REG - Rockfire Resources - Important milestones continue to advance Molaoi

Rockfire ResourcesAnnouncement

28/03/2025 07:00

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RNS Number : 5667C  Rockfire Resources PLC  28 March 2025

28 March 2025

Rockfire Resources plc

("Rockfire" or the "Company")

Important milestones continue to advance Molaoi

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

 

Highlights

 

·     A tenement-scale pXRF soil and rock survey on a 200m x 25m grid
density is now complete.

·     A high-resolution pXRF soil and rock survey using a 50m x 25m grid
density is in progress and continues to expand zinc targets northwards.

·     Strong, coherent zones of zinc and lead have been identified to the
north of the Gkagkania prospect, with the Fournos Prospect becoming another
important target for the expansion of zinc resources.

·     A new, extensively mineralised zone called the Agios Eustratios
Prospect to the south of the main resource area of Kalamaki has been
highlighted by the recent survey. Agios Eustratios was drilled in the late
1980's by the Greek Government and returned 0.5m @ 27.3% Zn.

·     Peak results up to 5.57% Zn, 3.47% Pb, 63g/t Ag and 397ppm Cu have
been encountered during the pXRF survey from a rock sample between Gkagkania
and Fournos prospects.

·     A detailed geological model is being built to assist in
understanding the geology at Molaoi. Our consulting geologist, Mick Oates is
developing this geological model and has identified textures and structures
which may suggest a different origin of the mineralisation from the
volcanogenic massive sulphide ("VMS") theory for Molaoi.

·     Our consultant, Mick Oates was a member of the team which won the
Australian Association of Mining and Exploration Companies ("AMEC") award for
'Prospector of the Year' in 2019 and part of the Peel Mining team awarded the
title of 'Explorer of the Year' in 2022.

·     Wardell Armstrong International, part of SLR Group Consulting
("WAI"), a leading global engineering and mining consultancy has been engaged
to assist the development of Molaoi. WAI has already completed an assessment
of the reasonable prospects for economic extraction for Molaoi using the
resource estimation as announced in an RNS dated 4 September 2024. Based on
this assessment, planned drilling will collect core for use in detailed
metallurgical tests including ore sorting and the extraction of germanium as a
by-product of the zinc concentrate.

·     As announced in an RNS dated 11 February, an application for a
permit for revised drill hole positions has been lodged with the government
and a new drilling permit is awaited. The market will be informed once this
application has been approved and when drilling will commence.

 

An image showing pXRF soil and rock results. The resource of 1.1million tonnes
of zinc is at the Kalamaki Prospect, as shown on the map. The total length of
surficial anomalous zinc is now 5.2km long.

 

David Price, Chief Executive Officer of Rockfire, commented:

"Our work to progress Molaoi continues at pace. Whilst we await the
much-anticipated awarding of our revised permit for drilling, the team at
Rockfire has been busy on multiple fronts."

 

"The pXRF survey has continued to the north of the main resource area of
Kalamaki and has now tested the entire length of the licence (7.0km) on a 200m
x 25m sampling density. Multiple prospects have returned strongly anomalous,
soil and rock zinc responses and have been confirmed to be highly prospective,
including Vigla, Gkagkania, Fournos,, Sarantaika, Varipati, Perivolaki,
Fournos, and Agios Eustratios. Infill sampling on a 50m x 25m sample density
remains in progress. The total length of the surface zinc anomalism is now
5.2km."

 

"Important background work is being conducted to better understand the geology
of the deposit. This study focuses on constructing a 3D model to characterize
rock subdivisions associated with zinc mineralization, aiming to delineate
mappable rocks that control the zinc mineralisation and enhance predictive
targeting. The ground at Molaoi is strongly broken and fractured and the team
has done an excellent job defining rock boundaries and subtle changes in
geology within highly deformed breccia zones. It is being proposed that zinc
mineralisation, once thought to have a pure volcanogenic massive sulphide
("VMS") origin, may be more likely to be associated with faulting, shearing
and the hydrothermal introduction of sulphide-rich fluids, including zinc and
germanium. It is also becoming apparent that sphalerite has been deposited
during multiple events and that lead has also been precipitated later, during
a second mineralising geological event. This theory is strongly supported by
petrology."

 

"Rockfire is thankful to have globally significant engineering and
metallurgical consultants to assist us with the development of Molaoi. We look
forward to working alongside them as we approach our infill drilling to define
Indicated Resources."

 

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 & Joint Broker):      Tel: +44 (0) 20 3328 5656
 John Depasquale / George Payne (Corporate Finance)
 Guy McDougall / Matt Butlin (Sales and Corporate Broking)
                                                                  Tel: +44 (0)20 3003 8632

 CMC Markets Uk Plc (Joint Broker):

 Douglas Crippen

 

 

Glossary

 Item      Definition
 "3D"      three dimensional
 '' Ag''   silver
 "Cu"      copper
 '' Ge''   germanium
 '' g/t''  grams per tonne
 ''JORC''  Joint Ore Resource Committee
 "km"      kilometre
 "m"       metre
 '' Pb''   lead
 "ppm"     parts per million
 "pXRF"    portable X-Ray Florescence
 "VMS"     volcanogenic massive sulphide
 ''' Zn''  zinc
 "ZnEq''   zinc equivalent

 

 

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.

 

 

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
15.0 million tonnes @ 7.26% Zn, 1.75% Pb and 39.50g/t Ag, for 1.5 million
tonnes of ZnEq. metal. This resource uses a 4% low-grade cut, and equates to
1.09 million tonnes of zinc, 260,000 tonnes of lead and 19.1 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
farm-in by ASX-listed Sunshine Metals Ltd (ASX:SHN).

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