REG - Rockfire Resources - Rockfire wins tender for high-grade zinc deposit

Rockfire ResourcesAnnouncement

08/03/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220308:nRSH9427Da&default-theme=true

RNS Number : 9427D  Rockfire Resources PLC  08 March 2022

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR"). With the publication of this announcement via a
Regulatory Information Service, this inside information is now considered to
be in the public domain.

 

08 March 2022

 

Rockfire Resources plc

("Rockfire" or the "Company")

 

Rockfire wins tender for high-grade zinc deposit

 

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration
company, is pleased to announce that it has won the open international tender
for 100% ownership of a 30-year licence to explore and mine the high-grade
Molaoi Zn/Pb/Ag deposit ("Molaoi"), located in the Hellenic Republic of Greece
("Greece").

 

As per Rockfire's RNS dated 23 December 2021, Rockfire participated in the
tender under a Memorandum of Understanding ("MOU") with a local Greek company,
Hellenic Minerals IKE ("Hellenic"), the applicant in the tender, and will
acquire 100% of the shares in Hellenic to acquire 100% ownership of the rights
to explore, develop and mine Molaoi. The transfer of Hellenic shares to
Rockfire is expected to occur within the next 30 days.

 

Highlights

 

·    Some of the outstanding results from historical drilling at Molaoi
include:

 

·    10.4 m @ 10.63 % Zn, 1.45% Pb, & 62 g/t Ag (AN011, from 79 m)

 

·    15.0 m @ 11.94 % Zn, 1.96% Pb, & 66 g/t Ag (AN017, from 136 m)

 

·      7.0 m @ 14.96 % Zn, 2.13% Pb, & 63 g/t Ag (AN028, from 187 m)

 

·      7.0 m @ 19.17 % Zn, 2.89% Pb, & 76 g/t Ag (B010, from 43 m)

 

·      9.9 m @ 18.06 % Zn, 2.87% Pb, & 91 g/t Ag (B011, from 184 m)

 

·      2.8 m @ 26.51 % Zn, 1.87% Pb, & 80 g/t Ag (BG013, from 57 m)

 

·    173 cored holes have been drilled by the Greek State at Molaoi,
largely concentrated in a strike length of 1.5 km long.

 

·    Multiple, stacked, zinc-bearing layers have been mapped over a total
strike length of 7 km, providing enormous upside for additional expansion of
zinc mineralisation.

 

·    Zinc mineralisation starts at surface and has been extensively
drilled down to approx. 220 m, where 5.15 m @ 10.8% Zn, 3.8% Pb, & 37g/t
Ag was encountered. Mineralisation remains open at depth.

 

·    No historical analysis for gold or copper has been undertaken and
Rockfire believes potential may exist for additional metal credits

 

·    Rockfire is prioritising the delivery of a maiden JORC 2012 compliant
resource estimate.

 

·    The Company has sufficient funds available to prioritise a review of
the historical drill core, submit a work programme, determine the feasibility
of reopening the portal/decline, establish a community advisory committee, and
the commencement of an environmental baseline study.

 

·    The granting of the licence demonstrates the resolve of the Greek
Government to actively promote and support international investment in Greece.
Rockfire acknowledges the excellent guidance provided by the Ministry of
Environment and Energy during the tender process.

 

 

A photograph of the Molaoi portal site and surface exposures of the zinc lode
can be viewed via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/9427D_1-2022-3-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9427D_1-2022-3-7.pdf)

Gordon Hart, Chairman of Rockfire, said:

 

"Winning the bid for Molaoi is a remarkable and important achievement for
Rockfire and Hellenic. Molaoi is an outstanding high-grade zinc deposit, and
the addition of the project strategically complements Rockfire's existing
portfolio of precious and base metal assets.

 

"The Project provides an exceptional opportunity for the Company to deliver
JORC compliant mineral resources. Molaoi has significant exploration upside
for discovery in all directions and is also prospective for copper and gold,
neither of which have been systematically analysed during historical drilling.

