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.

26 May 2023

Rockfire Resources plc

("Rockfire" or the "Company")

Record-breaking zinc grades from drilling at Molaoi

Rockfire Resources plc (LON: ROCK), the base metal, gold and critical mineral exploration company, is pleased to announce that the Company's geotechnical drilling programme at the Molaoi zinc deposit in Greece has intersected the highest zinc grades ever encountered at Molaoi.

Highlights

·    An interval of 0.2m grading 50.8% Zn has been returned from drill hole MO_GTK_003A at 142.7m depth. This result is immediately followed by an interval of 0.7m grading 43.2% Zn.

·    This lens of record-breaking grade averages 36% ZnEq. over a 1.42m total length (127.5g/t Ag, 2.7% Pb, 33.6% Zn) and represents the highest grades encountered at Molaoi so far, from 180 drill holes already drilled.

·    The interval quoted above, occurs within a broader, high-grade zone of 4.85m @ 14.6% ZnEq. (58.3g/t Ag, 1.9%Pb, 12.97% Zn).

·    A lower, footwall lode was encountered from 150.5m depth, which grades 11.7% ZnEq. over a width of 2.5m (49.1g/t Ag, 1.6% Pb, 10.2% Zn).

·    MO_GTK_003A has a continuous zinc lode interval of 11.3m @ 9.2% ZnEq. commencing from 141.7m depth (37.3g/t Ag, 1.2%Pb 8.1% Zn).

·    Individual peak silver values are up to 158g/t Ag.

·    Individual peak lead values are up to 3.7% Pb.

·    MO_GTK_003A was drilled halfway between historical drill holes and proves the continuity of zinc mineralisation. These assay results suggest that when infill drilling commences, the overall average grade of the deposit may increase. 180 diamond drill holes have been drilled at Molaoi.

·    Zinc/lead/silver mineralisation continues to be encountered in the projected positions as identified from the historical drilling by the Greek Government.

·    Germanium values remain 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.

·    The geotechnical drilling programme has concluded for now and assay results are awaited for the remaining four holes completed. Core from the fourth drill hole has been sent to the laboratory.

·    The Company will continue to keep the market informed over the coming months, with on-going analytical results pending.

David Price, Chief Executive Officer of Rockfire, commented:

"These spectacular assay results highlight the quality of the Molaoi deposit. Results from our geotechnical drilling continue to confirm the continuity of mineralisation throughout the length of the deposit. As holes are being drilled between historical holes, the high grades being encountered may enhance the overall average grade of the resource.

"Rockfire is committed to proceeding as quickly as possible towards a resource upgrade and to commence feasibility studies at the commencement of 2024. The market will continue to be informed of our very successful progress at Molaoi, including assay results as they are received and the advancement of our geotechnical studies."

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.