REG - Rockfire Resources - Exploration underway at Molaoi

Rockfire ResourcesAnnouncement

17/08/2022 07:16

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RNS Number : 2941W  Rockfire Resources PLC  17 August 2022

17 August 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Exploration underway at Molaoi

Rockfire Resources plc (LON: ROCK), the gold, base metal and critical mineral
exploration company, is pleased to provide the following update on the
Company's exploration activities at its 100%-owned Molaoi zinc deposit in
Greece. Rockfire operates in Greece under its 100%-owned Greek subsidiary,
Hellenic Minerals IKE.

·    Geological mapping and rock sampling throughout the licence is
currently in progress.

 

·    Planned diamond drilling will target the expansion of the maiden JORC
resource of 2.3 million tonnes @ 11 % ZnEq. (250,000 tonnes zinc equivalent),
announced to the market on 23(rd) May 2022.

 

·    Preliminary metallurgical test work is in progress in Perth,
Australia and initial results are promising. An RNS on the results of these
tests will be released once they are received from the Company's metallurgical
consultants.

 

·    A Technical Programme, which requires approval prior to the
commencement of drilling, has been submitted to the Greek government.

 

·    An environmental report, which also requires approval prior to
drilling, has been submitted to the Greek government.

 

·    Quotes have been received from 3 drilling contractors, and the
preferred contractor has been selected. Planned drilling includes an initial
phase (Phase 1) of 40 diamond drill holes, followed by an additional 60
diamond drill holes (Phase 2). Both phases are expected to take approximately
12 months to drill.

 

·    A Greek Exploration Geologist has been appointed to conduct
exploration activities and prepare for drilling. Geological mapping and rock
sampling is currently in progress.

 

·    A local mining engineer from Molaoi has been appointed to assist with
the appraisal of reopening the portal and decline.

 

·    Landowners are being identified and contacted in preparation for
drilling. Discussions with landowners to date have been welcoming and highly
favourable.

 

·    A lease has now been signed for Hellenic Minerals to lease a core
yard and field operations office. The core yard and office are located on the
exploration licence and close to the planned drilling at Molaoi.

 

·    As part of the grant of the tender to Rockfire, a lease of a 10-acre
(4.06 Ha) parcel of surface land at Molaoi will pass to the Company.
Documentation for this 30-year lease is awaited. The private lease to be
transferred to Rockfire includes the portal and decline to the underground
mine.

 

An image showing the old workings and a sample of weathered, strongly
mineralised sulphide-rich rocks at Molaoi can be viewed via the following
link.

http://www.rns-pdf.londonstockexchange.com/rns/2941W_1-2022-8-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2941W_1-2022-8-17.pdf)

 

David Price, Chief Executive Officer of Rockfire, commented:

"We are very pleased with ongoing progress at Molaoi. Our exploration has
officially commenced with rock sampling and geological mapping and the team in
Greece has been bolstered with the addition of a Greek geologist who is
undertaking the rock sampling programme. Our new geologist has prior practical
experience with VMS deposits, specifically in Cyprus.

"Rockfire has commenced metallurgical test work using BHM Processing in Perth,
Australia. Preliminary results are proving encouraging, with improvements of
recoveries expected from future optimisation tests. A full report on the
metallurgical properties is awaited and results of this work will be announced
to the market once they are available.

"Our environmental consultants have worked tirelessly to finalise our
environmental report, which is required prior to any drilling campaign. The
report is now complete, and we await approval from the Greek government. Once
the environmental report is approved, a final, more detailed technical study
can be submitted, which completes the approvals required for drilling for the
next 5 years.

"Our team, which now also includes a local mining engineer from Molaoi, is
identifying and contacting landowners in the drilling area. The correspondence
with landowners and local community has been extremely welcoming and positive.
Rockfire is ensuring that local stakeholders are kept fully informed of our
plans, which we see as central to the on-going success of the project.

"We will continue to update the market with progress on our exploration across
the Company's portfolio of quality projects."

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

 

 Rockfire Resources plc:                                     info@rockfireresources.com
 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)

 Yellow Jersey PR                                            rockfire@yellowjerseypr.com
 Sarah Hollins / Henry Wilkinson                             Tel: +44 (0) 20 3004 9512

 

Notes to Editors

Rockfire Resources plc (LON: ROCK) is a mineral exploration company with a
portfolio of 100%-owned gold and copper projects in Queensland Australia and a
high-grade zinc 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.

 

§ The Plateau deposit in Queensland has a JORC resource of 208,000 ounces of
gold and 1.5 million ounces of silver (0.2 g/t Au cut-off).

 

§ 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.

 

 

 

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