REG - Rockfire Resources - Outstanding metallurgical results from Molaoi

Rockfire ResourcesAnnouncement

25/08/2022 07:00

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RNS Number : 1446X  Rockfire Resources PLC  25 August 2022

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

25 August 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Outstanding metallurgical results from Molaoi

Excellent metal recovery lays foundation for production

 

Rockfire Resources plc (LON: ROCK), the gold, base metal and critical mineral
exploration company, is pleased to announce that preliminary metallurgical
tests from its 100%-owned Molaoi zinc deposit in Greece have returned
excellent recoveries and concentrate grades for zinc, silver, lead and
germanium. Copper and gold have also reported to the concentrates, adding high
potential value to the future economics of the project. The metallurgical
recoveries and grades attained in this round of tests significantly reduce
process recovery and marketing risk.

 

Rockfire operates in Greece under its 100%-owned Greek subsidiary, Hellenic
Minerals IKE. The on-going metallurgical test work is being supervised by
Rockfire's metallurgical consultants, BHM Process Consultants Pty. Ltd.
("BHM") in Perth, Western Australia, using core drilled by the Greek
Government.

 

·    Excellent recoveries of zinc (89%) and lead (74%) have been achieved
at Molaoi.

 

·    Commercially saleable grades of zinc (57% Zn), silver (856 g/t Ag),
lead (63.6% Pb), germanium (117 g/t Ge), copper (2.62% Cu) and gold (0.52 g/t
Au) are readily achieved at Molaoi.

 

Zinc/germanium (Concentrate 1)

 

·    First-pass metallurgical recovery of zinc is 89%, with this figure
likely to increase with more detailed tests.

 

·    The performance of the zinc system is reported by BHM as "excellent",
with a product grade of 57% Zn concentrate achieved in a single pass through a
3-stage flotation circuit. This is well above the desired product grade of 50%
Zn contained for a saleable concentrate.

 

·    Germanium reports to the zinc concentrate with a commercially
competitive grade of 117 g/t Ge and is expected to be recovered as part of the
zinc concentrate. This is expected to be a valuable credit in the concentrate.

 

Lead/silver/copper/gold (Concentrate 2)

 

·    First-pass metallurgical recovery of lead is 74%, with this figure
also expected to increase with more detailed test work.

 

·    The lead circuit recovery is at a greatly over-concentrated value of
63.6% Pb concentrate achieved in a single pass through a 3-stage circuit
configuration. This also far exceeds the market requirement of 40% - 50% Pb
contained for a saleable concentrate.

 

·    Silver recovery is 85.6% from the rougher tails, with 15.2% of the
silver reporting through to the lead concentrate at a grade of 856 g/t Ag.

 

·    Copper and gold both reported to the lead concentrate with grades of
2.62% Cu and 0.52 g/t Au. Historical copper mines exist in the northern part
of the Molaoi tenement, suggesting copper and gold is likely to add material
value to future concentrates.

 

·    BHM expects that these recovery figures may be conservative, as there
is much metallurgical development and many optimisation tests still to occur
on the project.

 

·    A differential flotation system was tested, by which the first stage
targets the recovery of lead, copper and silver together into a single bulk
sulphide concentrate, whilst sphalerite (zinc) is depressed. The second system
targets the recovery of zinc (with germanium).

 

·    The results available so far are for tests on composite samples from
Molaoi core which have been blended to produce an "industry average" grade.
The composite average feed grade used in the tests is 5.9% Zn and 1.6% Pb.

 

·    Test work remains in progress on a much higher average grade
composite sample of 18.9% Zn and 4.5% Pb, which Rockfire management believes
may be closer to the ultimate feed head grade, based on drilling at Molaoi.

 

·    More definitive testing will be initiated using core obtained from
the planned diamond drilling later in the year. This work will include
crushing, milling and abrasion work indices.

 

 

David Price, Chief Executive Officer of Rockfire, commented:

"We are extremely pleased with these initial metallurgical results, with
saleable grades of zinc, silver, lead and germanium all being achieved at
Molaoi. The inclusion of copper and gold reporting to the lead concentrate is
a very important and pleasing development in our growing understanding of the
deposit and is likely to add material value to future concentrates.

"The recovery of 89% of the zinc, 85.6% of the silver (in the rougher tails)
and 74% of the lead bodes very well for the processing expectations for the
project. This is an outstanding outcome from a single pass and significantly
de-risks the expected metallurgical and marketing aspects of the project going
forward.

"Future tests will include a locked (closed) cycle and optimisation of the
conditions used for the concentration process. Rockfire's metallurgical
consultants expect the recoveries of each metal to further improve with more
test work, which is planned. As part of this test work, crushing, grinding and
abrasion work indices will be determined to assist in the design of the
processing plant.

"The very high concentrate grades are particularly pleasing. The Molaoi tests,
showing grades of 57% Zn, 856 g/t Ag, 63.3% Pb, 117 g/t Ge, 2.62% Cu and 0.52
g/t Au, are outstanding and prove that Molaoi is an exceptional deposit
capable of producing a commercially saleable concentrate.

"We will continue to update the market with progress on our exploration across
the Company's portfolio of quality projects."

 

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
 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)

 Yellow Jersey PR                                            rockfire@yellowjerseypr.com
 Sarah Hollins / Henry Wilkinson                             Tel: +44 (0) 20 3004 9512

 

Notes to Editors

Rockfire Resources plc (LON: ROCK) is a mineral exploration company with a
portfolio of 100%-owned gold and copper projects in Queensland Australia and a
high-grade zinc 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 208,000 ounces of
gold and 1.5 million ounces of silver (0.2 g/t Au cut-off).

 

§ 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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