LONDON (ShareCast) - (Sharecast News) - Rockfire Resources reported continued progress at its wholly-owned Molaoi zinc project in Greece on Friday, with exploration activities expanding mineralisation targets and supporting development planning.
The AIM-traded firm said a large-scale soil and rock sampling programme using portable x-ray fluorescence (pXRF) had identified new zones of zinc and lead mineralisation, particularly to the north of the Gkagkania prospect and at the newly defined Fournos and Agios Eustratios prospects.

Peak surface results from the survey included 5.57% zinc, 3.47% lead, 63 grams per tonne of silver and 397 parts per million of copper from a sample taken between the Gkagkania and Fournos areas.

The Agios Eustratios prospect, located south of the main Kalamaki resource area, was previously drilled by the Greek government in the 1980s, with historic intercepts including 0.5 metres at 27.3% zinc.

The company said it was constructing a detailed geological model to refine its understanding of the deposit.

Consulting geologist Mick Oates, who was previously involved in award-winning exploration teams, was leading this work and had identified geological features that could suggest a different mineralisation style than previously assumed.

Rockfire said it had engaged Wardell Armstrong International to assist in the development of Molaoi.

The consultancy had completed an assessment of the project's economic extraction potential and was supporting preparations for metallurgical testing, which would include ore sorting and the evaluation of germanium as a potential by-product.

A revised drilling permit application had meanwhile been submitted to the Greek government, with approval awaited.

Rockfire said it would update the market once the permit was granted and a timeline for the next drilling phase was confirmed.

"Our work to progress Molaoi continues at pace," said chief executive officer David Price.

"Whilst we await the much-anticipated awarding of our revised permit for drilling, the team at Rockfire has been busy on multiple fronts.

""Rockfire is thankful to have globally significant engineering and metallurgical consultants to assist us with the development of Molaoi - we look forward to working alongside them as we approach our infill drilling to define indicated resources."

At 1349 GMT, shares in Rockfire Resources were down 5.69% at 0.11p.

Reporting by Josh White for Sharecast.com.

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