Exploration update for the Molaoi Project

26 June 2024

Rockfire Resources plc

("Rockfire" or the "Company")

Exploration update for the Molaoi Project, Greece

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

Highlights

·    Digital Terrain Model ("DTM") topographic survey in progress

·    Ortho-mosaic photographic survey in progress

·    Light Detection and Ranging ("LiDAR") survey in progress

·    Portable X-Ray Florescence ("pXRF") survey in progress

·    Resource consultant has identified a minimum of 12 parallel zinc lodes

·    Updated resource estimation is in progress

A local Greek contracting company has been engaged to complete a drone-supported, multi-sensor survey at Molaoi. This is the first time that high-tech instrumentation and modern survey techniques have been used at the Molaoi project.

The DTM survey will produce high quality imagery (photos) for the southern half of the licence, where the 250,000 tonnes of zinc equivalent resource is located. The accuracy of the photography will mean that individual rock outcrops will be clearly identifiable. The co-ordinates of each pixel in the photos will have a precision of 2-3cm, providing outstanding accuracy for the positioning of both historical and recent drill holes.

In addition to this, the survey will produce an elevation plan, with an accuracy of +/- 5cm in the vertical positioning of each pixel. Once again, this precision will provide high accuracy positioning of drill holes, with this level of accuracy required to produce a precise mineralisation model, to design mining plans and to select appropriate infrastructure siting.

This drone survey encompasses a Light Detection and Ranging (LiDAR) survey, which measures light reflectivity from the surface of the earth. Unlike traditional reflectivity surveys, (which use the sun's reflected rays), LiDAR uses a light laser beamed towards the ground from the drone and measures the reflectivity arriving back at the sensors on the drone. This high-tech method allows for vegetation to be filtered out of the imagery, allowing for a more accurate elevation survey.

Rockfire has commissioned a specialist resource estimation consulting firm to complete a resource update for Molaoi, as well as a specialist geological consulting firm to assist the drilling and wider field programmes. The resource update will include all the geotechnical, twinning and expansion holes drilled by Rockfire so far (20 holes in total), as well as all historical drilling (179 holes in total) completed by the Greek Government in the 1980's.

As part of their review of the geology and mineralisation, both consulting firms have recommended the acquisition and utilisation of a portable XRF machine to identify mineralised zones, some of which are not easily recognised visually in the core. This has proven to be excellent advice, with narrow intervals in uncut and unsampled core returning strongly mineralised readings including 0.96% Cu, 31.1% Zn, 46g/t Ag and 2.85% Pb from various depths in hole HMO-004. 

David Price, Chief Executive Officer of Rockfire, commented:

"Our exploration at Molaoi is on-going and help from our two consulting firms is proving to be invaluable. Both consulting firms agree that there is a lot more mineralisation at Molaoi than is currently known, and their efforts are assisting Rockfire to vector towards new mineralised lodes. Our resource consultant has identified a minimum of 12 lodes so far, bearing in mind that our current resource of 250,000 tonnes of zinc equivalent is based entirely on one lode only."

"The drone survey, once complete, will assist the resource update, which is well-advanced. Our target of +400,000 tonnes of zinc ore is considered a realistic and achievable one and the holes drilled by Rockfire, as well as the modelling of parallel lodes will help towards achieving this target."

"Hole HMO-006 is now complete, and hole HMO-007 has commenced. This is a step-out of 150m to the north of hole HMO-005. Each 100m step-out extension has the potential to add up to 200,000 tonnes to the existing resource of 2.3 million tonnes."

"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).