Rockfire Resources PLC (LSE:ROCK) shares jumped in Tuesday's early trade, as it told investors that drilling at its Molaoi deposit in Greece continues to back the case for a resource upgrade, with fresh assay results from the southern licence boundary and strong portable XRF readings from a newly completed hole.
The company said hole HMO-011, drilled at the extreme south of the licence, returned 2.0 metres at 5.13% zinc, 20.2g/t germanium, 27.4g/t silver and 1.33% lead from 36.10 metres below surface. Within that zone, the best individual assay was 1.1 metres at 9.12% zinc and 30.0g/t germanium.
Rockfire also said hole HMO-015 has now been completed, with spot portable XRF readings pointing to a strong mineralised zone at roughly 350 metres depth. Peak readings included 47.7% zinc, 134g/t silver and 2.6% lead, though the company noted portable XRF readings are indicative only and do not detect germanium. Samples from HMO-015 have already been sent for laboratory analysis, while hole HMO-016 is now in progress.
Chief executive David Price said the HMO-011 result showed mineralisation remained strong at the southern edge of the licence, supporting the view that the deposit may extend beyond the current boundary.
Rockfire added that it can apply for licence extensions at the appropriate time. Molaoi currently hosts a JORC Inferred resource of 15.0 million tonnes at 7.26% zinc, 1.75% lead and 39.50g/t silver.