Exploration Update

RNS Number : 8766H

Rockfire Resources PLC

11 April 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

11 April 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Exploration Update

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to provide the following update on its exploration activities at the Company's 100% owned Queensland assets and the Molaoi zinc deposit in Greece.

Highlights - Greece

· Historical core has been located, photographed and sampled as part of the Company's technical due diligence of the Molaoi zinc deposit in Greece.

· A total of 51 samples have been taken of the old core which was originally analysed between 1985 and 1988. The samples have arrived at ALS Laboratories and are being prepared for analysis.

· The 51 samples were selected to verify a spread of original assays ranging from 0.9% Zn to a maximum of 36.75% Zn.

· The samples collected for re-assay were specifically selected to represent a spatial spread to include the entire 1.5 km distance where most of the historical drilling occurred.

· Rockfire has recently met with the Molaoi community advisory committee. The committee welcomed Rockfire to commence its work in Molaoi and advised the Company to maintain good, open dialogue with the community.

· Quotes have now been received from three independent environmental consulting firms in Greece to prepare an environmental summary, which is required prior to any drilling or other ground-disturbing work.

· A technical study which forms part of the pre-drilling documentation to be submitted to the government has commenced and a work programme has been devised.

· One quote from a Greek drilling company has been received and two more are being sought.

· The process of transferring all the shares in Hellenic Minerals IKE from the vendor of Hellenic to Rockfire has commenced. The market will be updated once the transfer is complete.

Highlights - Australia

· 557 soil samples have been collected from four sites within the Lighthouse tenement in Queensland. These samples have been submitted to ALS Laboratories and results are awaited.

· A Landowner access and compensation agreement has been signed with the landowner at the Company's Copper Dome porphyry project in Queensland.

David Price, Chief Executive Officer of Rockfire, commented:

"It was extremely pleasing to access and sample the historical core, which has been kept in good condition. The core has been stored under cover by the Greek Government and the original sampling intervals have been kept wrapped in plastic. This meant that we have been able to sample the precise interval as that selected in the 1980's.

"The core has been sent to the laboratory for analysis and we expect results from this verification sampling to be available within the next month. I would like to thank and acknowledge the Hellenic Authority for Geological and Mineral Research (E.A.G.M.E.) for their excellent cooperation and assistance to access and sample the old core. Rockfire intends to work closely with E.A.G.M.E. as the project progresses.

"It was also pleasing to meet the advisory committee from Molaoi township. Rockfire takes communication between the Company and the residents very seriously and we intend to foster that relationship. We look forward to keeping the community abreast of our plans and in return, hearing the expectations and attitude of the community towards our development work at Molaoi.

"Our work in Australia has continued during the wet season with soil sampling at various locations around Plateau. We look forward to the results from this work. The landowner access and compensation agreement for Copper Dome is an important step towards achieving our plan to drill the deep magnetic targets later in the year.

"We will keep the market informed of our exploration work as results come to hand."

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)
Yellow Jersey	[e-mail]
Sarah Hollins / Henry Wilkinson	Tel: [phone]

Notes to Editors

Rockfire Resources plc (LON: ROCK) is an exploration company with a portfolio of 100%-owned near-surface gold and large-scale copper projects in Queensland, Australia. The gold project is located within 50 km of two operating gold mines and the Company's copper projects lie within 250 km of Australia's largest copper refinery.

The Plateau Gold Deposit is part of the Lighthouse Tenement and bears significant geological similarities to the nearby Mt Wright gold mine (45km to the northeast), where 1.5 million ounces of gold have been mined. The Plateau gold deposit has a JORC resource of 130,000 ounces of gold and an additional 10,000 JORC ounces of gold is at the Double Event prospect, close to Plateau.

Drilling to date at the Company's copper projects, Copperhead and Copper Dome (35 km and 85 km southwest of the town of Proserpine respectively), are indicative of large-scale porphyry targets. Both projects have been drilled by previous explorers and a JORC resource of 120,000 T of copper equivalent value has been found so far.

Rockfire Resources has adopted a strategy of growth and the acquisition of the Molaoi zinc deposit in Greece forms an important aspect of that strategy. Molaoi represents a high-grade zinc project and Rockfire intends to evaluate, expand and develop the zinc resources at Molaoi. The existence of a portal and decline will be beneficial if it is possible to gain access to this infrastructure once again. Molaoi lies within 10 km of the coast, providing excellent access to potential markets.

 

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