REG - Rockfire Resources - Extension drilling at Molaoi - resource potential

Rockfire ResourcesAnnouncement

10/06/2024 07:00

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RNS Number : 7037R  Rockfire Resources PLC  10 June 2024

10 June 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Extension drilling at Molaoi confirms significant resource increase potential

Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and
critical mineral exploration company, is pleased to announce that the
Company's on-going drilling program has intersected a very wide and strongly
mineralised zinc zone at depth at its 100%-owned Molaoi zinc deposit in
Greece. This extensive intercept of zinc, silver and lead demonstrates the
quality of this deposit and is expected to result in a material increase in
resource tonnage.

 

Highlights

 

·    Hole HMO-004 has intersected wide and strong mineralisation at depth,
with a continuous zone averaging 24.6m @ 8.0 % ZnEq. intersected, starting
from 243.42m depth.

 

·    The interval above includes an upper 10.6m zone averaging 7.4 % ZnEq.
from 243.42m depth, and

 

·    A second, lower interval of 11.0m @ 10.9 % ZnEq. starting from 257m
depth.

 

·    Within this lower interval is a zone of 6.14m @ 12.11 % Zn, 2.05 % Pb
and 67.4 g/t Ag.

 

·    The highest individual zinc assay in hole HMO-004 is 0.80m @ 36.30 %
Zn from 266.40m depth

 

·    The highest individual silver assay in hole HMO-004 is 0.80m @ 170.0
g/t Ag from 266.40m depth

 

·    The highest individual lead assay in hole HMO-004 is 0.73m @ 7.5 % Pb
from 262.52m depth

 

·    Hole HMO-004 also intersected multiple, narrow lodes of zinc higher,
above the main zone, including:

 

1.    0.46m @ 3.1 % Zn from 71.40m depth

2.    0.36m @ 6.0 % Zn from 136.84m depth

3.    0.13m @ 24.3 % Zn from 236.60m depth

4.    1.37m @ 5.0 % Zn from 239.30m depth

 

·    The resource is likely to be expanded at depth and along strike once
all drilling analyses are complete and included into a revised resource model.

 

·    Drilling is on-going and Rockfire is striving to expand the zinc
resource at depth and along strike to the north. Currently the resource is
1.4km long and drilled down to 220m beneath the surface. A JORC Inferred
Resource of 250,000 tonnes of zinc equivalent metal has been estimated within
these dimensions, and the Company is targeting a zinc equivalent resource of
at least 400,000 tonnes.

 

·    A revised resource estimate is currently in progress. Management and
the technical team are eagerly awaiting the outcome of this update.

 

 

 

 

 Hole     UTM        UTM         RL      Depth  Azimuth  Dip
 Number   (East)     (North)     (m)     (m)    (°)      (°)
 HMO_001  665538.89  4077814.43  180.13  248.2  250      -60
 HMO_002  665199.79  4078360.69  212.57  250.2  220      -65
 HMO_003  665486.48  4078027.62  200.68  300.4  271      -55
 HMO_004  665505.28  4077975.48  202.93  350.0  270      -70

 

Zinc Equivalent formula:

Zn % + (Pb %*0.73) + (Ag ppm*333.4) + (Ge ppm*977.3) + (Ga ppm*259.0)

 

 

 

Long Section view of the zinc resource (silver colour), looking towards the
west.

This RNS refers to hole HMO-004 as shown circled in the image above.

 

David Price, Chief Executive Officer of Rockfire, commented:

"This extensive intercept is amongst some of the widest and strongest
intervals of mineralisation we've encountered at Molaoi. It appears from the
few deep holes we have drilled, that mineralisation is not only continuing,
but results may suggest that zinc content is becoming stronger and wider with
depth.'

 

"There are no drill holes which terminate the zinc mineralisation at depth, or
towards the north. Our aim is to continue chasing the zinc both at depth and
to the north in our target to achieve a minimum of 400,000 tonnes of zinc
equivalent metal. At this stage, our team is stepping out holes 50m and 100m
each time to increase the tonnage. This distance provides a good level of
certainty of continuity and predictability, both of which are required for the
estimation of resources."

 

"Hole HMO-005 is complete, and the team is cutting and sampling that hole now.
We have commenced drilling hole HMO-006, which is stepping to the north a
further 100m from hole HMO-002. Each 100m extension has the potential to add
up to 200,000 tonnes to the existing resource of 2.3 million tonnes."

"Our aim of increasing the resource is being realised, with every hole so far
encountering potentially economic grades over potentially mineable widths.
There appears to be no geological reason for mineralisation to stop and each
drill hole is confirming this. Our drilling is expected to continue throughout
the summer, with only a short field break during mid-August. Drilling results
will continue to be released to the market as they are received from the
laboratory and following interpretation by our geologists."

 

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)
 Guy McDougall / Matt Butlin (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
(F.AusIMM). 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.

Glossary

 Item                                                                           Definition
 '' Ag''                                                                        silver
 ''Ga''                                                                         gallium
 '' Ge''                                                                        germanium
 '' g/t''                                                                       grams per tonne
 ''JORC''                                                                       Joint Ore Resource Committee
 '' Pb''                                                                        lead
 "Ppm"                                                                          parts per million
 ''' Zn''                                                                       zinc
 "ZnEq''                                                                        zinc equivalent

 

Notes to Editors

 

Rockfire Resources plc (LON: ROCK) is a gold, base metal and critical mineral
exploration company, with a high-grade zinc/lead/silver/germanium deposit in
Greece and a portfolio of gold/copper/silver projects in Queensland Australia.

 

§ The Molaoi deposit in Greece has a JORC Inferred Mineral Resource of 2.3
million tonnes @ 9.4 % Zn, 1.7 % Pb and 47 g/t Ag, for 250,000 tonnes of ZnEq.
This resource uses a 4% low-grade cut, and equates to 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 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. Plateau is subject to a joint
venture with ASX-listed Sunshine Metals Ltd (ASX:SHN).

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