REG - Rockfire Resources - Molaoi Update

Rockfire ResourcesAnnouncement

26/06/2025 07:00

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RNS Number : 4299O  Rockfire Resources PLC  26 June 2025

26 June 2025

Rockfire Resources plc

("Rockfire" or the "Company")

 

Molaoi Update

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.

 

GEOLOGICAL LITHOFACIES MODELLING

The completion of a 3-dimensional ("3D") lithofacies model of the Molaoi
Project has provided important geological support for the 2024 mineralisation
model.

·      The 3D modelling improves targeting for future exploration and is
expected to lead to significant resource growth along the 5 kilometres still
to be drilled towards the north.

·      The Molaoi zinc/silver/lead/germanium deposit consists of four
dominant, north-south layers of sandstone, interlayered with lava flows. The
sandstone units are the primary hosts for economically significant zinc
mineralisation.

·      At the Kalamaki prospect, where most of the drilling has been
done, the highest-grade and thickest mineralisation is within the thickest
sandstone layers. These economic concentrations of mineralisation are
understood to have formed along or close to active faults at the time the
rocks were being formed. These are termed "growth faults".

·      The recent study supports a model whereby hot, zinc-rich fluids
were injected up and along fractures, with zinc moving through and being
precipitated into the porous sandstone units.

·      This model has highlighted other positions along strike where
similar faults may have been active and will assist to identify zones with
thicker and higher-grade mineralisation.

·      More than half a dozen sites are now deemed favourable targets
for exploration along strike. These targets are supported by surface
enrichment of zinc, and/or old workings and/or historical drill holes which
successfully encountered high-grade zinc mineralisation.

 

Map showing the location of growth faults with coinciding sandstone layers,
surface zinc anomalism and historical drill holes which intersected high-grade
zinc. These are well-defined targets for the discovery of further tonnes of
zinc, lead, silver and germanium.

 

PORTABLE X-RAY FLORESCENCE (pXRF) ANALYSIS OF HISTORICAL DRILL CORE

Rockfire's technical team has recently completed a program of comprehensive
pXRF logging of the available historical drill core at the Greek Geological
Survey in Athens.

A total of 1,798 pXRF measurements were taken from the historical core. The
pXRF machine does not measure germanium values.

·      154 readings exceeded 1% Zn, including 85 readings above 5% Zn. A
total of 51 readings were above 10% Zn, with a peak value of 41% Zn.

·      80 readings were higher than 1% Pb, with a peak value of 13.85%
Pb amongst 3 samples which exceeded 10% Pb.

·      227 readings were higher than 10ppm Ag, with 34 of those
exceeding 50ppm Ag. The top readings included 10 samples above 100ppm Ag and a
peak value of 2,273ppm Ag.

·      A significant number of readings were recorded from sections of
the historical core which have not been previously sampled. Rockfire intends
to sample these sections for Inductively Coupled Plasma (ICP) analysis to
strengthen the resource model.

NB: The cleanliness of the pXRF machine was established by measuring a BLANK
reference material (a translucent quartz crystal) at the beginning of each
day. A Certified Reference Material (CRM) specific to volcanic-hosted massive
sulphide Zn-Pb-Cu-Ag-Au ore (ORES 620) was measured for accuracy/precision of
the pXRF machine with a reading taken at the beginning of each day.

 

METALLURGICAL SAMPLING

The drill core from drilling by Rockfire during 2023 and 2024 has recently
been sampled for collection of core for use in metallurgical test work. A
total of 100 samples for a combined weight of 128.4kg of core has been
collected and will be sent to Wardell Armstrong International, part of SLR
Consulting for comminution and metallurgical test work. Samples collected
include high grade (73.4kg), low grade (25.85kg) and waste rock (29.15kg),
which will be used to complete the following components.

·      Crushing Work Index (CWI) to determine the type and number of
crushers which will be required to adequately crush the ore from underground
for feed into the grinding circuit

·      Grinding Work Index (GWI) to determine the type of grinding and
power consumption to grind the ore to a size suitable for feed into the
flotation circuit

·      Unconfined Compressive Strength (UCS) tests to determine the
strength of the rocks surrounding the ore to ensure the surrounding ground
maintains a safe environment once an underground void is created from the
extraction of the mineralised ore

·      Point Load (PL) tests which are like UCS tests but rely on a
reduced surface area of load. This measures the rock strength prior to failure
and is used to ensure a safe underground working environment

·      Ore sorting test work. This work is important to determine the
suitability of the ore to various optical, laser and physical separation
techniques prior to the grinding stage. Methods of separation may include
colour, magnetism, specific gravity, particle sizing and reflectivity. The
outcomes of this test work may minimise the throughput of waste material and
increase the overall grade of material to be fed into the flotation circuit

·      Flotation test work, which will utilise a locked (closed) system
and will determine recoveries using multiple passes though the flotation
circuit

·      Rockfire is being advised by Wardell Armstrong, part of SLR
Consulting on test work which is required for the recovery of germanium as a
valuable by-product of the anticipated zinc production

 

PLANNED WORK

·      Metallurgical tests will commence as soon as possible to ensure
timely delivery of results prior to the commencement of the
scoping/pre-feasibility phase.

·      Drilling of up to 30 infill diamond holes is planned to lift the
resource confidence to the Indicated category of the JORC Code.

·      Drilling permits are awaited, and the market will be informed
once these are approved.

 

David Price, Chief Executive Officer of Rockfire, commented:

"While we have been awaiting the permit to undertake our drilling, our team
has been busy advancing the geological, mineralisation and metallurgical
understanding of the Molaoi deposit. This is important work and the delay in
permitting has provided a chance to have this critical work completed and
Rockfire has not wasted this opportunity window".

"The results of our lithofacies modelling mark a major step forward in our
understanding of the overall potential of the Molaoi Project. By combining the
new 3D geological model with our 2024 resource model, we've sharpened our
focus on the rock units most likely to host high-grade mineralisation. This
gives us a powerful, predictive tool for targeting new discoveries and
building long-term value for our shareholders".

"The pXRF measurements taken from the historical core from the 1980's has
proven to be a valuable exercise, with multiple core intercepts being found
which host high-grade zinc. Some of these intersections have not been
previously sampled and will be analysed at ALS Laboratories and added to the
mineralisation model to improve the accuracy and interpretation of the
zinc/lead/silver mineralisation. Importantly, these intervals will be analysed
for germanium, which will provide additional data points for inclusion into a
maiden JORC germanium resource."

"Our planned test work in preparation for scoping/prefeasibility will be the
first comminution tests and second metallurgical tests conducted by Rockfire.
It is expected that multiple phases of metallurgy and test work are required
prior to the completion of a full feasibility. Rockfire is determined to
commence this work now to ensure a feasibility study is completed within time
and within budget."

"When our 30-hole drill program is complete, we anticipate that Molaoi will
attain the status of being the only zinc deposit in Europe with a germanium
by-product Inferred Resource. This will position the Molaoi project as
stand-out amongst zinc deposits globally."

 

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 / Dan Dearden-Williams (Corporate Finance)
 Guy McDougall / Matt Butlin (Sales and Corporate Broking)
 CMC Markets UK Plc (Joint Broker)                              +44 (0)20 3003 8632
 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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