RNS OUT1 Feb 2024 12:54
Today 11:47
RNS Number : 7324B
Rockfire Resources PLC
01 February 2024
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.
1 February 2024
Rockfire Resources plc
("Rockfire" or the "Company")Corporate Update
Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and critical mineral exploration company, is pleased to provide the following update to the market.
Further to the announcement on 12 December 2023, confirming that an Exemption Licence is not required for the return of a US$2 million consideration which was paid by Rockfire as part of its terminated acquisition of Emirates Gold DMCC and Emperesse Bullion LLC, Rockfire is pleased to announce that the US$2 million has now arrived in Rockfire's bank account.
These funds will be put towards multiple activities which the Company is currently undertaking. The first is the continuation of drilling at the Company's 100%-owned Molaoi base metal and critical mineral deposit in Greece. Funds will also contribute to on-going working capital requirements of the Company.
At Molaoi, all four drill holes which were drilled as "twin" holes to replicate historical holes have now been completed. Results from holes MO_GTK_008 and MO_GTK_09 were released to the market in an RNS dated 30 January 2024. Samples from holes MO_GTK_010 and MO_GTK_011 are at the laboratory and results are awaited. The market will be informed once these results are available.
Exploration drilling to in-fill a large, undrilled area in the centre of the resource is currently underway. This lack of drilling is a result of steep terrain. Rockfire has been granted permission from the landowner to establish access and to drill at the site. This hole remains in progress and as at the date of this RNS, is at a depth of 210m, with a planned total depth of 300m. The hole is expected to intersect the zinc mineralisation at approximately 275m deep, but visible sulphides are already being recorded in the logging. Resource expansion drilling at depth and towards the north will be on-going over the coming months.
The Company is considering avenues and business development strategies to achieve a cash-positive business for our investors. As planning is in its infancy, no further information is available now. However, the market will be kept fully informed should the Company's strategy advance.
Sign In
Follow the stocks
