REG - Rockfire Resources - Receipt of US$2 million & Corporate Update

Rockfire ResourcesAnnouncement

01/02/2024 12:00

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RNS Number : 7324B  Rockfire Resources PLC  01 February 2024

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.

 

1 February 2024

 

Rockfire Resources plc

("Rockfire" or the "Company")

Corporate Update

Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and
critical mineral exploration company, is pleased to provide the following
update to the market.

 

Further to the announcement on 12 December 2023, confirming that an Exemption
Licence is not required for the return of a US$2 million consideration which
was paid by Rockfire as part of its terminated acquisition of Emirates Gold
DMCC and Emperesse Bullion LLC, Rockfire is pleased to announce that the US$2
million has now arrived in Rockfire's bank account.

 

These funds will be put towards multiple activities which the Company is
currently undertaking. The first is the continuation of drilling at the
Company's 100%-owned Molaoi base metal and critical mineral deposit in Greece.
Funds will also contribute to on-going working capital requirements of the
Company.

 

At Molaoi, all four drill holes which were drilled as "twin" holes to
replicate historical holes have now been completed. Results from holes
MO_GTK_008 and MO_GTK_09 were released to the market in an RNS dated 30
January 2024. Samples from holes MO_GTK_010 and MO_GTK_011 are at the
laboratory and results are awaited. The market will be informed once these
results are available.

 

Exploration drilling to in-fill a large, undrilled area in the centre of the
resource is currently underway. This lack of drilling is a result of steep
terrain. Rockfire has been granted permission from the landowner to establish
access and to drill at the site. This hole remains in progress and as at the
date of this RNS, is at a depth of 210m, with a planned total depth of 300m.
The hole is expected to intersect the zinc mineralisation at approximately
275m deep, but visible sulphides are already being recorded in the logging.
Resource expansion drilling at depth and towards the north will be on-going
over the coming months.

 

The Company is considering avenues and business development strategies to
achieve a cash-positive business for our investors. As planning is in its
infancy, no further information is available now. However, the market will be
kept fully informed should the Company's strategy advance.

 

The Company continues to assess opportunities to attract partners to invest in
our Queensland projects. The board considers the projects in Queensland to
hold further exploration potential but the company's human and financial
resources are best deployed at our advanced Molaoi project in Greece.

 

 

For further information on the Company, please visit 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 / Matt Butlin (Sales and Corporate Broking)

 

 

 

 

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 Resource of 2.3
million tonnes @ 11 % ZnEq. for 250,000 tonnes of ZnEq. This resource uses a
4% low-grade cut, with individual elemental grades of 9.4 % Zn, 1.7 % Pb and
47 g/t Ag. This 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).

 

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