The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

23 January 2023

Rockfire Resources plc

("Rockfire" or the "Company")

Drill assays reinforce quality of Molaoi zinc deposit

Rockfire Resources plc (LON: ROCK), the base metal, gold and critical mineral exploration company, is pleased to announce that results from the Company's geotechnical drilling programme at the Molaoi zinc deposit in Greece include multiple, high-grade intersections, which demonstrates the quality of the Molaoi deposit.

Confirmation of multiple lodes provides opportunity to significantly increase tonnage and potentially have a considerable positive impact on the future economics of the project.

Highlights

·    Assay results from Rockfire's first geotechnical drill hole at Molaoi (MO_GTK_001) are now at hand and provided below.

·    MO_GTK_001 was drilled halfway between historical drill holes to provide sufficient sample for geotechnical test work. Historical drilling encountered several possible parallel lodes and MO_GTK_001 confirms that Molaoi comprises multiple lodes, and perhaps as many as four stacked, high-grade lodes.

·    MAIN LODE

        13.4% ZnEq. over 7.18m width, from 130.62m (11.3% Zn, 1.4% Pb and 50g/t Ag).

·    SECOND LODE

        15.6% ZnEq. over 0.17m width, from 142.60m (14.3% Zn, 0.5% Pb and 41.80g/t Ag)

·    THIRD LODE

        10.7% ZnEq. over 1.73m width, from 144.90m (8.3% Zn, 1.3% Pb and 62g/t Ag)

·    FOURTH LODE

        19.5% ZnEq. over 2.24 m width, from 161.10m (16.6% Zn, 3.1% Pb and 36g/t Ag)

·    Overall, the main, second and third lodes, comprise a broad mineralised zone with an intersection of 7.5% ZnEq. over 16m width, from 130.62m (6.2% Zn, 0.8% Pb and 31 g/t Ag).

·    The highest individual samples are:

        20.5% Zn and 93.4g/t Ag over 1.25m (from 132.15m depth) and 4.1% Pb over 1.0m (from 161.10m)

·    Germanium values are low, suggesting that germanium may be concentrated in a particular part of the resource, or controlled by structures or preferential lithology. More drilling is required to determine the precise association between zinc and germanium.

·    Core samples from the mineralised lodes will contribute towards a compilation sample to commence crushing and grinding work index studies.

·    The geotechnical drilling programme continues, with the third drill hole currently being drilled. Core from the second drill hole is being cut and will be sent to the laboratory when core sampling is complete.

David Price, Chief Executive Officer of Rockfire, commented:

" Results from our first geotechnical drill hole at Molaoi are outstanding.

"MO_GTK_001 illustrates several very important points at Molaoi.

§ The deposit continues to demonstrate very high grades

§ Zinc occurs over widths suitable for underground, mechanised mining

§ Mineralisation is continuous between historical drill sections

§ Multiple lodes have been confirmed

§ Downhole surveys show no material hole deviation from the planned angle and direction

§ Zinc occurs consistently with silver and lead

"Importantly, the downhole surveys provide concrete evidence that the planned hole dip and hole direction do not deviate down hole from the dip and direction at the surface position. Most of the historical drilling (179 diamond holes in total) were either drilled vertical, or not surveyed down-hole. Despite this lack of downhole surveying of historical holes, MO_GTK_001 provides management with significantly increased confidence in the original data from that drilling'.

"Assay results of this magnitude and width provide management with ever-increasing confidence that we can proceed rapidly towards a resource upgrade and commence feasibility studies before the end of the 2023 calendar year. The market will continue to be informed of drilling progress and assay results as they are received."

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 (FAusIMM). 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.

Notes to Editors

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

§ The Molaoi deposit in Greece has a JORC resource of 210,000 tonnes of zinc, 39,000 tonnes of lead and 3.5 million ounces of silver, using a 4% Zn cut off.

§ 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.

§ The Copperhead deposit in Queensland has a JORC resource of 80,000 tonnes of copper, 9,400 tonnes of molybdenum and 1.1 million ounces of silver, using a 0.13% CuEq. cut off.