REG - Rockfire Resources - Exploration update for the Molaoi Project

Rockfire ResourcesAnnouncement

26/06/2024 07:00

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RNS Number : 8188T  Rockfire Resources PLC  26 June 2024

26 June 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Exploration update for the Molaoi Project, Greece

Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and
critical mineral exploration company, is pleased to provide an update of
exploration activities at its 100%-owned Molaoi zinc deposit in Greece.

 

Highlights

 

·    Digital Terrain Model ("DTM") topographic survey in progress

·    Ortho-mosaic photographic survey in progress

·    Light Detection and Ranging ("LiDAR") survey in progress

·    Portable X-Ray Florescence ("pXRF") survey in progress

·    Resource consultant has identified a minimum of 12 parallel zinc
lodes

·    Updated resource estimation is in progress

A local Greek contracting company has been engaged to complete a
drone-supported, multi-sensor survey at Molaoi. This is the first time that
high-tech instrumentation and modern survey techniques have been used at the
Molaoi project.

 

The DTM survey will produce high quality imagery (photos) for the southern
half of the licence, where the 250,000 tonnes of zinc equivalent resource is
located. The accuracy of the photography will mean that individual rock
outcrops will be clearly identifiable. The co-ordinates of each pixel in the
photos will have a precision of 2-3cm, providing outstanding accuracy for the
positioning of both historical and recent drill holes.

 

In addition to this, the survey will produce an elevation plan, with an
accuracy of +/- 5cm in the vertical positioning of each pixel. Once again,
this precision will provide high accuracy positioning of drill holes, with
this level of accuracy required to produce a precise mineralisation model, to
design mining plans and to select appropriate infrastructure siting.

 

This drone survey encompasses a Light Detection and Ranging (LiDAR) survey,
which measures light reflectivity from the surface of the earth. Unlike
traditional reflectivity surveys, (which use the sun's reflected rays), LiDAR
uses a light laser beamed towards the ground from the drone and measures the
reflectivity arriving back at the sensors on the drone. This high-tech method
allows for vegetation to be filtered out of the imagery, allowing for a more
accurate elevation survey.

 

Rockfire has commissioned a specialist resource estimation consulting firm to
complete a resource update for Molaoi, as well as a specialist geological
consulting firm to assist the drilling and wider field programmes. The
resource update will include all the geotechnical, twinning and expansion
holes drilled by Rockfire so far (20 holes in total), as well as all
historical drilling (179 holes in total) completed by the Greek Government in
the 1980's.

 

As part of their review of the geology and mineralisation, both consulting
firms have recommended the acquisition and utilisation of a portable XRF
machine to identify mineralised zones, some of which are not easily recognised
visually in the core. This has proven to be excellent advice, with narrow
intervals in uncut and unsampled core returning strongly mineralised readings
including 0.96% Cu, 31.1% Zn, 46g/t Ag and 2.85% Pb from various depths in
hole HMO-004.

 

David Price, Chief Executive Officer of Rockfire, commented:

"Our exploration at Molaoi is on-going and help from our two consulting firms
is proving to be invaluable. Both consulting firms agree that there is a lot
more mineralisation at Molaoi than is currently known, and their efforts are
assisting Rockfire to vector towards new mineralised lodes. Our resource
consultant has identified a minimum of 12 lodes so far, bearing in mind that
our current resource of 250,000 tonnes of zinc equivalent is based entirely on
one lode only."

 

"The drone survey, once complete, will assist the resource update, which is
well-advanced. Our target of +400,000 tonnes of zinc ore is considered a
realistic and achievable one and the holes drilled by Rockfire, as well as the
modelling of parallel lodes will help towards achieving this target."

 

"Hole HMO-006 is now complete, and hole HMO-007 has commenced. This is a
step-out of 150m to the north of hole HMO-005. Each 100m step-out extension
has the potential to add up to 200,000 tonnes to the existing resource of 2.3
million tonnes."

 

"Drilling results will continue to be released to the market as they are
received from the laboratory and following interpretation by our geologists."

 

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
(F.AusIMM). 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.

Glossary

 Item                                                                           Definition
 '' Ag''                                                                        silver
 ''Ga''                                                                         gallium
 '' Ge''                                                                        germanium
 '' g/t''                                                                       grams per tonne
 ''JORC''                                                                       Joint Ore Resource Committee
 '' Pb''                                                                        lead
 "Ppm"                                                                          parts per million
 ''' Zn''                                                                       zinc
 "ZnEq''                                                                        zinc equivalent

 

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 Mineral Resource of 2.3
million tonnes @ 9.4 % Zn, 1.7 % Pb and 47 g/t Ag, for 250,000 tonnes of ZnEq.
This resource uses a 4% low-grade cut, and 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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