Critical Metal, Germanium, discovered at Molaoi

RNS Number : 8619K

Rockfire Resources PLC

10 May 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.

10 May 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Critical Metal, Germanium, discovered at Molaoi

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce that reanalysis of historical diamond drill core has discovered the presence of one of the world's critical metals, germanium, at the Molaoi zinc deposit in Greece.

Critical minerals are metals deemed vital for world economies to continue to provide technology. The supply of germanium is largely at risk due to geological scarcity.

Highlights

· A critical metal, germanium (Ge), has been discovered at Molaoi during reanalysis of historical diamond drill core.

· The European Union Environmental Agency includes germanium in the top 20 raw materials which have been identified by the European Commission as being critical metals, owing to risk of supply shortages.

· The weighted average grade of the 51 samples collected during the reanalysis of core from Molaoi is 51 grams per tonne (g/t) Ge, with a peak value of 197 g/t Ge. 41% of samples returned germanium values above 50 g/t Ge.

· The germanium metal ingot price is currently US$ 1,330 per kilogram (USD$ 1.3M per tonne) which, if commercially recoverable in concentrate from Molaoi, would add material value to the overall financial metrics of the Molaoi Deposit.

· Germanium is used in the manufacture of everyday technology including mobile phones, electronics, solar cells, camera lenses, satellites, computer screens, as well as steering and parking sensors for vehicles. Germanium is also used in numerous military applications including weapons-sighters (scopes) and infrared night vision.

· Often mined as a by-product of zinc ores, germanium is extracted commercially within the range of 50 g/t - 150 g/t Ge.

· Five samples returned copper values above 0.1% Cu. 39% of samples returned copper values above 200 parts per million (ppm).

· Assays have confirmed that the Molaoi deposit does not contain gold, indium or gallium.

· The Rockfire team is working towards a maiden mineral resource estimate for Molaoi, however germanium will not be included in this initial JORC resource estimate, due to the absence of germanium analysis in the historical data.

David Price, Chief Executive Officer of Rockfire, commented:

"This is an important discovery for the team at Molaoi. Our geologists elected to include the analysis for germanium based on a geological paper written in 2012, which suggested that Molaoi might be prospective for germanium. It has now been confirmed that germanium is present at Molaoi and at potentially commercial grades. The economics and recovery of the germanium is yet to be determined, however the grades returned from the laboratory in our resampling indicate potential for valuable additional metals to be recovered in any future concentrate from Molaoi.

"With the recent confirmation of high-grade zinc, lead, silver and the addition of germanium, Molaoi is shaping up to be a high-value deposit at a time when all these metals are increasing in demand against a backdrop of supply shortage.

"Progress at Molaoi is going as planned and we continue to push forward with our permitting for inaugural drilling in Greece. The Company can drill year-round in Greece and is not impacted by an annual wet season. The wet season is still at full strength in Queensland, so the Company is focused on advancing Molaoi towards drilling. The market will be updated regularly with developments."  

Qualified Person Statement:

The technical information in this announcement is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry 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 Fry consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

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

Rockfire Resources plc:	[e-mail]
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser & Broker)	Tel: [phone]
John Depasquale / George Payne (Corporate Finance) Matt Butlin / Kelly Gardner (Sales and Corporate Broking)
Yellow Jersey PR	[e-mail]
Sarah Hollins / Henry Wilkinson	Tel: [phone]

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 and a soon to be acquired high-grade zinc deposit in Greece.

The gold project is located within 50 km of two operating gold mines. 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. Plateau has a JORC resource of 130,000 ounces of gold and an additional 10,000 JORC ounces of gold is at the Double Event prospect, close to Plateau.

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 and a JORC resource of 120,000 T of copper equivalent value has been found so far.

Rockfire Resources has adopted a strategy of growth and the acquisition of the Molaoi zinc deposit in Greece forms an important aspect of that strategy. Molaoi represents a high-grade zinc project and Rockfire intends to evaluate, expand and develop the zinc resources at Molaoi. The existence of a portal and decline will be beneficial if it is possible to gain access to this infrastructure once again. Molaoi lies within 10 km of the coast, providing excellent access to potential markets.

 

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