Exploration underway at Molaoi

RNS Number : 2941W

Rockfire Resources PLC

17 August 2022

 

17 August 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Exploration underway at Molaoi

Rockfire Resources plc (LON: ROCK), the gold, base metal and critical mineral exploration company, is pleased to provide the following update on the Company's exploration activities at its 100%-owned Molaoi zinc deposit in Greece. Rockfire operates in Greece under its 100%-owned Greek subsidiary, Hellenic Minerals IKE.

· Geological mapping and rock sampling throughout the licence is currently in progress.

· Planned diamond drilling will target the expansion of the maiden JORC resource of 2.3 million tonnes @ 11 % ZnEq. (250,000 tonnes zinc equivalent), announced to the market on 23^rd May 2022.

· Preliminary metallurgical test work is in progress in Perth, Australia and initial results are promising. An RNS on the results of these tests will be released once they are received from the Company's metallurgical consultants.

· A Technical Programme, which requires approval prior to the commencement of drilling, has been submitted to the Greek government.

· An environmental report, which also requires approval prior to drilling, has been submitted to the Greek government.

· Quotes have been received from 3 drilling contractors, and the preferred contractor has been selected. Planned drilling includes an initial phase (Phase 1) of 40 diamond drill holes, followed by an additional 60 diamond drill holes (Phase 2). Both phases are expected to take approximately 12 months to drill.

· A Greek Exploration Geologist has been appointed to conduct exploration activities and prepare for drilling. Geological mapping and rock sampling is currently in progress.

· A local mining engineer from Molaoi has been appointed to assist with the appraisal of reopening the portal and decline.

· Landowners are being identified and contacted in preparation for drilling. Discussions with landowners to date have been welcoming and highly favourable.

· A lease has now been signed for Hellenic Minerals to lease a core yard and field operations office. The core yard and office are located on the exploration licence and close to the planned drilling at Molaoi.

· As part of the grant of the tender to Rockfire, a lease of a 10-acre (4.06 Ha) parcel of surface land at Molaoi will pass to the Company. Documentation for this 30-year lease is awaited. The private lease to be transferred to Rockfire includes the portal and decline to the underground mine.

An image showing the old workings and a sample of weathered, strongly mineralised sulphide-rich rocks at Molaoi can be viewed via the following link.
http://www.rns-pdf.londonstockexchange.com/rns/2941W_1-2022-8-17.pdf

David Price, Chief Executive Officer of Rockfire, commented : 

"We are very pleased with ongoing progress at Molaoi. Our exploration has officially commenced with rock sampling and geological mapping and the team in Greece has been bolstered with the addition of a Greek geologist who is undertaking the rock sampling programme. Our new geologist has prior practical experience with VMS deposits, specifically in Cyprus.

"Rockfire has commenced metallurgical test work using BHM Processing in Perth, Australia. Preliminary results are proving encouraging, with improvements of recoveries expected from future optimisation tests. A full report on the metallurgical properties is awaited and results of this work will be announced to the market once they are available.

"Our environmental consultants have worked tirelessly to finalise our environmental report, which is required prior to any drilling campaign. The report is now complete, and we await approval from the Greek government. Once the environmental report is approved, a final, more detailed technical study can be submitted, which completes the approvals required for drilling for the next 5 years.

"Our team, which now also includes a local mining engineer from Molaoi, is identifying and contacting landowners in the drilling area. The correspondence with landowners and local community has been extremely welcoming and positive. Rockfire is ensuring that local stakeholders are kept fully informed of our plans, which we see as central to the on-going success of the project. 

"We will continue to update the market with progress on our exploration across the Company's portfolio of quality projects."

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 a mineral exploration company with a portfolio of 100%-owned gold and copper projects in Queensland Australia and a high-grade zinc 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.

§ The Plateau deposit in Queensland has a JORC resource of 208,000 ounces of gold and 1.5 million ounces of silver (0.2 g/t Au cut-off).

§ 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.

 

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