Mining explorer Rockfire Resources (ROCK) moved a step closer to production at its Molaoi zinc deposit after the company’s environmental study permit was approved by the Greek Government.
The permit allows Rockfire to conduct resource definition and step-out drilling for the next 5 years at Molaoi, although the company said it intended to complete as much of this drilling as possible in the current year.
David Price, Chief Executive Officer, commented: "Our planned drilling for the remainder of 2023 is designed to upgrade the resource from 'Inferred' to the 'Measured and Indicated' categories. Once this milestone is achieved, the Company will move as quickly as possible to complete a feasibility study. We remain on track to achieve this milestone and the granting of this permit is a very important step in our development plans.”
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As the company points out, the Molaoi resource had previously been explored by the Greek Government, which drilled 179 exploration holes there and is supportive of foreign investment in its mining sector. As such, Rockfire’s new programme is based on an already well-defined resource and can be expedited quickly as a result, which should lead to resource upgrades.
Rockfire acquired the Molaoi deposit in March 2022 and on 23 May 2022 delivered a maiden JORC mineral resource for Molaoi of 2.3 million tonnes @ 11 % ZnEq. for 250,000 tonnes of ZnEq. In August, Rockfire announced that metallurgical test work on the Molaoi historical core returned recoveries of zinc (89% Zn) and lead (74% Pb). Additionally, commercially saleable grades of zinc (57% Zn), silver (856 g/t Ag), lead (63.6% Pb), germanium (117 g/t Ge), copper (2.62% Cu) and gold (0.52 g/t Au) are readily returned.
Moreover, on 10 May 2022, Rockfire announced the discovery of critical metal germanium at Molaoi during re-analysis of the historical diamond drill core. The company reported the weighted average grade of 51 samples collected during the re-analysis was 51 grams per tonne (g/t) Ge, with a peak value of 197 g/t Ge.
If commercially recoverable in concentrate from Molaoi, Germanium would add material value to the overall financial metrics of the Molaoi deposit. The European Commission has identified germanium as a critical metal, owing to risk of supply shortages. Germanium is used in the manufacture of everyday technology including mobile phones, electronics, solar cells, camera lenses, satellites, computer screens, as well as steering and parking sensors for vehicles. Germanium is also used in numerous military applications, including weapons-sighters and infrared night vision.