Rockfire Resources (LSE:ROCK) has reported continued progress at its wholly owned Molaoi zinc project in Greece, where diamond drilling is under way to upgrade the existing resource from Inferred to Indicated status. The campaign has now completed its fifth drill hole, with recent assay results from hole HMO-010 confirming multiple high-grade zinc and germanium lodes. Further assay results are pending, while a second drill rig from contractor Geotest is still awaited to accelerate the programme.
The latest findings reinforce the continuity and reliability of mineralisation at Molaoi. Management noted that valuable by-products — including germanium, silver and lead — contribute to an enhanced zinc-equivalent grade, supporting the project’s broader economic potential. Chief executive David Price highlighted that the grades strengthen Molaoi’s positioning as a potential future European supplier of critical minerals.
Rockfire also emphasised that Molaoi is among the first European deposits to transition from a JORC Inferred classification into the United Nations Framework Classification for Resources (UNFC). The move is intended to improve regulatory alignment and technical transparency as the project advances, potentially enhancing credibility with investors and stakeholders.
While operational progress is encouraging, the company remains pre-revenue and continues to report losses and negative free cash flow. A debt-free balance sheet and signs of improving operating cash flow provide some mitigation. Technical indicators for the shares are supportive, though valuation remains constrained by negative earnings and the absence of dividend support.
More about Rockfire Resources PLC
Rockfire Resources is a London-listed exploration company targeting gold, base metals and critical minerals. Its flagship asset is the high-grade zinc, lead, silver and germanium Molaoi deposit in Greece. The group also holds gold, copper and silver projects in Queensland, Australia, including the Plateau gold-silver deposit and the Marengo gold-silver-copper prospect, both subject to farm-in arrangements with ASX-listed partners, offering diversified commodity and geographic exposure.
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