REG - Rockfire Resources - High grade germanium intersected at Molaoi

Rockfire ResourcesAnnouncement

04/03/2024 07:00

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RNS Number : 3629F  Rockfire Resources PLC  04 March 2024

4 March 2024

Rockfire Resources plc

("Rockfire" or the "Company")

High grade germanium intersected 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 active drilling program at its 100%-owned Molaoi zinc deposit in
Greece has encountered the highest germanium grade drilled by Rockfire so far.

 

Highlights

 

·    Holes MO_GTK_0010 and MO_GTK_011 are the final holes drilled as part
of our twinning program to replicate historical holes. These 4 twinned
(replicate) holes were drilled to gain confidence in the positioning of
mineralisation within the resource, which is largely established from
historical drilling of 176 diamond drill holes during the 1980's.

 

·    Hole MO_GTK_010 intersected 0.67m @ 9.9% Zn, 23.0g/t Ag and 26.0g/t
Ge from 76.30m depth. A second, deeper zone at 79.10m depth intersected 1.22m
@ 4.6% Zn, 1.4% Pb, 23.0g/t Ag and 22.4g/t Ge. No sampling occurred at these
depths in the original drill hole being replicated from the 1980's (AN23).

 

·    Hole MO_GTK_011 intersected the highest germanium grade drilled by
Rockfire so far at Molaoi. From 155m depth, 0.6m @ 136.5g/t Ge was
intersected, along with 34.4% Zn and 95.6g/t Ag. This interval occurs within a
broader zone of 2.3m @ 11.6% Zn, 54.94g/t Ag and 50.88g/t Ge.

 

·    Hole MO_GTK_011 also intersected a deeper interval starting from 197m
depth, which averages 13.44m @ 4.37% Zn, 1.62% Pb, 32.54g/t Ag and 20.85g/t
Ge. The original hole (AN018), which was replicated by hole 11 intersected
4.60m @ 7.34% Zn. The variation in grade and width is explained by differences
in sampling intervals and sampling lengths.

 

·    Diamond drilling is continuing, with the third resource expansion
hole in progress.

 

·    Observations of the core show visible zinc mineralisation is being
intersected in holes drilled deeper than historical drilling. This may result
in the resource being expanded at depth once the analyses are completed at the
laboratory.

 

·    Further, observations in the core also show visible zinc
mineralisation is being intersected in holes drilled further to the north of
historical drilling. This may result in the resource being expanded towards
the north once the analyses are completed at the laboratory.

 

·    Rockfire is striving to expand the zinc resource at Molaoi. A JORC
Inferred Resource of 250,000 tonnes of zinc equivalent metal has been
estimated at Molaoi, and the Company is targeting a zinc equivalent resource
of between 400,000 tonnes and 450,000 tonnes.

 

 

 Drill Hole  UTM        UTM         Relative   Total      Azimuth      Dip
 Number      EAST       NORTH       Level (m)  Depth (m)  (°Degrees)   (°Degrees)
 HMO_001     665538.89  4077814.43  180        248.20     250          -60
 HMO_002     665199.79  4078360.69  212        250.20     220          -65
 HMO_003     665487.00  4078025.90  195        300.00     270          -55

 

Plan view of the zinc resource (light blue colour), showing the location of
historical drillholes (black dots), Rockfire geotechnical holes (red dots) and
Rockfire resource expansion holes (green dots).

 

 

David Price, Chief Executive Officer of Rockfire, commented:

"Molaoi has an Inferred JORC resource of 250,000 tonnes of zinc equivalent
metal. Our overall objective is to increase the resource to between 400,000
and 450,000 tonnes of zinc equivalent metal content, which would provide a
10-year mine life for a modest underground mining operation."

 

"Drilling is continuing at Molaoi. Hole HMO_001 was designed to in-fill a very
large drilling gap in the resource. Visual observations of zinc mineralisation
in the core suggest that the hole has been successful in filling that gap.
Assay results are awaited, so it is premature to predict the grade until the
results from the analyses are available. Core from this hole is at the
laboratory, awaiting analysis."

 

"Hole HMO_002 was drilled approximately 450m to the northwest of the resource.
A faulted offset of the mineralisation was interpreted, and this hole was
designed to test that faulting theory. Visual observations of the core suggest
that this theory is correct, with visible zinc being recorded in the
geological logging of the drill hole. Again, assay results will determine the
grade of this intersection. This hole has not been sent to the laboratory yet
and is currently being cut and sampled."

 

"Drilling of hole HMO_003 is in progress. This hole is designed to drill
deeper, beneath the historical drilling to extend the mineralisation deeper.
The hole is currently above the target depth, but it is encouraging that
visible zinc is being observed in short intervals well above the anticipated
depth to mineralisation."

 

"This is an exciting expansion phase of drilling, and our field team is
pleased to observe zinc mineralisation in each of the holes at the predicted
depths. This expansion drilling will continue in our effort to achieve the
+400,000 tonnes of zinc equivalent resource being targeted. Both depth and
strike extensions are being tested in alternate drill holes. We will continue
to inform the market as results become available.

 

 

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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