Rockfire Resources PLC (LSE:ROCK) shares soared 27% after announcing a big upgrade to its mineral resource for the Molaoi zinc-silver-lead project in Greece.
It increased by 500% to 15.0 million tonnes with grades of 7.26% zinc, 1.75% lead, and 39.5 g/t silver, translating to a zinc equivalent of 9.96%. This figure includes 1.09 million tonnes of zinc, 260,000 tonnes of lead, and 19.1 million ounces of silver.
Additionally, the deposit contains germanium, a geologically rare metal, with a quantity of 105,700 kilograms at a grade of 21.9 g/t.
This metal, currently priced at $3,681 per kilogram, adds a potentially valuable component to any future zinc production from the Molaoi site.
Rockfire highlighted that the upgrade puts Molaoi among the top 20 undeveloped global zinc deposits in terms of tonnage, grade, and zinc equivalent metal content.
It noted that the deposit's full potential has yet to be fully explored, with 2.1 km of a possible 7 km strike included in the current resource model.
"Expanding the Molaoi resource to become such a globally significant deposit with more than 1 million tonnes of zinc, is testimony to the tenacity, hard work and sound geological understanding of, and application by our technical team,” chief executive David Price said in a statement.