Rockfire Resources PLC (LSE:ROCK) shares jumped 11% higher on Friday morning following news its geotechnical drilling program at the Molaoi zinc deposit in Greece has yielded the highest zinc grades ever recorded at the site out of the 180 drill holes that have been completed.
The highlight of the program was the discovery of an interval measuring 0.2 metres (m), with a grading of 50.8% zinc at a depth of 142.7m. This exceptional result was followed by an interval of 0.7m, grading 43.2% zinc.
Overall, this represents record-breaking grade averages of 36% zinc equivalent over a total length of 1.42m.
In a statement, David Price, the CEO of Rockfire Resources, commented: "These spectacular assay results highlight the quality of the Molaoi deposit. As holes are being drilled between historical holes, the high grades being encountered may enhance the overall average grade of the resource."
Price further added that the company is dedicated to moving swiftly towards a resource upgrade and initiating feasibility studies in early 2024.
Around 9.40am in London, Rockfire Resources' shares were 11.6% higher at 0.24p.