Rockfire Resources PLC (LSE:ROCK) has told investors that drilling at its Molaoi project in Greece has infilled another 50-metre panel, adding support to its planned upgrade of the zinc deposit from an Inferred to an Indicated Resource.
Hole HMO-018 returned 3.13 metres grading 6.0% zinc, 52.7 grams per tonne silver, 18.2g/t germanium and 1.5% lead. Further intersections included 1.30 metres at 9.1% zinc and 0.91 metres at 7.8% zinc.
Preliminary portable XRF readings from HMO-020 showed individual zinc values as high as 37.7% and 29.6%, alongside silver readings of up to 100g/t and lead of up to 8.6%. The readings are indicative only, with laboratory results for HMO-019 and HMO-020 still awaited. Hole HMO-021 is currently in progress.
Chief executive David Price said each successful hole adds material tonnage to the targeted Indicated Resource, which forms part of the scheduled feasibility study into extracting zinc, silver, germanium and lead.
"The company has commenced fast-tracking several technical aspects of the feasibility study for Molaoi. Quotes are being obtained to undertake studies to apply for permits to reopen the underground workings for future mining use," Price said.
He added: "It is expected that studies will commence this calendar year and are expected to take approximately 4 months to complete."
