presence of favourable geology suggests that the same processes that formed the known orebodies could have also acted over a wider area.

Fault-Controlled Deposits: If mineralization is structurally controlled by faults or fractures, these features can extend far beyond the currently defined boundaries. Exploration could reveal new, economically viable deposits.

All goes well life changing money to be made here for the calm and patient investors.

Https://www-energygame-gr.translate.goog/protes-yles/441145/ypen-sta-skaria-neo-stratigiko-schedio-gia-tis-krisimes-protes-yles/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

Konstantinos Yagitzoglou Greece's President of the Association of Mining Enterprises was on the TV last night talking about critical minerals and their expansive European plans.

The president of the Association of Mining Enterprises, Konstantinos Yagitzoglou, spoke to ERTNews, the UPDATE show and journalist Christos Pagonis about the issue of critical raw materials, rare earths, as they are called. The interview also examined exactly what we call them, as this is particularly important for Europe, especially at this time, where the 4th industrial revolution is on its way, changing the data and requiring new materials. These are old materials, but with new needs for materials that are rare and not in abundance. (translated)

https://www.youtube.com/watch?v=XOXMp9Q6GQA

Https://www-naftemporiki-gr.translate.goog/english/1894412/critical-raw-materials-investment-fever-in-greece/?_x_tr_sl=el&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

It is illegal to state false and misleading information on an RNS.

The question I have is what makes QBT’s release different to any other? If people have proof foul play has been carried they should contact the authorities, if they don’t well what is the foundation (proof) for so many disbelieving posts?

Have a nice weekend

Cont.

The thickness of this zone varies, with reported averages of 10–15 meters but occasionally exceeding 20 meters in the most mineralized sections.

Subordinate Mineralized Zones:

Beneath or above the primary horizon, there are usually one or more sub-layers of lower-grade or discontinuous mineralization.

These are often thinner (1–5 meters) but can still host economic concentrations of metals.

Alteration Zones:

Adjacent to the mineralized zones, altered host rock may contain disseminated sulfides, representing a transition to barren material.

These zones act as geochemical halos and can be an important exploration indicator.

Folding and Faulted Extensions:

In areas where folding or faulting occurs, mineralization can be repeated in stacked zones within a single orebody, creating more than one exploitable layer.

For example, in Orebody 8, the mineralization is described as having a robust primary layer accompanied by thinner, less continuous layers above and below.

Finally.

If this acreage just contained gold or other metals, palladium/platinum, was in an unsafe jurisdiction with limited infrastructure in place, say $1 billion of in-ground resources the market cap would be up to 50 times higher than we have at Molaoi. We have only scratched the surface with these 9 orebodies, so for me I am happy to wait as long as it takes.

Have a nice weekend

The Molaoi deposit in Greece comprises nine stratabound massive orebodies extending over a 7 km strike length. These are grouped into three mining zones:

Western Zone: 1 orebody

Central Zone: 6 orebodies

Eastern Zone: 2 orebodies

Historical and recent exploration efforts have primarily concentrated on a 1.5 to 2 km segment of this strike length. This focus suggests that several orebodies, particularly those outside the intensively studied central area, may remain undrilled or have only been subject to limited drilling. Specifically, the additional 5 to 5.5 km of favourable geology, which includes high-grade intersections in limited drilling, indicates that multiple orebodies have not been fully explored.

Therefore, while exact numbers are not specified, it is evident that a significant portion of the nine orebodies at Molaoi remains undrilled or only partially drilled, presenting opportunities for further exploration.

It is now becoming clearer, as to what is in place here and what upside there potentially is.

Where drilling has been carried out and not come to the end of an orebody it needs to be further drilled, why.

The Molaoi deposit consists of nine stratabound orebodies, and within each orebody, mineralization is typically hosted in multiple zones. These zones are controlled by stratigraphy, faulting, and folding, and they vary in thickness and grade. Based on existing geological studies, including historical IGME work and modern exploration efforts, here’s a breakdown of the mineralization structure within an orebody:

Primary Mineralized Zone:

Typically, each orebody contains one dominant mineralized layer or horizon.

This layer is usually composed of massive sulfides with significant concentrations of zinc (Zn), lead (Pb), silver (Ag), and in some cases, germanium (Ge) and Gallium (Ga).

Cont.

Gallium and germanium estimates from modern day drilling activity is:

At today's prices, the estimated in-ground value of gallium and germanium at the Molaoi deposit is as follows:

Gallium: $525 million

Germanium: $1.35 billion

Total estimated value: $1.88 billion

This calculation assumes an average grade of 50 g/t for gallium and 30 g/t for germanium, with a total resource of 30 million tonnes. If more precise grade data is available, the estimate can be adjusted.

All from 193 shallow holes.

I am more than happy to wait.

Some historical information and today’s valuation of what was found in the 1980’s

The Molaoi deposit, located approximately 5 km north of the town of Molaoi in southeastern Peloponnese, Greece, was initially discovered in 1938 through regional assessments by the Greek Geological Survey, now known as the Institute of Geology and Mineral Exploration (IGME). The deposit comprises nine stratabound massive sulfide orebodies extending over a strike length of about 7 km, grouped into three mining zones: west (one orebody), central (six orebodies), and east (two orebodies). These orebodies are situated along two major fault systems, forming "flower structures" trending between N20° and N40° W, and N20° E, with dips ranging from 40° to 80° eastward. The thickness of the orebodies varies between less than 1 meter to 15 meters, located at elevations between +165 meters and -50 meters.

Limited work was conducted on the deposit until the early 1970s, when IGME performed semi-regional lead isotope studies and geophysical surveys. By 1979, exploration had focused on the Molaoi deposit, and diamond drilling commenced the same year. The drilling exploration included 173 drill cores, covering approximately 1,500 meters along strike (north to south), 200 meters across dip, and reaching depths of about 300 meters.

In 1981, an initial non-compliant mineral estimate was calculated, followed by a second in 1988, which was significant enough for IGME to commence feasibility studies into mining at Molaoi. These studies included the construction of an exploration portal and a decline approximately 700 meters in length, with development on two levels to access the upper sections of the mineralization, located about 50 meters below the surface. Operations ceased in the late 1980s due to a significant drop in the international price of zinc, and the portal was subsequently sealed.

The economic value of the Molaoi ore deposit is based on geological, geochemical, geophysical, and core-logging data that indicate it contains approximately 10.6% to 26.5% zinc (Zn), 1.5% to 2.9% lead (Pb), and 60 to 90 grams per tonne (g/t) silver (Ag).

Using the data from the 1980s and today's prices, the estimated value of the known mineralization at the Molaoi deposit is as follows:

Zinc: $95.4 million

Lead: $13.86 million

Silver: $1.81 billion

Total estimated value: $1.92 billion

This estimate assumes an average zinc grade of 10.6%, lead grade of 2.2%, and a silver grade of 75 g/t, with a total resource of 30 million tonnes.

So with limited drilling and only going down 300m $2 billion was proven up.

You find all sorts of interesting things.

https://wikileaks.org/gifiles/docs/12/1209390_fwd-g3-china-gv-china-plans-strategic-reserves-for-rare.html

Interesting that Rockfire commented on LinkedIn but not surprising if you've been following developments.

https://www.linkedin.com/in/rockfire-resources-plc-53b494119/