Rockfire Resources (LSE:ROCK) has announced encouraging drilling results from its fully owned Molaoi zinc project in Greece, where ongoing diamond drilling is focused on upgrading resources from Inferred to Indicated status. Recent drilling in the southern and western extensions has identified narrow but high-grade mineralisation, including zinc, silver, germanium, and copper. The results support continuity of germanium mineralisation, while the presence of copper is seen as a potential indicator pointing toward a higher-grade central feeder zone.
Drilling activity will pause temporarily over Orthodox Easter, with operations expected to restart later in April. In a strategic move, the company has also opted to acquire its own drilling rig, funded from existing cash reserves. Management believes this will lower long-term drilling costs and allow for increased drilling activity within current budgets, potentially accelerating progress at Molaoi.
Despite these operational positives, Rockfire’s broader outlook remains constrained by its financial position. The company is still pre-revenue, with ongoing losses and negative free cash flow. However, it benefits from a debt-free balance sheet and some improvement in operating cash flow. Technical indicators provide a more supportive backdrop, although valuation remains limited due to the absence of earnings and dividend metrics.
More about Rockfire Resources PLC
Rockfire Resources PLC is a London-listed exploration company targeting gold, base metals, and critical minerals. Its flagship asset is the high-grade Molaoi deposit in Greece, which contains zinc, lead, silver, and germanium. The company also holds a portfolio of projects in Queensland, Australia, including gold, copper, and silver prospects, some of which are being advanced through farm-in agreements with ASX-listed partners.
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