TIDMROCK

RNS Number : 0378H

Rockfire Resources PLC

21 November 2022

21 November 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Maiden drilling underway at Molaoi

Rockfire Resources plc (LON: ROCK), the base metal and critical mineral exploration company, is pleased to announce that drilling is now in progress at its 100%-owned Molaoi zinc/silver/lead/germanium deposit in Greece ("Molaoi").

Highlights

   --    Diamond drilling has commenced at Molaoi

-- An initial 4 holes (for a total of 840m) will be drilled within the main mineral resource of 2.3Mt @ 11% zinc equivalent. 173 diamond holes have been drilled at Molaoi, as well as metallurgical tests, a feasibility study and the development of a 700m-long exploration decline.

-- These initial geotechnical holes are expected to be followed by more holes to gather geotechnical information throughout the 1.5km of the resource and beyond.

-- The average depth of drilling is 210m deep, with the deepest hole planned to reach 270m below surface.

   --    The first holes are designed to provide the following analytical and geotechnical outcomes:

o Confirmatory analysis to ensure correlation with previous assay results

o To gather geotechnical orientation and structural data to refine the interpretation of the orebody at Molaoi

o To obtain core for UCS compressive strength tests. These tests inform our mining engineers of rock strengths when loads are applied/reduced in an actual mining scenario

o To obtain sufficient core for crushing and grinding work indices. These tests determine the energy (and therefore cost) of crushing and grinding the ore to a powder and will form a key component of a feasibility study into the economics of the project

David Price, Chief Executive Officer of Rockfire, commented:

"Management is delighted that drilling has now commenced. The achievement of our team in Greece is remarkable. Since winning the international tender for Molaoi in March this year, our talented team in Greece has applied for (and been granted) initial drilling permits, has located and unearthed the portal to the underground mine, and has prepared for and executed a seamless start to drilling.

"We are optimistic for our maiden drilling campaign and continue to forge ahead towards early production. As part of the process to reach commercial extraction, the geotechnical tests for which this core will be used, form a critical stepping-stone on the path to feasibility.

"The market will be informed regularly as our drilling programme progresses. Assay results will be released as each hole is delivered to the lab and all samples analysed. Drilling is expected to be continuous, with further drilling already being planned for the new year."

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) 
 
  Drill hole information for planned drilling 
  programme 
       UTM E          UTM N       RL m   Depth m          Dip 
   665403.76     4077573.72     156.45    270.00       -90.00 
   665403.76     4077573.72     156.45    150.00       -60.00 
   665366.86     4077481.00     159.00    200.00       -90.00 
   665366.86     4077481.00     159.00    220.00       -65.00 
 -----------  -------------  ---------  --------  -----------

Notes to Editors

Rockfire Resources plc (LON: ROCK) is a base metal and critical mineral exploration company, with a portfolio of 100%-owned gold/copper/silver projects in Queensland Australia and a high-grade zinc/lead/silver/germanium 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 130,000 ounces of gold and 800,000 ounces of silver.

-- 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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November 21, 2022 02:14 ET (07:14 GMT)

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