The
information contained within this announcement is deemed by the
Company to constitute inside information pursuant to Article 7 of
EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as
amended.
1 February
2024
Rockfire Resources
plc
("Rockfire" or the "Company")
Corporate Update
Rockfire Resources plc (LON: ROCK), the base metal, precious metal,
and critical mineral exploration company, is pleased to provide the
following update to the market.
Further to the announcement on 12
December 2023, confirming that an Exemption Licence is not required
for the return of a US$2 million consideration which was paid by
Rockfire as part of its terminated acquisition of Emirates Gold
DMCC and Emperesse Bullion LLC, Rockfire is pleased to announce
that the US$2 million has now arrived in Rockfire's bank
account.
These funds will be put towards
multiple activities which the Company is currently undertaking. The
first is the continuation of drilling at the Company's 100%-owned
Molaoi base metal and critical mineral deposit in Greece. Funds
will also contribute to on-going working capital requirements of
the Company.
At Molaoi, all four drill holes
which were drilled as "twin" holes to replicate historical holes
have now been completed. Results from holes MO_GTK_008 and
MO_GTK_09 were released to the market in an RNS dated 30 January
2024. Samples from holes MO_GTK_010 and MO_GTK_011 are at the
laboratory and results are awaited. The market will be informed
once these results are available.
Exploration drilling to in-fill a
large, undrilled area in the centre of the resource is currently
underway. This lack of drilling is a result of steep terrain.
Rockfire has been granted permission from the landowner to
establish access and to drill at the site. This hole remains in
progress and as at the date of this RNS, is at a depth of 210m,
with a planned total depth of 300m. The hole is expected to
intersect the zinc mineralisation at approximately 275m deep, but
visible sulphides are already being recorded in the logging.
Resource expansion drilling at depth and towards the north will be
on-going over the coming months.
The Company is considering avenues
and business development strategies to achieve a cash-positive
business for our investors. As planning is in its infancy, no
further information is available now. However, the market will be
kept fully informed should the Company's strategy
advance.
The Company continues to assess
opportunities to attract partners to invest in our Queensland
projects. The board considers the projects in Queensland to hold
further exploration potential but the company's human and financial
resources are best deployed at our advanced Molaoi project in
Greece.
For further information on the
Company, please visit or contact the
following:
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Rockfire Resources plc:
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info@rockfire.co.uk
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David Price, Chief Executive
Officer
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Allenby Capital Limited (Nominated Adviser & Broker):
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Tel: +44 (0) 20 3328 5656
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John Depasquale / George Payne
(Corporate Finance)
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Guy McDougall / Matt Butlin (Sales
and Corporate Broking)
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Notes to Editors
Rockfire Resources plc (LON: ROCK)
is a gold, base metal and critical mineral exploration company,
with a high-grade zinc/lead/silver/germanium deposit in Greece and
a portfolio of gold/copper/silver projects in Queensland
Australia.
·
The Molaoi deposit in Greece has a
JORC Inferred Resource of 2.3 million tonnes @ 11 % ZnEq. for
250,000 tonnes of ZnEq. This resource uses a 4% low-grade cut, with
individual elemental grades of 9.4 % Zn, 1.7 % Pb and 47 g/t Ag.
This equates to 210,000 tonnes of zinc, 39,000 tonnes of lead
and 3.5 million ounces of silver.
·
The Plateau deposit in Queensland has
a JORC resource of 131,000 ounces of gold and 800,000 ounces of
silver, using a 0.5g/t Au cut off. 53,000 of these ounces lie
within the top 100m from surface. Plateau is subject to a joint
venture with ASX-listed Sunshine Metals Ltd (ASX:SHN).