Progress Update at Molaoi

22 November 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Progress Update at Molaoi, Greece

Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and critical mineral exploration company, is pleased to provide the following update of work being completed at its 100%-owned Molaoi zinc deposit in Greece.

Highlights

·     A 395-site portable X-Ray Fluorescence (pXRF) orientation soil survey using a 20m x 50m grid density has recently been completed.

·     The trial survey was designed to evaluate the use of the pXRF to validate mapped zones of anomalous zinc and to establish the most efficient grid spacing to reliably identify dispersion halos in soils above mineralisation.

·     Before each survey, the pXRF was cleaned, visually inspected for damage, internally calibrated, and tested with a quartz blank and certified reference materials to ensure result validity.

·     pXRF and Magnetic Susceptibility readings were collected from soils exposed in shallow (>10cm) hand dug pits.

·     The trial area covers several historical mine pits and results are extreme in places. Peak soil values are up to 1.07% for Zn and 1.8% for lead.

·     Zinc and lead contours highlight a north-south linear anomaly as expected. The survey has confirmed the ability of the pXRF to locate both discrete and broad anomalous concentrations of zinc and lead.

·     A sample density of 25m x 200m is recommended to provide regional coverage across the entire permit area.

David Price, Chief Executive Officer of Rockfire, commented:

"The purpose of the pXRF orientation survey was to test areas of known mineralisation to determine if zinc and lead surface mineralisation will register in the soils. One of the specific aims was to determine the appropriateness of using the pXRF device for a more regional survey covering the entire 7km length of the exploration lease."

"It was concluded that the pXRF does register zinc and lead in the soil survey and the device is likely to be an appropriate exploration tool for defining discreet zinc and lead bodies throughout the lease. Based on the results of this orientation survey, it was recommended that a regional survey using a line spacing of 200m and a sample spacing of 25m is expected to identify more zinc trends outside the area already defined by drilling."

"Should the regional survey identify trends, areas of mineralisation can be more closely sampled to provide sufficient coverage and spacing to define accurate drilling targets for future exploration along the length of the exploration lease. A comprehensive review of the pXRF multielement data will also be conducted to identify elemental ratios and pathfinder signatures."

"It is interesting to note that surface geological mapping is obviously restricted to visible outcrops, but the pXRF demonstrates that broader and more continuous zinc occurs well beyond the limits of geological outcrop mapped in the past. This is great news for Molaoi and the Company intends to utilise this tool to pinpoint future drilling positions. The regional survey will commence as soon as possible to cover the entire 7km north-south extent of the lease."

Zinc-in-soil pXRF contours overlain on an aerial photograph. The thin red lines are mapped outcrops of zinc mineralisation and this image demonstrates that the pXRF identifies broader and more continuous zinc.

The contoured area in light blue represents the pXRF orientation survey. The dark blue lines represent the 200m line spacing for a regional survey planned to commence shortly.

For further information on the Company, please visit www.rockfireresources.com or contact the following: 

Qualified Person Statement

The technical information in this announcement is based on information compiled by Mr David Price, the Chief Executive Officer of Rockfire Resources plc, who is a Fellow of the Australasian Institute of Mining and Metallurgy (F.AusIMM). Mr Price has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a "Qualified Person" in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Price consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

Glossary

Notes to Editors

Rockfire Resources plc (LON: ROCK) is a gold, base metal and critical mineral exploration company, with a high-grade zinc/lead/silver/germanium deposit in Greece and a portfolio of gold/copper/silver projects in Queensland Australia.

§ The Molaoi deposit in Greece has a JORC Inferred Mineral Resource of 2.3 million tonnes @ 9.4 % Zn, 1.7 % Pb and 47 g/t Ag, for 250,000 tonnes of ZnEq. This resource uses a 4% low-grade cut, and equates to 210,000 tonnes of zinc, 39,000 tonnes of lead and 3.5 million ounces of silver.

§ The Plateau deposit in Queensland has a JORC resource of 131,000 ounces of gold and 800,000 ounces of silver, using a 0.5g/t Au cut off. 53,000 of these ounces lie within the top 100m from surface. Plateau is subject to a joint venture with ASX-listed Sunshine Metals Ltd (ASX:SHN).