Rockfire Resources PLC (LSE:ROCK) has conditionally raised about £2.15 million through a share subscription to fund further development of its Molaoi project, including an application to reopen and rehabilitate the underground mine.
The base metals and critical minerals explorer Rockfire will issue about 1.95 billion new shares at 0.11p each, representing a discount of about 18% to its 0.135p closing price on August 7.
The proceeds will also support pre-feasibility work, including crushing, grinding and ore-sorting tests, continued drilling at Molaoi and general working capital.
Rockfire is drilling infill holes at Molaoi to increase confidence in its inferred mineral resource towards an indicated resource under the Joint Ore Reserves Committee standard.
A new company-owned drilling rig is being built, with the existing contractor rig expected to move north of the main deposit to target an expansion of the mineral resource.
Molaoi contains zinc, silver, lead and germanium, with Rockfire expecting its current drilling programme to support an initial inferred resource estimate for germanium.
