REG - Rockfire Resources - Drilling strengthens zinc continuity at Molaoi

Rockfire ResourcesAnnouncement

04/04/2023 07:00

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RNS Number : 2303V  Rockfire Resources PLC  04 April 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.

 

4 April 2023

Rockfire Resources plc

("Rockfire" or the "Company")

Drilling strengthens zinc continuity at Molaoi

Rockfire Resources plc (LON: ROCK), the base metal, gold and critical mineral
exploration company, is pleased to announce that the Company's geotechnical
drilling programme at the Molaoi zinc deposit in Greece continues to intersect
high-grade zinc.

 

Highlights

 

·    High-grade assay results from Rockfire's second geotechnical drill
hole at Molaoi (MO_GTK_002) are now available and provided below.

 

·    MO_GTK_002 was drilled halfway between historical drill holes to
provide sufficient sample volume for geotechnical test work, and to confirm
continuity of zinc between the existing holes.

 

·    High-grade individual zinc values up to 19.7% Zn over 0.4m width
occur from 108.40m depth.

 

·    Individual peak silver values are up to 94.2g/t Ag.

 

·    Individual peak lead values are up to 2.5% Pb.

 

·    An underground mineable width of 2.4m has an average grade of 5.8%
ZnEq., from 106.94m (5.4% Zn, 0.6% Pb and 17.8g/t Ag)

 

·    Germanium values remain low. However, hole MO_GTK_002 was drilled
from the same position as MO_GTK_001, but at a shallower angle. 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.

 

·    The geotechnical drilling programme continues, with hole MO_GTK_008
having recently been completed. Core from the third drill has been sent to the
laboratory.

 

·    The Company intends to continue to keep the market informed over the
coming months, with on-going analytical results pending.

 

·    Discussions will soon commence with potential partners in Athens,
Greece to commission the Company's planned geotechnical test work on the core
being collected in this drilling campaign.

 

 

Please refer to a typical cross section showing holes MO_GTK_001 and
MO_GTK_002, which can be viewed by following this link.
http://www.rns-pdf.londonstockexchange.com/rns/2303V_1-2023-4-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2303V_1-2023-4-3.pdf)

 

 

 

David Price, Chief Executive Officer of Rockfire, commented:

"Results from our geotechnical drilling continue to confirm the location,
continuity and high-grade nature of the zinc resource. Potentially economic
zinc grades continue to occur over widths deemed suitable for mechanised
underground mining. The close association of zinc, silver and lead continues
to be demonstrated.

 

"Rockfire is committed to proceeding as quickly as possible towards a resource
upgrade and to commence feasibility studies before the end of the 2023
calendar year. We remain on track to achieve this. Geotechnical studies to be
conducted using core from our recent drilling will be done at one of the
institutional facilities in Athens.

 

"The market will continue to be informed of progress at Molaoi, including
assay results as they are received."

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

 

 

 Drill Hole ID  UTM E      UTM N       RL m    Depth m  Azim  Dip
 MO_GTK_001     665401.54  4077605.44  151.82  201.80   268   -82
 MO_GTK_002     665401.55  4077604.77  153.46  150.00   268   -60
 MO_GTK_003A    665383.35  4077494.10  148.13  200.00   268   -85
 MO_GTK_004     665383.01  4077493.43  149.57  156.90   268   -60
 MO_GTK_005     665361.97  4077667.27  159.12  122.30   270   -80
 MO_GTK_006     665360.59  4077669.68  159.04  99.30    270   -60
 MO_GTK_007     665363.95  4077229.68  161.60  152.30   270   -80

 

 

 

 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.

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