REG - Rockfire Resources - Molaoi drilling update

Rockfire ResourcesAnnouncement

21/05/2024 07:00

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RNS Number : 2503P  Rockfire Resources PLC  21 May 2024

21 May 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Drilling extends strike length of zinc mineralisation by 400m

beyond the resource at Molaoi

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 at its 100%-owned Molaoi zinc deposit in
Greece has intersected high-grade zinc 400m to the north of the currently
defined resource area. The current drilling programme is aimed at extending
the zinc resource both at depth and to the north.

 

Highlights

 

·    Hole HMO-002 has intersected 4.52m @ 9.3% ZnEq. approximately 400m to
the north of the main zinc resource of 250,000t of zinc equivalent.

 

·    This hole confirms that zinc mineralisation continues to the north
for at least 400m, with more than 5 kilometres of old zinc workings and
outcropping zinc mineralisation still to be drilled to the north.

 

·    This intercept is only 125.15m downhole depth, with further potential
available below this and along strike.

 

·    Hole HMO-003 has intersected 4 separate lodes of zinc. These are:

 

1.    2.47m @ 14.20% ZnEq. from 202.53m depth

2.    2.37m @ 7.40% ZnEq. from 226.00m depth

3.    4.00m @ 11.50% ZnEq. from 256.00m depth

4.    3.10m @ 3.40% ZnEq. from 293.50m depth

 

·    The highest individual assay in hole HMO-003 is 1.25m @ 22.80% Zn,
6.30% Pb, 149.0g/t Ag and 26.20g/t Ge.

 

·    The highest germanium assay is 1.62m @ 32.64g/t Ge.

 

·    Drilling is continuing at Molaoi, with observations of the core
recording visible zinc mineralisation in holes drilled deeper than historical
drilling, as well as holes being drilled to the north of the resource.

 

·    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.

 

·    Rockfire is striving to expand the zinc resource at Molaoi 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. This could be achieved with further drilling to the north, as well as
deepening existing drilling.

 

 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 %*0.75) + (Ag ppm*305.90) + (Ge ppm*986.92) + (Ga ppm*267.12)

 

 

 

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

This RNS refers to holes HMO-002 and HMO-003 as shown circled in the image
above.

 

David Price, Chief Executive Officer of Rockfire, commented:

"Rockfire's strategy to increase the resource at Molaoi to at least 400,000
tonnes of zinc equivalent metal remains on track, with a quality hit 400m
north of the main resource outline. This now opens the resource up towards the
north and may allow for a rapid expansion of tonnes of contained zinc in the
resource."

 

"It is excellent that Hole HMO_003 encountered such robust grades and widths
beneath the resource and even most pleasing that multiple lodes were
intersected. This hole was drilled deeper, beneath the historical drilling to
extend the mineralisation at depth - an aim which was successfully achieved.
The multiple lodes is typical of volcanogenic massive sulphide deposits - a
trait which bodes well for substantial increases in tonnage as the deposit
continues to be drilled."

 

"Drilling of hole HMO_004 is complete and the core samples are at the
laboratory awaiting analysis. This hole was drilled beneath the resource to
extend mineralisation deeper. It is positive that visible intervals of zinc
mineralisation were observed throughout the deeper parts of this hole in the
expected positions."

 

"Drilling is expected to continue both at depth and to the north of the
resource in our efforts to expand the resource significantly. Hole HMO-005 is
in progress and is being drilled to the north of hole HMO-003. Drilling
results will be released to the market as they become available."

 

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
(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.

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 Resource of 2.3 million
tonnes @ 11 % ZnEq. for 250,000 tonnes of ZnEq. This resource uses a 4%
low-grade cut, with individual elemental grades of 9.4 % Zn, 1.7 % Pb and 47
g/t Ag. This 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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