Rockfire wins tender for high-grade zinc deposit

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

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 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
Matt Butlin / Kelly Gardiner
Yellow Jersey	[e-mail]
Sarah Hollins / Henry Wilkinson	Tel: [phone]

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.

 

END

 

 

MSCDXGDXLDGDGDR