Zinc beneath the main resource at Molaoi

Rockfire Resources PLC

19 March 2024

 

19 March 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Drilling finds zinc beneath the main 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 drilling program at its 100%-owned Molaoi zinc deposit in Greece has intersected high-grade zinc beneath the main resource. The current drilling programme is aimed at extending the zinc resource both at depth and to the north.

Highlights

·    Hole HMO-001 is Rockfire's first resource expansion drill hole. This hole targeted an undrilled extension of the resource model at depth. A 100m long gap in the drilling pattern has returned results which prove that zinc mineralisation extends beyond the current resource model outline.

·    HMO-001 intersected 3.44m @ 11.4% ZnEq. (5.1% Zn, 36.6g/t Ag, 0.94% Pb, 35.9g/t Ge) from 228.02m depth.

·    A second zone in hole HMO-001 at 239.00m depth intersected 3.30m @ 35.7% ZnEq. (18.5% Zn, 158.5g/t Ag, 2.7% Pb and 81.8g/t Ge).

·    A third zone of 2.40m @ 11.2% ZnEq. (6.8% Zn, 2.7g/t Ag, 0.73% Pb and 30.5g/t Ge) was intersected in the same hole at a depth of 245.80m.

·    The entire mineralised zone in hole HMO-001 is 20m @ 9.1% ZnEq. (4.6% Zn, 34.6g/t Ag, 0.6% Pb and 23.0% Ge), which commences at 228.02m downhole depth.

·    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 the analyses are completed at the laboratory.

·    Rockfire is striving to expand the zinc resource at Molaoi. A JORC Inferred Resource of 250,000 tonnes of zinc equivalent metal has been estimated at Molaoi, and the Company is targeting a zinc equivalent resource of at least 400,000 tonnes.

Drill Hole	UTM	UTM	Relative	Total	Azimuth	Dip
Number	EAST	NORTH	Level (m)	Depth (m)	(°Degrees)	(°Degrees)
HMO_001	665538.89	4077814.43	180	248.20	250	-60
HMO_002	665199.79	4078360.69	212	250.20	220	-65
HMO_003	665487.00	4078025.90	195	300.00	270	-55

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

David Price, Chief Executive Officer of Rockfire, commented:

"Molaoi has an Inferred JORC resource of 250,000 tonnes of zinc equivalent metal. Our overall objective is to increase the resource to at least 400,000 tonnes of zinc equivalent metal content."

"Hole HMO_001 was designed to in-fill a very large drilling gap in the resource and this hole has been most successful. These multiple intersections are likely to result in the mineralisation model being extended at depth, potentially adding significant tonnage to the overall resource envelope.

"Hole HMO_002 was drilled approximately 450m to the northwest of the resource. This hole is currently at the laboratory and the management team is eagerly awaiting the analytical results. Exploration success in this hole will open the resource up towards the north and may allow for rapid expansion of tonnes."

"Hole HMO_003 is now complete. This hole drilled deeper, beneath the historical drilling to extend the mineralisation at depth. Visible zinc was recorded in the geological logging of the drill hole. Core from this hole is being cut and sampled and will shortly be sent to the laboratory. Several short, but unique intervals of sulphides (pyrite) and silica veining have been sampled and will be analysed for gold content. There is only very low-grade gold identified so far at Molaoi. However, these short intervals may contain gold owing to the presence of silica and pyrite."

"Drilling of hole HMO_004 has recently commenced. This hole will test beneath the resource to extend mineralisation deeper."

"Drilling is expected to continue both at depth and to the north of the resource in our efforts to expand the resource significantly. It is encouraging to be observing zinc mineralisation in each of the holes at the predicted depths. Drilling results will be released to the market as they become available."

Zinc Equivalent formula:   Zn % + (Pb %*0.832) + (Ag ppm*.0344) + (Ge ppm*0.1122)

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.

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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