26 May 2023

Rockfire Resources plc

Rockfire Announce Record-breaking zinc grades from drilling at Molaoi

Rockfire Resources plc (LON: ROCK), the base metal, gold and critical mineral exploration company, is pleased to announce that the Company’s geotechnical drilling programme at the Molaoi zinc deposit in Greece has intersected the highest zinc grades ever encountered at Molaoi.

Highlights

·    An interval of 0.2m grading 50.8% Zn has been returned from drill hole MO_GTK_003A at 142.7m depth. This result is immediately followed by an interval of 0.7m grading 43.2% Zn.

·    This lens of record-breaking grade averages 36% ZnEq. over a 1.42m total length (127.5g/t Ag, 2.7% Pb, 33.6% Zn) and represents the highest grades encountered at Molaoi so far, from 180 drill holes already drilled.

·    The interval quoted above, occurs within a broader, high-grade zone of 4.85m @ 14.6% ZnEq. (58.3g/t Ag, 1.9%Pb, 12.97% Zn).

·    A lower, footwall lode was encountered from 150.5m depth, which grades 11.7% ZnEq. over a width of 2.5m (49.1g/t Ag, 1.6% Pb, 10.2% Zn).

·    MO_GTK_003A has a continuous zinc lode interval of 11.3m @ 9.2% ZnEq. commencing from 141.7m depth (37.3g/t Ag, 1.2%Pb 8.1% Zn).

·    Individual peak silver values are up to 158g/t Ag.

·    Individual peak lead values are up to 3.7% Pb.

·    MO_GTK_003A was drilled halfway between historical drill holes and proves the continuity of zinc mineralisation. These assay results suggest that when infill drilling commences, the overall average grade of the deposit may increase. 180 diamond drill holes have been drilled at Molaoi.

·    Zinc/lead/silver mineralisation continues to be encountered in the projected positions as identified from the historical drilling by the Greek Government.

·    Germanium values remain low, suggesting that germanium may be concentrated in a particular part of the resource, or controlled by structures or preferential lithology. More drilling is required to determine the precise association between zinc and germanium.

·    The geotechnical drilling programme has concluded for now and assay results are awaited for the remaining four holes completed. Core from the fourth drill hole has been sent to the laboratory.

·    The Company will continue to keep the market informed over the coming months, with on-going analytical results pending.

David Price, Chief Executive Officer of Rockfire, commented:

“These spectacular assay results highlight the quality of the Molaoi deposit. Results from our geotechnical drilling continue to confirm the continuity of mineralisation throughout the length of the deposit. As holes are being drilled between historical holes, the high grades being encountered may enhance the overall average grade of the resource.

“Rockfire is committed to proceeding as quickly as possible towards a resource upgrade and to commence feasibility studies at the commencement of 2024. The market will continue to be informed of our very successful progress at Molaoi, including assay results as they are received and the advancement of our geotechnical studies.”