Rockfire Resources (ROCK ), a gold and base metal explorer, has announced results from geotechnical drilling at its 100%-owned Molaoi zinc-lead-silver-germanium deposit in Greece.
Rockfire detailed assay results from its first geotechnical drill hole at Molaoi, MO_GTK_001. The hole was drilled halfway between historical drill holes to provide sufficient sample for geotechnical tests, and confirmed the presence of multiple lodes:
The main lode contains 13.4% ZnEq. over 7.18m width, from 130.62m (11.3% Zn, 1.4% Pb and 50g/t Ag). The second lode contains 15.6% ZnEq. over 0.17m width, from 142.60m (14.3% Zn, 0.5% Pb and 41.80g/t Ag). The third lode contains 10.7% ZnEq. over 1.73m width, from 144.90m (8.3% Zn, 1.3% Pb and 62g/t Ag). And the fourth lode contains 19.5% ZnEq. over 2.24 m width, from 161.10m (16.6% Zn, 3.1% Pb and 36g/t Ag).
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 being 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).
Germanium values were low from the sample despite Ge previously confirmed at the site. Ge may be concentrated in a particular part of the resource or controlled by structures of preferential lithology, Rockfire explained. More drilling will be required to determine the precise association between zinc and germanium.
David Price, CEO of Rockfire, summarised the results: "Results from our first geotechnical drill hole at Molaoi are outstanding. MO_GTK_001 illustrates several very important points at Molaoi:
• The deposit continues to demonstrate very high grades
• Zinc occurs over widths suitable for underground, mechanised mining
• Mineralisation is continuous between historical drill sections
• Multiple lodes have been confirmed
• Downhole surveys show no material hole deviation from the planned angle and direction
• Zinc occurs consistently with silver and lead"
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This is another excellent result from Rockfire, confirming four stacked, high-grade lodes at Molaoi. The magnitude and width of the assay results from MO_GTK_001 further should further derisk Molaoi and give Rockfire and its investors the confidence to accelerate a resource upgrade and commence feasibility studies for Molaoi in 2023.
Confirmation of multiple lodes should result in a significantly increased tonnage and future profitability of the project. Zinc was found over widths suitable for mechanised mining, with mineralisation appearing continuous between the historic drill sectons.
Overall, MO_GTK_001 has provided Rockfire with increased confidence in original data from historical drilling at Molaoi. The project benefits from prior drilling by the Greek government in the 1980s, accelerating Rockfire's timeline to production.
The next step for Molaoi will be a compilation sample comprising of the aforementioned core samples to be used for crushing and grinding work index studies. Geotechnical drilling continues at the site, with a third hole currently underway.
Today's news comes after December's confirmation of "massive and semi-massive" sulphides found at predicted depth and position during inaugural drilling at Molaoi.
Markets welcomed today's news, sending ROCK shares up 8% in early trading. ROCK shares are already up 20% YTD as Molaoi shapes up to be a major win for the company with Zinc prices on the rise and demand for critical metals continuing to increase. Malaoi has so far shown 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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