Rockfire Resources (LSE:ROCK) has announced further encouraging drilling results from its wholly owned Molaoi zinc project in Greece, with the latest programme continuing to support the upgrade of the deposit’s existing JORC Inferred Resource to Indicated status. Drill hole HMO-018 successfully infilled another 50-metre panel within the planned resource model, returning high-grade intersections of zinc, silver and germanium.
The company also reported that portable XRF analysis from hole HMO-020 identified exceptionally high zinc, silver and lead values, reinforcing confidence in the quality and continuity of the mineralisation as the resource definition programme advances.
Alongside the drilling campaign, Rockfire is accelerating several aspects of the Molaoi feasibility study. Current work includes geotechnical drilling to support the reopening of historic underground mine workings, while ecological and hydrological baseline studies are progressing to prepare for potential future mining operations.
Drilling activity will pause during August as part of a contractor-wide shutdown. However, Rockfire expects its newly acquired drilling rig to arrive in Athens during late September or early October, allowing exploration to resume with minimal disruption and keeping the project broadly on track for its next development milestones.
Although operational progress remains positive, the company’s financial outlook continues to be constrained by the absence of revenue, ongoing losses and negative free cash flow. A debt-free balance sheet provides some financial flexibility, while recent share price performance has shown modest short-term improvement despite remaining weaker over longer periods. Valuation also remains under pressure due to the lack of earnings and the absence of a dividend.
About Rockfire Resources PLC
Rockfire Resources is an AIM-listed exploration company focused on gold, base metals and critical minerals. Its flagship asset is the high-grade Molaoi zinc, lead, silver and germanium project in Greece, where a JORC Inferred Resource has already been established. The company also holds a portfolio of gold, copper and silver exploration projects in Queensland, Australia, including the Plateau and Marengo assets, which are being advanced through farm-in agreements with ASX-listed partners.
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