Rockfire Resources plc, a gold and base metal exploration company, has won the open international tender for 100% ownership of a 30-year licence to explore and mine the high-grade Molaoi zinc (Zn)/lead (Pb)/silver (Ag) deposit, located in the Hellenic Republic of Greece.
As per Rockfire's RNS dated 23 December 2021, Rockfire participated in the tender under a memorandum of understanding (MoU) with a local Greek company, Hellenic Minerals IKE, the applicant in the tender, and will acquire 100% of the shares in Hellenic to acquire 100% ownership of the rights to explore, develop and mine Molaoi. The transfer of Hellenic shares to Rockfire is expected to occur within the next 30 days.
- Some of the outstanding results from historical drilling at Molaoi include:
- AN011: 10.4 m at 10.63% Zn, 1.45% Pb, and 62 g/t Ag rom 79 m.
- AN017: 15 m at 11.94% Zn, 1.96% Pb, and 66 g/t Ag from 136 m.
- AN028: 7 m at 14.96% Zn, 2.13% Pb, and 63 g/t Ag from 187 m.
- B010: 7 m at 19.17% Zn, 2.89% Pb, and 76 g/t Ag from 43 m.
- B011: 9.9 m at 18.06% Zn, 2.87% Pb, and 91 g/t Ag from 184 m.
- BG013: 2.8 m at 26.51% Zn, 1.87% Pb, and 80 g/t Ag from 57 m.
- 173 cored holes have been drilled by the Greek State at Molaoi, largely concentrated in a strike length of 1.5 km long.
- Multiple, stacked, zinc-bearing layers have been mapped over a total strike length of 7 km, providing enormous upside for additional expansion of zinc mineralisation.
- Zinc mineralisation starts at surface and has been extensively drilled down to approximately 220 m, where 5.15 m at 10.8% Zn, 3.8% Pb, and 37g/t Ag was encountered. Mineralisation remains open at depth.
- No historical analysis for gold or copper has been undertaken and Rockfire believes potential may exist for additional metal credits.
- Rockfire is prioritising the delivery of a maiden JORC 2012 compliant resource estimate.
- The company has sufficient funds available to prioritise a review of the historical drill core, submit a work programme, determine the feasibility of reopening the portal/decline, establish a community advisory committee, and the commencement of an environmental baseline study.
- The granting of the licence demonstrates the resolve of the Greek government to actively promote and support international investment in Greece. Rockfire acknowledges the excellent guidance provided by the Ministry of Environment and Energy during the tender process.
Gordon Hart, Chairman of Rockfire, said: “Winning the bid for Molaoi is a remarkable and important achievement for Rockfire and Hellenic. Molaoi is an outstanding high-grade zinc deposit, and the addition of the project strategically complements Rockfire's existing portfolio of precious and base metal assets.
“The project provides an exceptional opportunity for the company to deliver JORC compliant mineral resources. Molaoi has significant exploration upside for discovery in all directions and is also prospective for copper and gold, neither of which have been systematically analysed during historical drilling.
“Greece offers a low-risk jurisdiction with a modern mining legislation and an active and progressive mining industry, making it an attractive destination for the company. The Greek government is encouraging international investment in its resources sector and Rockfire intends to work very closely with the Greek State.
“We look forward to providing further updates as we advance the project.”
Read the article online at: https://www.globalminingreview.com/exploration-development/08032022/rockfire-wins-tender-for-molaoi-deposit/