REG - Rockfire Resources - Massive sulphides hit at predicted depth at Molaoi

Rockfire ResourcesAnnouncement

12/12/2022 07:00

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RNS Number : 2977J  Rockfire Resources PLC  12 December 2022

12 December 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Massive sulphides hit at predicted depth at Molaoi

Rockfire Resources plc (LON: ROCK), the gold, base metal and critical mineral
exploration company, is pleased to announce that inaugural drilling has
encountered massive sulphides at the predicted depth and position at its
100%-owned Molaoi zinc/silver/lead/germanium deposit in Greece ("Molaoi").

 

Highlights

 

·    Both massive and semi-massive sulphides have been encountered in
Rockfire's first drill hole at a depth and position predicted from historical
drill data.

 

·    Between 1979 and 1988, 173 diamond drill holes were drilled at
Molaoi, as well as metallurgical tests, a feasibility study and the
development of a portal and decline to the orebody. The Company's exploration
and exploitation permit allows Rockfire to capitalise on this excellent work
by the Greek Government to help monetise the project in a timely manner.

 

·    The current, first hole (MO_GTK_001) lies between historical drill
holes and will serve to provide core for geotechnical test work to feed into a
feasibility study.

 

·    To encounter massive and semi-massive sulphides at the predicted
depth and position verifies the historical drilling and validates the
countless hours of mineralisation modelling completed by the Rockfire team.

 

·    Massive sulphides occur between 130m and 134m, with semi-massive and
disseminated sulphides continuing for a further 11m, down to 145m. More
disseminated sulphides have also been encountered at 160m depth, which may
represent a parallel lode beneath the main lode.

 

·    A second, parallel lode is predicted, and drilling of this inaugural
hole is being deepened, to test for this second lode.

 

·    The core is demonstrating important zonation. As the orebody is
approached in the drill hole, epidote veining alteration gives way to a broad
zone of intense, ubiquitous chlorite alteration. Even closer to the orebody,
alteration changes to kaolinite (clay), then finally a subtle sericite
alteration at the very edges of the mineralisation. This is an excellent
observation by the Company's technical team and assists with the prediction of
proximity to lodes in each hole.

 

·    It is expected that sufficient mineralised core will be obtained to
commence crushing and grinding work index studies. These studies determine the
energy (and therefore cost) required to crush and grind the mineralised rock.
The results from these studies are parameters required for technical and
financial feasibility studies, which Rockfire plans to commence as soon as
possible.

 

·    Drilling remains in progress but is slow due to strongly brecciated,
highly veined, broken and extremely altered rock; which are all excellent
indications for favourable mineralisation.

 

A photograph of the core showing the massive sulphides can be viewed by
following the link provided here.
http://www.rns-pdf.londonstockexchange.com/rns/2977J_1-2022-12-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2977J_1-2022-12-11.pdf) .

David Price, Chief Executive Officer of Rockfire, commented:

"This drilling is providing important geotechnical information for our team.
In particular, the intensely broken, veined, brecciated and altered nature of
the rocks is an excellent structural setting for mineralisation. This
geotechnical information will aid in mine design, expected ground conditions
for an underground mining operation, as well as support and safety
requirements to ensure a safe mine.

"The visible mineralisation appears to adhere well to the expected behaviour
recorded in historical drilling. The massive sulphide zone tends to be around
3.0m average width and usually carries very high-grade zinc, lead, silver (+/-
germanium) in historical core. This is accompanied by a broader zone of
semi-massive sulphides beneath the massive sulphides, with slightly lower
grades for at least another 10m downhole.

"The market will be informed regularly as our drilling programme progresses"

 

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)
 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 base metal and critical mineral
exploration company, with a portfolio of 100%-owned 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.

 

§ The Plateau deposit in Queensland has a JORC resource of 130,000 ounces of
gold and 800,000 ounces of silver.

 

§ 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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