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Confidence builds from twinned holes at Molaoi

30 Jan 2024 09:20

RNS Number : 3716B
Rockfire Resources PLC
30 January 2024

30 January 2024

Rockfire Resources plc

("Rockfire" or the "Company") Confidence builds from twinned holes at Molaoi

Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and critical mineral exploration company, is pleased to announce that the Company's geotechnical drilling at its 100%-owned Molaoi zinc deposit in Greece has successfully and convincingly replicated historical drill holes. This drilling was necessary to build confidence in the relative position of the historical holes and to compare the strength of mineralisation in each position. The goal is to increase the scale of the resource base and to deliver as many tonnes as possible into the higher confidence "Indicated" JORC category.

Highlights

Hole MO_GTK_008

· sited to replicate historical hole AN031. Hole MO_GTK_008 intersected 4.75m of mineralisation, which compares favourably with 5.0m of mineralisation in historical hole AN031.

· Hole MO_GTK_008 has an average grade of 8.41% Zn, which compares favourably with an average grade of 9.95% Zn in historical hole AN031.

· The highest zinc grade returned from hole MO_GTK_008 is 22.90% Zn, compared with historical hole AN031, which returned a maximum grade of 23.44% Zn.

· The highest lead interval is 3.02m @ 3.15% Pb

· The highest silver interval is 4.75m @ 64.87g/t Ag

· The highest germanium interval is 3.67m @ 46.90g/t Ge

Hole MO_GTK_009

· sited to replicate historical hole B025. Hole MO_GTK_009 intersected 2.20m of mineralisation, compared with 4.20m of mineralisation in historical hole B025. A second zone of 1.90m grading 4.05% Zn was encountered in hole MO_GTK_009.

· Hole MO_GTK_009 has an average grade of 11.20% Zn, which compares favourably with an average grade of 11.37% Zn in historical hole B025.

· The highest zinc grade returned from hole MO_GTK_009 is 25.10% Zn, compared with historical hole B025, which returned a maximum grade of 21.50% Zn.

· The highest lead interval is 1.30m @ 2.61% Pb

· The highest silver interval is 1.30m @ 73.44g/t Ag

· The highest germanium interval is 2.20m @ 30.63g/t Ge

David Price, Chief Executive Officer of Rockfire, commented:

"This replication of historical holes was requested by SRK Consulting Geologists to provide increased confidence in the positioning and grades/widths of historical drill holes. The results indicate that the similarities between the original holes and the new holes are close. The width varies in hole MO_GTK_009, however this is likely due to differences in sample lengths and sampling intervals selected. This drilling provides confidence in the original data and validates many of the historical drill holes to be included into a future resource upgrade.

"These four drill holes (MO_GTK_008 to MO_GTK_011) add confidence to the existing data, which is largely derived from historical drill holes. The results from holes MO_GTK_010 and MO_GTK_011 are awaited.

"Currently, Molaoi has an Inferred JORC resource of 250,000 tonnes of zinc equivalent metal. Our overall objective is to increase the resource and the resource category to approximately 400,000 tonnes, which would provide a 10-year mine life for a modest underground mining operation."

"Drilling is continuing at Molaoi, with the current hole (HMO_001) designed to in-fill a very large drilling gap in the resource. This is an exciting drill hole and, if successful, has the potential to add several months to the mine life of any future mining operation at Molaoi. The market will continue to be regularly informed of our progress at Molaoi."

Hole Number

UTM East

UTM North

RL m

Depth m

Azimuth

Dip

MO_GTK_008

665377.508

4077068.9

174.02

155

360

-90

MO_GTK_009

665396.649

4077011.34

179.96

110.5

270

-70

MO_GTK_010

665325.749

4077267.12

164.45

158.7

360

-90

MO_GTK_011

665410.999

4077490.2

150.92

240

360

-90

For further information on the Company, please visit www.rockfireresources.com or contact the following:

Rockfire Resources plc:

info@rockfire.co.uk

David Price, Chief Executive Officer

Allenby Capital Limited (Nominated Adviser & Broker):

Tel: +44 (0) 20 3328 5656

John Depasquale / George Payne (Corporate Finance)

Guy McDougall / Matt Butlin (Sales and Corporate Broking)

Qualified Person Statement

The technical information in this announcement is based on information compiled by Mr David Price, the Chief Executive Officer of Rockfire Resources plc, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Price has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a "Qualified Person" in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Price consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

Notes to Editors

Rockfire Resources plc (LON: ROCK) is a gold, base metal and critical mineral exploration company, with a high-grade zinc/lead/silver/germanium deposit in Greece and a portfolio of gold/copper/silver projects in Queensland Australia.

§ The Molaoi deposit in Greece has a JORC Inferred Resource of 2.3 million tonnes @ 11 % ZnEq. for 250,000 tonnes of ZnEq. This resource uses a 4% low-grade cut, with individual elemental grades of 9.4 % Zn, 1.7 % Pb and 47 g/t Ag. This equates to 210,000 tonnes of zinc, 39,000 tonnes of lead and 3.5 million ounces of silver.

§ The Plateau deposit in Queensland has a JORC resource of 131,000 ounces of gold and 800,000 ounces of silver, using a 0.5g/t Au cut off. 53,000 of these ounces lie within the top 100m from surface. Plateau is subject to a joint venture with ASX-listed Sunshine Metals Ltd (ASX:SHN).

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END
MSCFIFLALEIIVIS
Date   Source Headline
19th Mar 20249:22 amRNSZinc beneath the main resource at Molaoi
4th Mar 20247:00 amRNSHigh grade germanium intersected at Molaoi
1st Feb 202411:47 amRNSReceipt of US$2 million & Corporate Update
31st Jan 20245:00 pmRNSTotal Voting Rights
30th Jan 20249:20 amRNSConfidence builds from twinned holes at Molaoi
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6th Jun 202312:50 pmRNSAnnual Results for the year ended 31 December 2022
1st Jun 20237:00 amRNSSubscription with Paloma Precious DMCC
26th May 20238:19 amRNSZinc grades from drilling at Molaoi
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13th Feb 20237:00 amRNSExploration Update
23rd Jan 20237:00 amRNSDrill assays show quality of Molaoi zinc deposit
20th Jan 20237:20 amRNSPlateau JV to test for higher-grade gold
18th Jan 20239:15 amRNSHolding(s) in Company
10th Jan 202310:27 amRNSResult of General Meeting

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