Rockfire Resources (ROCK) , a gold and critical minerals explorer, announced more good news from its wholly-owned Molaoi polymetallic deposit in Greece. The company's geotechnical drilling programme intersected more high-grade zinc, silver, and lead.
Rockfire detailed results from geotechnical holes MO_GTK_006 and MO_GTK_007. The former intersected an excellent interval of 3.3m @ 22.1% ZnEq (17.1% Zn, 1.9% Pb, and 100.4g/t Ag). This interval is located above a broader interval of 5.8m @ 13.6% ZnEq (10.5% Zn, 1.2% Pb and 61.1g/t Ag), which commences at 75.20m depth. The highest individual assay from MO_GTK_006 was 0.94m wide with grades 34.0% Zn, 4.1% Pb and 252.0g/t Ag.
Rockfire said it terminated hole MO_GTK_007 early due to badly fractured ground, but did intersect the uppermost lode, which returned 1.95m @ 3.0% ZnEq. It is expected that this hole will be redrilled later to intersect the main lode deeper.
The drilling was undertaken to obtain a large sample for geotechnical test work at Molaoi, including crushing and grinding tests. MO_GTK_007 intersected zinc 300m south of previous Rockfire drilling, helping to target more zinc at the location.
In summary, Rockfire continues to report positive results from Molaoi that demonstrate the high quality and grades of its zinc/lead/silver deposit, with mineable widths intersected in every drill hole so far. The company's predicted position and depth of the zinc lodes continues to prove its geological model correct, and the high grades of zinc in particular have outperformed expectations.
Investors have rewarded the good results from Greece, pushing ROCK shares over 88% higher year-to-date.
In addition to the strong zinc continuity found so far, particularly encouraging is the positioning of the deposits, which tracks the findings of the Greek government from the 1980s. Furthermore, the minimum width for mechanised mining of 2m is still being achieved or exceeded, which is a critical aspect of mine design and planning.
Rockfire acquired the Molaoi deposit in March 2022 and on 23 May 2022 delivered a maiden JORC mineral resource of 2.3 million tonnes @ 11 % ZnEq. for 250,000 tonnes of ZnEq. In August 2022, 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) were readily returned.
Today's news continues to support Rockfire's rapid timeline to production. Based on results so far, we expect a resource upgrade soon, followed by a feasibility study later this year. In addition to the high grades of zinc and other metals recovered, the confirmation of multiple lodes should result in a significantly increased tonnage and future profitability of the project.
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