Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce a maiden Mineral Resource estimate (“Mineral Resource”) at its 100%-owned Molaoi zinc deposit in Greece. The Mineral Resource has surpassed all expectations and demonstrates the quality and potential of the project.
The resource is reported in accordance with the Joint Ore Reserve Committee (“JORC”) Australasian Code (2012) for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
Highlights
· The inaugural JORC resource estimation for Molaoi has delivered an Inferred Mineral Resource of:
2.3 million tonnes @ 11 % ZnEq. for 250,000 tonnes of ZnEq.
· This resource uses a 4% low-grade cut, with individual elemental grades of 9.4 % Zn, 1.7 % Pb and 47 g/t Ag.
· Molaoi currently contains 210,000 tonnes of zinc, 39,000 tonnes of lead, and 3.5 million ounces of silver.
· Only 1,400 m of a potential strike extent of 7 km has been included in the resource and the resource remains open at depth and along strike.
· Multiple, parallel mineralised lodes, which are not included in the resource, are yet to be fully tested. The images of the resource model, which can be viewed via the link below, demonstrate the quality of zinc intercepts in parallel lodes which may add materially to the resource in future estimates.
· Metallurgical flotation test work completed in 1984 resulted in 96% zinc recovery, 92% lead recovery and 91% silver recovery into a bulk concentrate. These recovery factors have been applied to the Mineral Resource to calculate the resulting zinc equivalent tonnes and grade.
· Mineralisation starts at surface. Despite this, and to ensure a practical estimate is delivered, the top 40 m has been excluded from the Mineral Resource. Rockfire is planning underground mining only to minimise social and environmental impacts.
· As mentioned in the Company’s RNS on 10 May 2022, one of the world’s critical metals, germanium, is present at potentially commercial grades. Germanium has not been included in the resource estimate owing to limited quantitative analysis.
· Molaoi has a capped portal and 700 m long decline which, if refurbished, may permit access to the top of the sulphide mineralisation. Molaoi lies within 10 km of the coast, providing excellent access to potential markets.
· Rockfire plans to undertake resource delineation and extensional drilling over the next 12 months.
A plan, cross section and long section of the resource model can be viewed by following the link provided here. http://www.rns-pdf.londonstockexchange.com/rns/3995M_1-2022-5-23.pdf
David Price, Chief Executive Officer of Rockfire, commented:
“Our maiden JORC Mineral Resource for Molaoi represents a pivotal milestone for Rockfire. Management considers Molaoi to be an outstanding base metal project, which we hope will grow to a globally significant scale. The quality of the grades and quantity over the first 1,400 m strike extent is testimony to the potential size of Molaoi, particularly if our planned exploration along strike proves to be successful.
“We intend to test the entire 7 km of strike which, if similarly mineralised, could potentially result in a resource much larger than the maiden resource. Several historical holes drilled along this 5.5 km extension have intersected high grade zinc, so we know already that zinc is present.
“The project is at an advanced stage, with 173 cored holes having already been drilled. Resource delineation and extension drilling can commence quickly, with most preliminary surface exploration techniques having already been completed by the Greek government. We are working on obtaining the necessary permits to commence our drilling at Molaoi as quickly as possible.
“Rockfire now has a significant inventory of 100%-owned JORC Mineral Resources comprising:
- Molaoi, Greece – 210,000 tonnes of zinc, 39,000 tonnes of lead and 3.5 million ounces of silver
- Copperhead, Australia – 80,000 tonnes of copper, 9,400 tonnes of molybdenum and 1.1 million ounces of silver
- Plateau, Australia – 130,000 ounces of gold and 800,000 ounces of silver
“The Company will inform the market as we continue to build our resource inventory.”
Qualified Person Statement:
The technical information in this announcement is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry 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 Fry 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:
David Price, Chief Executive Officer
