REG - Rockfire Resources - Confidence builds from twinned holes at Molaoi

Rockfire ResourcesAnnouncement

30/01/2024 09:30

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RNS Number : 3716B  Rockfire Resources PLC  30 January 2024

30 January 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Confidence builds from twinned holes 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 geotechnical drilling at its 100%-owned Molaoi zinc deposit in
Greece has successfully and convincingly replicated historical drill holes.
This drilling was necessary to build confidence in the relative position of
the historical holes and to compare the strength of mineralisation in each
position. The goal is to increase the scale of the resource base and to
deliver as many tonnes as possible into the higher confidence "Indicated" JORC
category.

 

Highlights

 

Hole MO_GTK_008

 

·    sited to replicate historical hole AN031. Hole MO_GTK_008 intersected
4.75m of mineralisation, which compares favourably with 5.0m of mineralisation
in historical hole AN031.

 

·    Hole MO_GTK_008 has an average grade of 8.41% Zn, which compares
favourably with an average grade of 9.95% Zn in historical hole AN031.

 

·    The highest zinc grade returned from hole MO_GTK_008 is 22.90% Zn,
compared with historical hole AN031, which returned a maximum grade of 23.44%
Zn.

 

·    The highest lead interval is 3.02m @ 3.15% Pb

 

·    The highest silver interval is 4.75m @ 64.87g/t Ag

 

·    The highest germanium interval is 3.67m @ 46.90g/t Ge

 

 

Hole MO_GTK_009

 

·    sited to replicate historical hole B025. Hole MO_GTK_009 intersected
2.20m of mineralisation, compared with 4.20m of mineralisation in historical
hole B025. A second zone of 1.90m grading 4.05% Zn was encountered in hole
MO_GTK_009.

 

·    Hole MO_GTK_009 has an average grade of 11.20% Zn, which compares
favourably with an average grade of 11.37% Zn in historical hole B025.

 

·    The highest zinc grade returned from hole MO_GTK_009 is 25.10% Zn,
compared with historical hole B025, which returned a maximum grade of 21.50%
Zn.

 

·    The highest lead interval is 1.30m @ 2.61% Pb

 

·    The highest silver interval is 1.30m @ 73.44g/t Ag

 

·    The highest germanium interval is 2.20m @ 30.63g/t Ge

 

 

David Price, Chief Executive Officer of Rockfire, commented:

"This replication of historical holes was requested by SRK Consulting
Geologists to provide increased confidence in the positioning and
grades/widths of historical drill holes. The results indicate that the
similarities between the original holes and the new holes are close. The width
varies in hole MO_GTK_009, however this is likely due to differences in sample
lengths and sampling intervals selected. This drilling provides confidence in
the original data and validates many of the historical drill holes to be
included into a future resource upgrade.

 

"These four drill holes (MO_GTK_008 to MO_GTK_011) add confidence to the
existing data, which is largely derived from historical drill holes. The
results from holes MO_GTK_010 and MO_GTK_011 are awaited.

 

"Currently, Molaoi has an Inferred JORC resource of 250,000 tonnes of zinc
equivalent metal. Our overall objective is to increase the resource and the
resource category to approximately 400,000 tonnes, which would provide a
10-year mine life for a modest underground mining operation."

 

"Drilling is continuing at Molaoi, with the current hole (HMO_001) designed to
in-fill a very large drilling gap in the resource. This is an exciting drill
hole and, if successful, has the potential to add several months to the mine
life of any future mining operation at Molaoi. The market will continue to be
regularly informed of our progress at Molaoi."

 

 

 Hole Number  UTM East    UTM North   RL m    Depth m  Azimuth  Dip
 MO_GTK_008   665377.508  4077068.9   174.02  155      360      -90
 MO_GTK_009   665396.649  4077011.34  179.96  110.5    270      -70
 MO_GTK_010   665325.749  4077267.12  164.45  158.7    360      -90
 MO_GTK_011   665410.999  4077490.2   150.92  240      360      -90

 

 

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

 

 Rockfire Resources plc:                                    info@rockfire.co.uk (mailto: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)

 

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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