REG - Rockfire Resources - Zinc grades from drilling at Molaoi

Rockfire ResourcesAnnouncement

26/05/2023 08:30

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RNS Number : 7959A  Rockfire Resources PLC  26 May 2023

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.

 

26 May 2023

Rockfire Resources plc

("Rockfire" or the "Company")

Record-breaking zinc grades from drilling at Molaoi

Rockfire Resources plc (LON: ROCK), the base metal, gold and critical mineral
exploration company, is pleased to announce that the Company's geotechnical
drilling programme at the Molaoi zinc deposit in Greece has intersected the
highest zinc grades ever encountered at Molaoi.

 

Highlights

 

·    An interval of 0.2m grading 50.8% Zn has been returned from drill
hole MO_GTK_003A at 142.7m depth. This result is immediately followed by an
interval of 0.7m grading 43.2% Zn.

 

·    This lens of record-breaking grade averages 36% ZnEq. over a 1.42m
total length (127.5g/t Ag, 2.7% Pb, 33.6% Zn) and represents the highest
grades encountered at Molaoi so far, from 180 drill holes already drilled.

 

·    The interval quoted above, occurs within a broader, high-grade zone
of 4.85m @ 14.6% ZnEq. (58.3g/t Ag, 1.9%Pb, 12.97% Zn).

 

·    A lower, footwall lode was encountered from 150.5m depth, which
grades 11.7% ZnEq. over a width of 2.5m (49.1g/t Ag, 1.6% Pb, 10.2% Zn).

 

·    MO_GTK_003A has a continuous zinc lode interval of 11.3m @ 9.2% ZnEq.
commencing from 141.7m depth (37.3g/t Ag, 1.2%Pb 8.1% Zn).

 

·    Individual peak silver values are up to 158g/t Ag.

 

·    Individual peak lead values are up to 3.7% Pb.

 

·    MO_GTK_003A was drilled halfway between historical drill holes and
proves the continuity of zinc mineralisation. These assay results suggest that
when infill drilling commences, the overall average grade of the deposit may
increase. 180 diamond drill holes have been drilled at Molaoi.

 

·    Zinc/lead/silver mineralisation continues to be encountered in the
projected positions as identified from the historical drilling by the Greek
Government.

 

·    Germanium values remain low, suggesting that germanium may be
concentrated in a particular part of the resource, or controlled by structures
or preferential lithology. More drilling is required to determine the precise
association between zinc and germanium.

 

·    The geotechnical drilling programme has concluded for now and assay
results are awaited for the remaining four holes completed. Core from the
fourth drill hole has been sent to the laboratory.

 

·    The Company will continue to keep the market informed over the coming
months, with on-going analytical results pending.

 

 

David Price, Chief Executive Officer of Rockfire, commented:

"These spectacular assay results highlight the quality of the Molaoi deposit.
Results from our geotechnical drilling continue to confirm the continuity of
mineralisation throughout the length of the deposit. As holes are being
drilled between historical holes, the high grades being encountered may
enhance the overall average grade of the resource.

 

"Rockfire is committed to proceeding as quickly as possible towards a resource
upgrade and to commence feasibility studies at the commencement of 2024. The
market will continue to be informed of our very successful progress at Molaoi,
including assay results as they are received and the advancement of our
geotechnical studies."

 

 

 Drill Hole ID  UTM E      UTM N       RL m    Depth m  Azim  Dip
 MO_GTK_001     665401.54  4077605.44  151.82  201.80   268   -82
 MO_GTK_002     665401.55  4077604.77  153.46  150.00   268   -60
 MO_GTK_003A    665383.35  4077494.10  148.13  200.00   268   -85
 MO_GTK_004     665383.01  4077493.43  149.57  156.90   268   -60
 MO_GTK_005     665361.97  4077667.27  159.12  122.30   270   -80
 MO_GTK_006     665360.59  4077669.68  159.04  99.30    270   -60
 MO_GTK_007     665363.95  4077229.68  161.60  152.30   270   -80

 

 

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)
 Matt Butlin / Kelly Gardner (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
(FAusIMM). 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 portfolio of gold/copper/silver projects in
Queensland Australia and a high-grade zinc/lead/silver/germanium 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, using a 4% Zn
cut off.

 

§    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.

 

§   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,
using a 0.13% CuEq. cut off.

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