REG - Rockfire Resources - Progress Update at Molaoi

Rockfire ResourcesAnnouncement

22/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241122:nRSV2041Na&default-theme=true

RNS Number : 2041N  Rockfire Resources PLC  22 November 2024

22 November 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Progress Update at Molaoi, Greece

Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and
critical mineral exploration company, is pleased to provide the following
update of work being completed at its 100%-owned Molaoi zinc deposit in
Greece.

 

Highlights

 

·     A 395-site portable X-Ray Fluorescence (pXRF) orientation soil
survey using a 20m x 50m grid density has recently been completed.

·     The trial survey was designed to evaluate the use of the pXRF to
validate mapped zones of anomalous zinc and to establish the most efficient
grid spacing to reliably identify dispersion halos in soils above
mineralisation.

·     Before each survey, the pXRF was cleaned, visually inspected for
damage, internally calibrated, and tested with a quartz blank and certified
reference materials to ensure result validity.

·     pXRF and Magnetic Susceptibility readings were collected from soils
exposed in shallow (>10cm) hand dug pits.

·     The trial area covers several historical mine pits and results are
extreme in places. Peak soil values are up to 1.07% for Zn and 1.8% for lead.

·     Zinc and lead contours highlight a north-south linear anomaly as
expected. The survey has confirmed the ability of the pXRF to locate both
discrete and broad anomalous concentrations of zinc and lead.

·     A sample density of 25m x 200m is recommended to provide regional
coverage across the entire permit area.

 

David Price, Chief Executive Officer of Rockfire, commented:

"The purpose of the pXRF orientation survey was to test areas of known
mineralisation to determine if zinc and lead surface mineralisation will
register in the soils. One of the specific aims was to determine the
appropriateness of using the pXRF device for a more regional survey covering
the entire 7km length of the exploration lease."

 

"It was concluded that the pXRF does register zinc and lead in the soil survey
and the device is likely to be an appropriate exploration tool for defining
discreet zinc and lead bodies throughout the lease. Based on the results of
this orientation survey, it was recommended that a regional survey using a
line spacing of 200m and a sample spacing of 25m is expected to identify more
zinc trends outside the area already defined by drilling."

 

"Should the regional survey identify trends, areas of mineralisation can be
more closely sampled to provide sufficient coverage and spacing to define
accurate drilling targets for future exploration along the length of the
exploration lease. A comprehensive review of the pXRF multielement data will
also be conducted to identify elemental ratios and pathfinder signatures."

 

"It is interesting to note that surface geological mapping is obviously
restricted to visible outcrops, but the pXRF demonstrates that broader and
more continuous zinc occurs well beyond the limits of geological outcrop
mapped in the past. This is great news for Molaoi and the Company intends to
utilise this tool to pinpoint future drilling positions. The regional survey
will commence as soon as possible to cover the entire 7km north-south extent
of the lease."

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zinc-in-soil pXRF contours overlain on an aerial photograph. The thin red
lines are mapped outcrops of zinc mineralisation and this image demonstrates
that the pXRF identifies broader and more continuous zinc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The contoured area in light blue represents the pXRF orientation survey. The
dark blue lines represent the 200m line spacing for a regional survey planned
to commence shortly.

 

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 / Kelly Gardiner (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
(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.

Glossary

 Item                                                                           Definition
 '' Ag''                                                                        silver
 ''Ga''                                                                         gallium
 '' Ge''                                                                        germanium
 '' g/t''                                                                       grams per tonne
 ''JORC''                                                                       Joint Ore Resource Committee
 '' Pb''                                                                        lead
 "Ppm"                                                                          parts per million
 ''' Zn''                                                                       zinc
 "ZnEq''                                                                        zinc equivalent

 

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 2.3
million tonnes @ 9.4 % Zn, 1.7 % Pb and 47 g/t Ag, for 250,000 tonnes of ZnEq.
This resource uses a 4% low-grade cut, and 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).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFEEFEFELSEIF