Rockfire Resources (ROCK ), a gold and base metal explorer, updated markets this morning on progress at its 100%-owned Molaoi zinc-lead-silver-germanium deposit in Greece.
Rockfire said it has received high-grade results from historic mullock dumps and surface outcrops at Molaoi. The company reported concentrations of Zinc up to 25% Zn, lead up to 16.8% Pb, and silver up to 498g/t Ag. Refer to the map below for the locations of all prospects comprising Molaoi:
Rockfire reported highest results from the "Kalamaki" prospect where a JORC resource exists of 2.3Mt @ 9.4% Zn, 1.7% Pb, and 47g/t Ag. Rockfire is currently drilling in the Kalamaki area.
Rockfire said 9.3% Zn was also found in old workings at the "Fournos" prospect, approx. 1.5km north of the JORC mineral resource. Previous drilling by the Greek government had encountered 3m @ 8.4% Zn in diamond drill core at Fournos.
Rockfire also found 15.8% Zn in old workings at the "Mesovouni" prospect, approx. 1km northwest of the JORC resource. Previous drilling by the Greek government had encountered 3m @ 6.7% Zn in diamond drill core at Mesovouni.
Finally, Rockfire reported 8.7% Zn, 5.2% Pb, and 161g/t Ag found in outcrop to the north of the "Gkagkania" prospect, approx. 1.5km northwest of the JORC resource. Previous drilling by the Greek government had encountered 7m @ 10.2% Zn in diamond drill core at Gkagkania.
Rockfire did not find significant concentrations of Germanium due to strong weathering of sampled rocks. Germanium is heavily leached from weathered rocks, the company explained.
David Price, CEO of Rockfire, commented:
"These rocks have returned very good results. Being from the spoils (waste) around the opening of old workings, it is testimony to the high grades of zinc, lead and silver encountered during historical mining.
Several high-grade results were obtained from outcrops with no historical mining. This emphasises the quality of targets to the north and northwest of the main resource area. Some of these targets have been drilled previously by the Greek government and encountered high-grade zinc, lead and silver in drilling.
Our inaugural geotechnical drilling is underway at Molaoi and progressing very well. The market will be informed regularly as our drilling programme progresses."
View from Vox
This is a positive first update from Rockfire following last week's commencement of drilling at Molaoi. Geotechnical drilling at the project's main resource area of Kalamaki is progressing well, and investors should anticipate further updates as Rockfire's work programme continues. Based on today's data, there is good reason to expect excellent results from initial geotechnical tests.
Today's update further confirmed Molaoi's feasibility, uncovering high grades of Zn, Pb, and Ag from historical mining as well as new sites across the concession. Previously, Rockfire's consultants, BHM Process, reported the performance of the zinc system at Molaoi as "excellent", with a product grade of 57% Zn concentrate achieved in a single pass. This is well above the desired product grade of 50% Zn contained for a saleable concentrate.
Likewise, BHM Process' early metallurgical tests showed first-pass recovery of lead at 74%. The lead circuit recovery was at 63.6% Pb concentrate achieved in a single pass. This also far exceeds the market requirement of 40%-50% Pb contained for a saleable concentrate. Copper and gold both reported to the lead concentrate with grades of 2.62% Cu and 0.52 g/t Au. Historical copper mines exist in the northern part of Molaoi, suggesting copper and gold are likely to add material value to future concentrates.
While today's results did not find significant concentrations of Germanium due to strong weathering of sampled rocks, Rockfire previously reported a weighted average grade of Germanium from 51 samples at 51 grams per tonne (g/t) Ge, with a peak value of 197 g/t Ge.
Germanium currently sells for US$1.1m per tonne which, if commercially recoverable in concentrate from Molaoi, would add material value to the overall financial metrics of Molaoi.
Molaoi is shaping up to be a major win for Rockfire as Zn prices continue to rise and demand for critical metals increases. Malaoi so far shows far higher than economical concentrations of Zn and Pb, with the potential of Ge, Cu, and Au to add significant value to the asset in the future.
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