Rockfire Resources plc (LON: ROCK) has reported further encouraging drilling results from its wholly owned Molaoi zinc deposit in Greece, including preliminary zinc readings reaching 47.7%, while confirming that its maiden JORC germanium resource estimate will be delayed by several weeks following the discovery of additional mineralised zones.
The company said recent drilling has identified a greater number of zinc and germanium-bearing structures than originally anticipated, requiring its independent consultants to undertake a more extensive reinterpretation of the geological model.
GeoRes Mining Consultants is currently working towards delivering Molaoi’s first JORC Inferred germanium resource estimate, with the expanded geological interpretation contributing to a delay beyond the previously expected completion date.
The revised model incorporates more than 1,360 individual zinc and germanium lode intercepts across the approximately two-kilometre-long deposit, significantly increasing the complexity of the resource estimation process.
Rockfire said the interpretation has also identified a slightly steeper dip to parts of the mineralised system, requiring numerous previously modelled intercepts to be reassigned.
Chief Executive David Price described the delay as regrettable but said the additional work reflected the considerable number of newly identified germanium-bearing zones.
He noted that the deposit’s 1,360 intercepts represented an unusually high frequency of mineralised intersections, compared with the 50 to 250 intercepts typically encountered in many conventional zinc deposits.
Meanwhile, diamond drill hole HMO-022 has been completed to a depth of 308.90 metres, intersecting five separate zinc-bearing lodes.
The deepest reported lode was encountered at approximately 293 metres, extending for around 1.5 metres and producing individual portable X-ray fluorescence (pXRF) readings of up to 47.7% zinc.
Core samples from HMO-022 have been submitted for laboratory analysis, with certified assay results expected to provide more reliable information on the grades and mineralisation encountered.
Diamond drilling is continuing at Molaoi, with hole HMO-023 now underway, as Rockfire works towards upgrading portions of its existing mineral resource classification from Inferred to Indicated.
An Indicated resource classification would provide a higher level of geological confidence, supporting more detailed engineering and economic assessment of the deposit.
Rockfire has also completed a drone-based aerial magnetic survey covering the entire Molaoi licence area.
The survey data are now being compiled, modelled and interpreted, with the company reporting that its geophysical consultants are satisfied with the quality of the information collected.
The results are expected to assist geological interpretation and potentially identify further prospective zones across the project.
Initial ore sorting tests have also been completed by Norwegian specialist TOMRA, using material intended to represent potential future feedstock from Molaoi.
The programme is designed to assess whether an ore sorting stage could increase the average metal grade of material entering the grinding circuit.
Successful sorting could potentially reduce the volume of waste material requiring processing and improve the efficiency of future operations, although the test results have not yet been released.
Rockfire expects the ore sorting findings to contribute towards a feasibility study planned for 2027, alongside the ongoing drilling, resource estimation and metallurgical work.
Price said the company was looking forward to receiving TOMRA’s results, particularly their potential implications for improving processing feed grades.
For investors, the latest update highlights continued exploration progress at Molaoi, with additional zinc and germanium mineralisation prompting a more extensive assessment of the deposit’s resource potential.
However, the reported 47.7% zinc figure represents an individual preliminary pXRF reading, not the average grade of the 1.5-metre interval, and must be confirmed through independent laboratory assays.
The revised germanium resource estimate also remains outstanding, meaning the scale and classification of the newly identified mineralisation have yet to be independently established.
Attention will now turn to laboratory assays from HMO-022, continued drilling at HMO-023, the maiden germanium resource estimate and TOMRA’s ore sorting results, as Rockfire Resources advances Molaoi towards its planned 2027 feasibility study.
