Molaoi drilling update

Rockfire Resources PLC

21 May 2024

 

21 May 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Drilling extends strike length of zinc mineralisation by 400m

beyond the resource 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 on-going drilling program at its 100%-owned Molaoi zinc deposit in Greece has intersected high-grade zinc 400m to the north of the currently defined resource area. The current drilling programme is aimed at extending the zinc resource both at depth and to the north.

Highlights

·    Hole HMO-002 has intersected 4.52m @ 9.3% ZnEq. approximately 400m to the north of the main zinc resource of 250,000t of zinc equivalent.

·    This hole confirms that zinc mineralisation continues to the north for at least 400m, with more than 5 kilometres of old zinc workings and outcropping zinc mineralisation still to be drilled to the north.

·    This intercept is only 125.15m downhole depth, with further potential available below this and along strike.

·    Hole HMO-003 has intersected 4 separate lodes of zinc. These are:

1.    2.47m @ 14.20% ZnEq. from 202.53m depth

2.    2.37m @ 7.40% ZnEq. from 226.00m depth

3.    4.00m @ 11.50% ZnEq. from 256.00m depth

4.    3.10m @ 3.40% ZnEq. from 293.50m depth

·    The highest individual assay in hole HMO-003 is 1.25m @ 22.80% Zn, 6.30% Pb, 149.0g/t Ag and 26.20g/t Ge.

·    The highest germanium assay is 1.62m @ 32.64g/t Ge.

·    Drilling is continuing at Molaoi, with observations of the core recording visible zinc mineralisation in holes drilled deeper than historical drilling, as well as holes being drilled to the north of the resource.

·    The resource is likely to be expanded at depth and along strike once all drilling analyses are complete and included into a revised resource model.

·    Rockfire is striving to expand the zinc resource at Molaoi at depth and along strike to the north. Currently the resource is 1.4km long and drilled down to 220m beneath the surface. A JORC Inferred Resource of 250,000 tonnes of zinc equivalent metal has been estimated within these dimensions, and the Company is targeting a zinc equivalent resource of at least 400,000 tonnes. This could be achieved with further drilling to the north, as well as deepening existing drilling.

Hole	UTM	UTM	RL	Depth	Azimuth	Dip
Number	(East)	(North)	(m)	(m)	(°)	(°)
HMO_001	665538.89	4077814.43	180.13	248.2	250	-60
HMO_002	665199.79	4078360.69	212.57	250.2	220	-65
HMO_003	665486.48	4078027.62	200.68	300.4	271	-55
HMO_004	665505.28	4077975.48	202.93	350.0	270	-70

Zinc Equivalent formula:

Zn % + (Pb %*0.75) + (Ag ppm*305.90) + (Ge ppm*986.92) + (Ga ppm*267.12)

Long Section view of the zinc resource (silver colour), looking towards the west.

This RNS refers to holes HMO-002 and HMO-003 as shown circled in the image above.

David Price, Chief Executive Officer of Rockfire, commented:

"Rockfire's strategy to increase the resource at Molaoi to at least 400,000 tonnes of zinc equivalent metal remains on track, with a quality hit 400m north of the main resource outline. This now opens the resource up towards the north and may allow for a rapid expansion of tonnes of contained zinc in the resource."

"It is excellent that Hole HMO_003 encountered such robust grades and widths beneath the resource and even most pleasing that multiple lodes were intersected. This hole was drilled deeper, beneath the historical drilling to extend the mineralisation at depth - an aim which was successfully achieved. The multiple lodes is typical of volcanogenic massive sulphide deposits - a trait which bodes well for substantial increases in tonnage as the deposit continues to be drilled."

"Drilling of hole HMO_004 is complete and the core samples are at the laboratory awaiting analysis. This hole was drilled beneath the resource to extend mineralisation deeper. It is positive that visible intervals of zinc mineralisation were observed throughout the deeper parts of this hole in the expected positions."

"Drilling is expected to continue both at depth and to the north of the resource in our efforts to expand the resource significantly. Hole HMO-005 is in progress and is being drilled to the north of hole HMO-003. Drilling results will be released to the market as they become available."

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)
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.

Glossary

Item	Definition
'' Ag''	silver
''Ga''	gallium
'' Ge''	germanium
'' g/t''	grams per tonne
''JORC''	Joint Ore Resource Committee
'' Pb''	lead
"Ppm"	parts per million
''' Zn''	zinc
"ZnEq''	zinc equivalent

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).

 

END