Rockfire Resources PLC (LSE:ROCK) announced that drilling at its 100%-owned Molaoi zinc deposit in Greece continues to support its push to upgrade the project’s Inferred Resource to Indicated status.
The company reported analytical results from hole HMO-016, including 0.76 metres at 22.4% zinc, 187g/t silver, 8.8% lead and 34.6g/t germanium from 314.18 metres downhole.
Further intercepts from the same hole included 1.08 metres at 8.2% zinc, 42.5g/t silver, 1.6% lead and 22g/t germanium from 407.11 metres, plus 4.5 metres at 3.0% zinc, 20.7g/t silver, 0.9% lead and 20g/t germanium from 417.95 metres.
Rockfire said hole HMO-019 is now in progress, while laboratory results are awaited for holes HMO-017 and HMO-018. Portable XRF readings from HMO-018 showed peak individual values of 47.2% zinc and 46.5% zinc, as well as peak lead readings of up to 5.3% and silver values including 168g/t and 121g/t.
Chief executive David Price said the results “continue to build the case for a successful upgrade to the Indicated category”, adding that the company is drilling multiple holes from the same position at different angles to test mineralisation at varying depths.
Molaoi currently has a JORC Inferred Mineral Resource of 15.0 million tonnes at 7.26% zinc, 1.75% lead and 39.50g/t silver, equating to 1.5 million tonnes of zinc-equivalent metal.
In London on Tuesday, Rockfire shares declined 7.4%, changing hands at 0.14p.
