Last checked at 1 Feb 2024 11:47
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.
The Company continues to assess opportunities to attract partners to invest in our Queensland projects. The board considers the projects in Queensland to hold further exploration potential but the company's human and financial resources are best deployed at our advanced Molaoi project in Greece.
For further information on the Company, please visit 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) |
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).