 

"Greece offers a low-risk jurisdiction with a modern mining legislation and an
active and progressive mining industry, making it an attractive destination
for the Company. The Greek Government is encouraging international investment
in its resources sector and Rockfire intends to work very closely with the
Greek State.

 

"We look forward to providing further updates as we advance the project."

 

 

For further information on the Company, please
visit  www.rockfireresources.com (http://www.rockfireresources.com/)   or
contact the following:

 

 Rockfire Resources plc:                                   info@rockfireresources.com (mailto:info@rockfireresources.com)
 David Price, Chief Executive Officer

 Allenby Capital Limited (Nominated Adviser & Broker)      Tel: +44 (0) 20 3328 5656
 John Depasquale / George Payne
 Matt Butlin / Kelly Gardiner

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

 

About the Molaoi Zn/Pb/Ag Deposit

 

The Molaoi Zn/Pb/Ag Deposit ("Molaoi") was discovered by the Institute of
Geology and Mineral Exploration of Greece in 1980, as part of its internal
geological resource investigations. In subsequent years, the Greek Government
undertook geological mapping, geochemical sampling, and geophysical surveys.

 

Drilling of 173 holes was undertaken by the Greek Government and by 1988, a
portal and 700m-long decline was developed to the western-most massive
sulphide lodes. The exploration decline was developed to obtain bulk samples
for metallurgical purposes. Rockfire will examine opportunities to redevelop
this underground access as a priority.

 

No historical analysis for gold or copper has been undertaken and Rockfire
believes potential may exist for additional metal credits.

 

A total potentially mineralised strike length of 7 km is available, but only
1.5 km has been systematically explored, providing enormous upside for
additional resource expansion.

 

The Project has had two estimates of mineral content over the years, however
neither of them comply with either the JORC or NI43-101 guidelines. An initial
estimate in 1981 was followed up with additional drilling, which subsequently
fed into a second estimate in 1988. Mineralisation has been drilled for
approximately 1,500m along strike (north-south), 200m across dip and down to
the -50rl level (220m below surface).

 

Molaoi represents an outstanding project in a tier 1 investment destination.
Greece offers a low-risk jurisdiction, with a modern mining legislation and an
active and progressive mining industry. Hellenic Minerals I.K.E. is a private
company incorporated and operational in Greece and will now become a
100%-owned subsidiary of Rockfire. The Molaoi Project offers potential for
rapid conversion of non-JORC historical mineral estimates to JORC resources,
and with an improving outlook for base metals, the Project provides Rockfire a
timely and exceptional growth project.

 

Notes to Editors

Rockfire Resources plc (LON: ROCK) is an exploration company with a portfolio
of 100%-owned near-surface gold and large-scale copper projects in Queensland,
Australia. Each of the gold projects are located within 50 km of operating
gold mines and the Company's copper projects lie within 250 km of Australia's
largest copper refinery.

 

The Company's flagship project, the Plateau Gold Deposit, is part of the
Lighthouse Tenement, and bears significant geological similarities to the
nearby Mt Wright gold mine (45km to the northeast), where 1.5 million ounces
of gold have been mined. More than 14,000 m have been drilled within the
Lighthouse tenement.

 

Drilling to date at the Company's copper projects, Copperhead and Copper Dome
(35 km and 85 km southwest of the town of Proserpine respectively), are
indicative of large-scale porphyry targets. Both projects have been drilled by
previous explorers but remain under-explored, leading the Board to believe
that they demonstrate significant exploration upside potential.

 

Rockfire Resources has adopted a strategy of growth based on advancing
exploration across its existing portfolio of projects, as well as the
continual assessment of opportunities to acquire outstanding strategic mineral
projects worldwide.

 

The Company is led by a highly skilled management team, with a proven track
record in exploring and discovering projects.

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  MSCDXGDXLDGDGDR