Rockfire Resources plc (LON: ROCK) has reported encouraging progress from its latest drilling at the Molaoi zinc deposit in Greece, with hole HMO-013 completed to a depth of 220.40 metres and hole HMO-014 now underway.
Preliminary portable XRF (pXRF) readings from HMO-013 indicate strong zinc mineralisation, including a standout 39.9% Zn at 140 metres and 11.6% Zn at 144.26 metres. The hole also returned notable copper values of up to 1.03% Cu at 201 metres.
Silver readings were also significant, with 252ppm Ag recorded at 48.10 metres. That same interval returned 6.7% Zn and 10.6% Pb, highlighting the polymetallic nature of the deposit. In addition, anomalous barium values of 19.3% Ba and 17.0% Ba were identified, while the 52-metre interval returned 39.0ppm Ag.
The company cautioned that pXRF readings are indicative and subject to laboratory confirmation.
Separately, Rockfire is evaluating the potential acquisition of its own drilling rig, citing concerns over timelines and contractor availability as it looks to maintain momentum at Molaoi.
David Price, Chief Executive Officer of Rockfire, commented:
“Recent drilling (holes HMO-011 to HMO-013) has returned comparatively narrow intervals of mineralisation however, it is important to understand that they are being drilled well to the west and south of most previous drill holes, as shown in the location map above. These holes represent extension drill holes, and we are excited to still be intersecting very high grades of zinc to the west of most of the previous drilling.”
“The increase in copper is of interest, particularly with the price of copper still above USD$12,900/tonne. These drill holes are at the southern end of the resource and may represent a different mineralising event. The anomalous barium being encountered in these southern holes may suggest a possible zonation in mineralisation to a more silver/copper/gold zone.”
“The high grades of silver and copper being recorded from hole HMO-013 are very pleasing and simply add to the overall economics if these strong intervals can be monetised into production by-product credits in the future. To be achieving pXRF readings of this magnitude is exciting – particularly as these values are amongst the highest values recorded at Molaoi.”
“We will continue to update the market with our drilling progress including analytical results from the laboratory as they are received.”
For further information on the Company, please visit www.rockfireresources.com
