REG - Rockfire Resources - Drill assays show quality of Molaoi zinc deposit

Rockfire ResourcesAnnouncement

23/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230123:nRSW4830Na&default-theme=true

RNS Number : 4830N  Rockfire Resources PLC  23 January 2023

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

 

23 January 2023

Rockfire Resources plc

("Rockfire" or the "Company")

Drill assays reinforce quality of Molaoi zinc deposit

Rockfire Resources plc (LON: ROCK), the base metal, gold and critical mineral
exploration company, is pleased to announce that results from the Company's
geotechnical drilling programme at the Molaoi zinc deposit in Greece include
multiple, high-grade intersections, which demonstrates the quality of the
Molaoi deposit.

 

Confirmation of multiple lodes provides opportunity to significantly increase
tonnage and potentially have a considerable positive impact on the future
economics of the project.

 

Highlights

 

·    Assay results from Rockfire's first geotechnical drill hole at Molaoi
(MO_GTK_001) are now at hand and provided below.

 

·    MO_GTK_001 was drilled halfway between historical drill holes to
provide sufficient sample for geotechnical test work. Historical drilling
encountered several possible parallel lodes and MO_GTK_001 confirms that
Molaoi comprises multiple lodes, and perhaps as many as four stacked,
high-grade lodes.

 

·    MAIN LODE

        13.4% ZnEq. over 7.18m width, from 130.62m (11.3% Zn, 1.4% Pb
and 50g/t Ag).

 

·    SECOND LODE

        15.6% ZnEq. over 0.17m width, from 142.60m (14.3% Zn, 0.5% Pb
and 41.80g/t Ag)

 

·    THIRD LODE

        10.7% ZnEq. over 1.73m width, from 144.90m (8.3% Zn, 1.3% Pb
and 62g/t Ag)

 

·    FOURTH LODE

        19.5% ZnEq. over 2.24 m width, from 161.10m (16.6% Zn, 3.1% Pb
and 36g/t Ag)

 

·    Overall, the main, second and third lodes, comprise a broad
mineralised zone with an intersection of 7.5% ZnEq. over 16m width, from
130.62m (6.2% Zn, 0.8% Pb and 31 g/t Ag).

 

·    The highest individual samples are:

        20.5% Zn and 93.4g/t Ag over 1.25m (from 132.15m depth) and
4.1% Pb over 1.0m (from 161.10m)

 

 

·    Germanium values are low, suggesting that germanium may be
concentrated in a particular part of the resource, or controlled by structures
or preferential lithology. More drilling is required to determine the precise
association between zinc and germanium.

 

·    Core samples from the mineralised lodes will contribute towards a
compilation sample to commence crushing and grinding work index studies.

 

·    The geotechnical drilling programme continues, with the third drill
hole currently being drilled. Core from the second drill hole is being cut and
will be sent to the laboratory when core sampling is complete.

 

 

David Price, Chief Executive Officer of Rockfire, commented:

" Results from our first geotechnical drill hole at Molaoi are outstanding.

 

"MO_GTK_001 illustrates several very important points at Molaoi.

§ The deposit continues to demonstrate very high grades

§ Zinc occurs over widths suitable for underground, mechanised mining

§ Mineralisation is continuous between historical drill sections

§ Multiple lodes have been confirmed

§ Downhole surveys show no material hole deviation from the planned angle and
direction

§ Zinc occurs consistently with silver and lead

 

"Importantly, the downhole surveys provide concrete evidence that the planned
hole dip and hole direction do not deviate down hole from the dip and
direction at the surface position. Most of the historical drilling (179
diamond holes in total) were either drilled vertical, or not surveyed
down-hole. Despite this lack of downhole surveying of historical holes,
MO_GTK_001 provides management with significantly increased confidence in the
original data from that drilling'.

 

"Assay results of this magnitude and width provide management with
ever-increasing confidence that we can proceed rapidly towards a resource
upgrade and commence feasibility studies before the end of the 2023 calendar
year. The market will continue to be informed of drilling progress and assay
results as they are received."

 

 

 Hole Number  UTM E      UTM N       RL m    Depth m       Dip
 MO_GTK_001   665403.76  4077573.72  156.45  201.80  82.00

 

 

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)
 Matt Butlin / Kelly Gardner (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 portfolio of gold/copper/silver projects in
Queensland Australia and a high-grade zinc/lead/silver/germanium deposit in
Greece.

 

§ The Molaoi deposit in Greece has a JORC resource of 210,000 tonnes of zinc,
39,000 tonnes of lead and 3.5 million ounces of silver, using a 4% Zn cut off.

 

§ 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.

 

§ 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, using
a 0.13% CuEq. cut off.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLGGGDBGDDDGXX