TIDMROCK
RNS Number : 2977J
Rockfire Resources PLC
12 December 2022
12 December 2022
Rockfire Resources plc
("Rockfire" or the "Company")
Massive sulphides hit at predicted depth at Molaoi
Rockfire Resources plc (LON: ROCK), the gold, base metal and
critical mineral exploration company, is pleased to announce that
inaugural drilling has encountered massive sulphides at the
predicted depth and position at its 100%-owned Molaoi
zinc/silver/lead/germanium deposit in Greece ("Molaoi").
Highlights
-- Both massive and semi-massive sulphides have been encountered
in Rockfire's first drill hole at a depth and position predicted
from historical drill data.
-- Between 1979 and 1988, 173 diamond drill holes were drilled
at Molaoi, as well as metallurgical tests, a feasibility study and
the development of a portal and decline to the orebody. The
Company's exploration and exploitation permit allows Rockfire to
capitalise on this excellent work by the Greek Government to help
monetise the project in a timely manner.
-- The current, first hole (MO_GTK_001) lies between historical
drill holes and will serve to provide core for geotechnical test
work to feed into a feasibility study.
-- To encounter massive and semi-massive sulphides at the
predicted depth and position verifies the historical drilling and
validates the countless hours of mineralisation modelling completed
by the Rockfire team.
-- Massive sulphides occur between 130m and 134m, with
semi-massive and disseminated sulphides continuing for a further
11m, down to 145m. More disseminated sulphides have also been
encountered at 160m depth, which may represent a parallel lode
beneath the main lode.
-- A second, parallel lode is predicted, and drilling of this
inaugural hole is being deepened, to test for this second lode.
-- The core is demonstrating important zonation. As the orebody
is approached in the drill hole, epidote veining alteration gives
way to a broad zone of intense, ubiquitous chlorite alteration.
Even closer to the orebody, alteration changes to kaolinite (clay),
then finally a subtle sericite alteration at the very edges of the
mineralisation. This is an excellent observation by the Company's
technical team and assists with the prediction of proximity to
lodes in each hole.
-- It is expected that sufficient mineralised core will be
obtained to commence crushing and grinding work index studies.
These studies determine the energy (and therefore cost) required to
crush and grind the mineralised rock. The results from these
studies are parameters required for technical and financial
feasibility studies, which Rockfire plans to commence as soon as
possible.
-- Drilling remains in progress but is slow due to strongly
brecciated, highly veined, broken and extremely altered rock ;
which are all excellent indications for favourable
mineralisation.
A photograph of the core showing the massive sulphides can be
viewed by following the link provided here.
http://www.rns-pdf.londonstockexchange.com/rns/2977J_1-2022-12-11.pdf.
David Price, Chief Executive Officer of Rockfire, commented:
"This drilling is providing important geotechnical information
for our team. In particular, the intensely broken, veined,
brecciated and altered nature of the rocks is an excellent
structural setting for mineralisation. This geotechnical
information will aid in mine design, expected ground conditions for
an underground mining operation, as well as support and safety
requirements to ensure a safe mine.
"The visible mineralisation appears to adhere well to the
expected behaviour recorded in historical drilling. The massive
sulphide zone tends to be around 3.0m average width and usually
carries very high-grade zinc, lead, silver (+/- germanium) in
historical core. This is accompanied by a broader zone of
semi-massive sulphides beneath the massive sulphides, with slightly
lower grades for at least another 10m downhole.
"The market will be informed regularly as our drilling programme
progresses"
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)
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.
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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END
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December 12, 2022 02:00 ET (07:00 GMT)
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