Rockfire Resources (ROCK ), a gold and base metal explorer, updated markets on progress at its 100%-owned Molaoi zinc-lead-silver-germanium deposit in Greece.
Following the positive result from drill hole MO_GTK_001 announced in January, Rockfire said it has completed two additional geotechnical holes, MO_GTK_002 and MO_GTK_003A, and a fourth one, MO_GTK_004, is in progress.
It said "massive sulphides" had been observed in the new holes, with some of the "strongest visual mineralisation" so far at Molaoi encountered in MO_GTK_003A.
Rockfire's geotechnical drilling is designed to gather information along a 1.5km strike length of the orebody to assist with selection of an appropriate mining method and mine design.
The drill holes are being positioned 100m apart along the 1.5km strike to ensure the full length of the zinc resource is tested for underground mining geotechnical parameters and crushing/grinding work index studies, Rockfire explained.
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Following MO_GTK_001's excellent result, Rockfire has announced the completion of two more geotechnical holes to fully assess the 1.5km strike length of the orebody at Molaoi, with a fourth hole in progress.
While Rockfire said "massive sulphides" had been observed, the company did not have assay results to share today. Interested investors should Rockfire to get notified when that news comes out.
As reported in January, the inaugural MO_GTK_001 intersected a main lode comprising 13.4% ZnEq. over a width of 7.18m, from 130.62m. (11.3% Zn, 1.4% Pb and 50g/t Ag), as well as several additional lodes. Overall, the main, second and third lodes comprise a broad mineralised zone with an intersection of 7.5% ZnEq. over 16m width, from 130.62m (6.2% Zn, 0.8% Pb and 31 g/t Ag). Rockfire reported the highest individual samples from MO_GTK_001 at 20.5% Zn and 93.4g/t Ag over 1.25m (from 132.15m depth) and 4.1% Pb over 1.0m (from 161.10m).
The quantity of sulphides so far encountered at Molaoi bodes well for the project. Based on results from the initial geotechnical hole and early indications from the 2nd and 3rd holes, we would expect a resource upgrade soon, followed by a feasibility study this year.
Confirmation of multiple lodes should result in a significantly increased tonnage and future profitability of the project. MO_GTK_001 found Zinc over widths suitable for mechanised mining, with mineralisation appearing continuous between the historic drill sections.
Geotechnical drilling so far has provided Rockfire with increased confidence in original data from historical work at Molaoi. The project benefits from prior drilling by the Greek government in the 1980s, accelerating Rockfire's timeline to production.
Markets welcomed today's news, sending ROCK shares up 3.9% in early trading.
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