TIDMROCK
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: info@rockfireresources.com
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20 3328
& Broker) 5656
John Depasquale / George Payne (Corporate
Finance)
Matt Butlin / Kelly Gardner (Sales and
Corporate Broking)
Yellow Jersey PR rockfire@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
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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END
DRLGPUMARUPPUAM
(END) Dow Jones Newswires
August 17, 2022 02:00 ET (06:00 GMT)
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