Excellent progress being made at Molaoi

RNS Number : 0476F

Rockfire Resources PLC

02 November 2022

 

   2 November 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Excellent progress being made at Molaoi

Rockfire Resources plc (LON: ROCK), the base metal and critical mineral exploration company, is pleased to announce that good progress is being made on multiple fronts at the Company's 100%-owned Molaoi zinc deposit in Greece ("Molaoi").

Highlights

· The Board is delighted to announce that the concrete entrance to the old underground portal and decline has now been exposed by excavation. A photograph of the mine entrance is provided via the link below.

· Mapping has located numerous old workings along the strike of the zinc mineralisation and substantial shafts greater than 30m deep have been located.

· Rock sampling remains in progress, with the first 28 samples submitted to the laboratory for analysis. These samples are from the spoils around the collars of old shafts and results will provide an indication of the grade of material extracted during historical mining. The market will be kept informed once these results are obtained.

· All landowners in the resource area have been identified and initial consultations have been completed. An access agreement has been finalised and signed with the landowners for the initial drilling programme. To date, the Directors believe the Company has a good relationship with the local community and Rockfire intends to continue to work very closely with the local community.

· A lease over a 10Ha parcel of land on top of the Molaoi resource has been transferred to the Company from the Greek State. This 30-year lease will allow for unrestricted access to the portal site and the Directors believe this land may also prove suitable for hosting future infrastructure.

· A contract has been signed with one of the landowners to lease an area of land suitable for a core processing yard. This land includes a 2-bedroom house which will be used as a site office and equipment storage facility. The core yard is being prepared ready for the commencement of drilling.

· Gordon Hart and David Price have both been appointed to the board of directors of Rockfire's Greek subsidiary company, Hellenic Minerals SA. This provides representation on the board following the acquisition of 100% of the shares of Hellenic by Rockfire.

A photograph showing the excavated old mine entrance can be viewed by following the link provided here.

http://www.rns-pdf.londonstockexchange.com/rns/0476F_1-2022-11-2.pdf

David Price, Chief Executive Officer of Rockfire, commented:

"Our path towards drilling continues to advance and our team has contacted the landowners on whose ground we are planning to drill. Access agreements have been signed in preparation for our initial drill programme, which will consist of 4 geotechnical holes. These holes are designed to gather information on ground conditions to feed into underground mine design. These initial holes will also provide material for crushing and grinding work indexes and UCS compressive strength tests to measure the ability of the rock to withstand stress once mining commences.

"The excavation of the concrete portal is a very exciting development for the Company, and we have begun enquiries into permits required to reopen the underground access. Discussions held with people closely associated with the mining activity in the 1980's, report that the mine was constructed with the use of steel and timber support beams. It's possible that the decline remains open and clear beyond the portal. The decline was constructed using a 3.5m x 3.0m profile and varies in slope angle between an initial slope of 1:12 and steepening to a 1:7 rate of decline lower in the decline.

"Mapping and rock sampling has been on-going, and we are pleased to see the large number of substantial old workings being found. Some of these workings are caved-in, but still up to 30m deep, demonstrating the high-grade necessary to encourage such extensive excavation. The team has sampled the spoils from some of the old workings to determine the grade left behind from the shafts.

"The Company will keep the market informed of timing for drilling, which we hope will commence this calendar year."

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.

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

Rockfire Resources plc:	[e-mail]
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser & Broker)	Tel: [phone]
John Depasquale / George Payne (Corporate Finance) Matt Butlin / Kelly Gardner (Sales and Corporate Broking)

Notes to Editors

Rockfire Resources plc (LON: ROCK) is a mineral exploration company with a portfolio of 100%-owned gold and copper projects in Queensland, Australia and a high-grade zinc deposit in Greece.

· The Molaoi deposit in Greece has a JORC resource of210,000 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 208,000 ounces of gold and 1.5 million ounces of silver (0.2 g/t Au cut-off).

· The Copperhead deposit in Queensland has a JORC resource of 80,000 tonnes of copper, 9,400 tonnes of molybdenum and 1.1 million ounces of silver.

 

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