GCIRockfire Resources’ maiden JORC Resource at Molaoi exceeds expectations
(ROCK ) said its updated maiden mineral resource estimate of 2.3 million tonnes at its 100%-owned Molaoi zinc deposit in Greece has surpassed all expectations.
The gold and base metal exploration company confirmed to investors today that its inaugural JORC resource estimation for the Molaoi deposit has delivered an Inferred Mineral Resource of 2.3 million tonnes at 11 % zinc equivalent grade (“ZnEq”) for 250,000 tonnes of ZnEq.
This updated resource at the Molaoi deposit, which uses a 4% low-grade cut, with individual elemental grades of 9.4 % of zinc (Zn), 1.7 % of lead (Pb) and 47 g/t of silver (Ag), currently contains 210,000 tonnes of zinc, 39,000 tonnes of lead, and 3.5 million ounces of silver.
Rockfire, which stated that only 1,400 m of a potential strike extent of 7 km has been included in the resource and that the resource remains open at depth and along strike, said this new resource surpasses all expectations and demonstrates the quality and potential of the project.
It added that multiple, parallel mineralised lodes, which are not included in the resource, are yet to be fully tested. The images of the resource model demonstrate the quality of zinc intercepts in parallel lodes which may add materially to the resource in future estimates.
Metallurgical flotation test work completed in 1984 resulted in 96% zinc recovery, 92% lead recovery and 91% silver recovery into a bulk concentrate; these recovery factors have been applied to the Mineral Resource to calculate the resulting zinc equivalent tonnes and grade.
Rockfire said the mineralisation starts at the surface. Despite this, and to ensure a practical estimate is delivered, the top 40 m has been excluded from the Mineral Resource. In fact, Rockfire is planning underground mining ‘only to minimise social and environmental impacts.’
While germanium - one of the world’s critical metals - is present at potentially commercial grades, this has not been included in the estimate as a result of limited quantitative analysis.
Shares in Rockfire Resources were trading 8.51% higher during late morning at 0.51p.
The Molaoi deposit, which lies within 10 km of the coast, has a capped portal and 700 m long decline which, if refurbished, may permit access to the top of the sulphide mineralisation.
Rockfire Resources, which says the resource provides excellent access to potential markets, now plans to undertake resource delineation and extensional drilling over the next 12 months.
David Price, CEO of Rockfire, said the maiden JORC Mineral Resource for Molaoi represents “a pivotal milestone” for Rockfire, and that its management considers Molaoi to be “an outstanding base metal project,” which it hopes will grow to “a globally significant scale.”
He said the quality of the grades and quantity over the first 1,400 m strike extent is testimony to the potential size of Molaoi, particularly if the exploration along strike proves successful.
Rockfire will test the entire 7 km of strike which, if similarly mineralised, could potentially result in a resource much larger than the maiden resource; several historical holes drilled along this 5.5 km extension have intersected high grade zinc, so it already knows that zinc is present.
The project is now at an advanced stage, with 173 cored holes having already been drilled. “Resource delineation and extension drilling can start quickly, with most preliminary surface exploration techniques having already been completed by the Greek government,” it stated.
In addition to the resource at the Molaoi deposit, Rockfire has reported further ‘significant inventory’ of 100%-owned JORC Mineral Resources comprising the Copperhead deposit in Australia (80,000 tonnes of copper, 9,400 tonnes of molybdenum and 1.1 million ounces of silver) and the Plateau deposit (130,000 ounces of gold and 800,000 ounces of silver.)
The Company, which is working on obtaining the necessary permits to commence our drilling at Molaoi as quickly as possible, will inform the market as it continues to build this inventory.
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