10 June 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Extension drilling at Molaoi confirms significant resource increase potential

Rockfire Resources plc (LON: ROCK), the base metal, precious metal, and critical mineral exploration company, is pleased to announce that the Company's on-going drilling program has intersected a very wide and strongly mineralised zinc zone at depth at its 100%-owned Molaoi zinc deposit in Greece. This extensive intercept of zinc, silver and lead demonstrates the quality of this deposit and is expected to result in a material increase in resource tonnage.

Highlights

·    Hole HMO-004 has intersected wide and strong mineralisation at depth, with a continuous zone averaging 24.6m @ 8.0 % ZnEq. intersected, starting from 243.42m depth.

·    The interval above includes an upper 10.6m zone averaging 7.4 % ZnEq. from 243.42m depth, and

·    A second, lower interval of 11.0m @ 10.9 % ZnEq. starting from 257m depth.

·    Within this lower interval is a zone of 6.14m @ 12.11 % Zn, 2.05 % Pb and 67.4 g/t Ag.

·    The highest individual zinc assay in hole HMO-004 is 0.80m @ 36.30 % Zn from 266.40m depth

·    The highest individual silver assay in hole HMO-004 is 0.80m @ 170.0 g/t Ag from 266.40m depth

·    The highest individual lead assay in hole HMO-004 is 0.73m @ 7.5 % Pb from 262.52m depth

·    Hole HMO-004 also intersected multiple, narrow lodes of zinc higher, above the main zone, including:

1.    0.46m @ 3.1 % Zn from 71.40m depth

2.    0.36m @ 6.0 % Zn from 136.84m depth

3.    0.13m @ 24.3 % Zn from 236.60m depth

4.    1.37m @ 5.0 % Zn from 239.30m depth

·    The resource is likely to be expanded at depth and along strike once all drilling analyses are complete and included into a revised resource model.

·    Drilling is on-going and Rockfire is striving to expand the zinc resource at depth and along strike to the north. Currently the resource is 1.4km long and drilled down to 220m beneath the surface. A JORC Inferred Resource of 250,000 tonnes of zinc equivalent metal has been estimated within these dimensions, and the Company is targeting a zinc equivalent resource of at least 400,000 tonnes.

·    A revised resource estimate is currently in progress. Management and the technical team are eagerly awaiting the outcome of this update. 

Zinc Equivalent formula:

Zn % + (Pb %*0.73) + (Ag ppm*333.4) + (Ge ppm*977.3) + (Ga ppm*259.0)

Long Section view of the zinc resource (silver colour), looking towards the west.

This RNS refers to hole HMO-004 as shown circled in the image above.

David Price, Chief Executive Officer of Rockfire, commented:

"This extensive intercept is amongst some of the widest and strongest intervals of mineralisation we've encountered at Molaoi. It appears from the few deep holes we have drilled, that mineralisation is not only continuing, but results may suggest that zinc content is becoming stronger and wider with depth.'

"There are no drill holes which terminate the zinc mineralisation at depth, or towards the north. Our aim is to continue chasing the zinc both at depth and to the north in our target to achieve a minimum of 400,000 tonnes of zinc equivalent metal. At this stage, our team is stepping out holes 50m and 100m each time to increase the tonnage. This distance provides a good level of certainty of continuity and predictability, both of which are required for the estimation of resources."

"Hole HMO-005 is complete, and the team is cutting and sampling that hole now. We have commenced drilling hole HMO-006, which is stepping to the north a further 100m from hole HMO-002. Each 100m extension has the potential to add up to 200,000 tonnes to the existing resource of 2.3 million tonnes."

"Our aim of increasing the resource is being realised, with every hole so far encountering potentially economic grades over potentially mineable widths. There appears to be no geological reason for mineralisation to stop and each drill hole is confirming this. Our drilling is expected to continue throughout the summer, with only a short field break during mid-August. Drilling results will continue to be released to the market as they are received from the laboratory and following interpretation by our geologists."

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).