TIDMROCK
RNS Number : 0476F
Rockfire Resources PLC
02 November 2022
2 November 2022
Rockfire Resources plc
("Rockfire" or the "Company")
Excellent progress being made at Molaoi
Rockfire Resources plc (LON: ROCK), the base metal and critical
mineral exploration company, is pleased to announce that good
progress is being made on multiple fronts at the Company's
100%-owned Molaoi zinc deposit in Greece ("Molaoi").
Highlights
-- The Board is delighted to announce that the concrete entrance
to the old underground portal and decline has now been exposed by
excavation. A photograph of the mine entrance is provided via the
link below.
-- Mapping has located numerous old workings along the strike of
the zinc mineralisation and substantial shafts greater than 30m
deep have been located.
-- Rock sampling remains in progress, with the first 28 samples
submitted to the laboratory for analysis. These samples are from
the spoils around the collars of old shafts and results will
provide an indication of the grade of material extracted during
historical mining. The market will be kept informed once these
results are obtained.
-- All landowners in the resource area have been identified and
initial consultations have been completed. An access agreement has
been finalised and signed with the landowners for the initial
drilling programme. To date, the Directors believe the Company has
a good relationship with the local community and Rockfire intends
to continue to work very closely with the local community.
-- A lease over a 10Ha parcel of land on top of the Molaoi
resource has been transferred to the Company from the Greek State.
This 30-year lease will allow for unrestricted access to the portal
site and the Directors believe this land may also prove suitable
for hosting future infrastructure.
-- A contract has been signed with one of the landowners to
lease an area of land suitable for a core processing yard. This
land includes a 2-bedroom house which will be used as a site office
and equipment storage facility. The core yard is being prepared
ready for the commencement of drilling.
-- Gordon Hart and David Price have both been appointed to the
board of directors of Rockfire's Greek subsidiary company, Hellenic
Minerals SA. This provides representation on the board following
the acquisition of 100% of the shares of Hellenic by Rockfire.
A photograph showing the excavated old mine entrance can be
viewed by following the link provided here.
http://www.rns-pdf.londonstockexchange.com/rns/0476F_1-2022-11-2.pdf
David Price, Chief Executive Officer of Rockfire, commented:
"Our path towards drilling continues to advance and our team has
contacted the landowners on whose ground we are planning to drill.
Access agreements have been signed in preparation for our initial
drill programme, which will consist of 4 geotechnical holes. These
holes are designed to gather information on ground conditions to
feed into underground mine design. These initial holes will also
provide material for crushing and grinding work indexes and UCS
compressive strength tests to measure the ability of the rock to
withstand stress once mining commences.
"The excavation of the concrete portal is a very exciting
development for the Company, and we have begun enquiries into
permits required to reopen the underground access. Discussions held
with people closely associated with the mining activity in the
1980's, report that the mine was constructed with the use of steel
and timber support beams. It's possible that the decline remains
open and clear beyond the portal. The decline was constructed using
a 3.5m x 3.0m profile and varies in slope angle between an initial
slope of 1:12 and steepening to a 1:7 rate of decline lower in the
decline.
"Mapping and rock sampling has been on-going, and we are pleased
to see the large number of substantial old workings being found.
Some of these workings are caved-in, but still up to 30m deep,
demonstrating the high-grade necessary to encourage such extensive
excavation. The team has sampled the spoils from some of the old
workings to determine the grade left behind from the shafts.
"The Company will keep the market informed of timing for
drilling, which we hope will commence this calendar year."
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.
For further information on the Company, please visit
www.rockfireresources.com or contact the following:
Rockfire Resources plc: info@rockfire.co.uk
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)
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 of210,000
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
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November 02, 2022 03:01 ET (07:01 GMT)
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