Rockfire Resources (LSE:ROCK) has provided an update on drilling activities at its wholly owned Molaoi zinc deposit in Greece, where an ongoing diamond drilling programme is focused on upgrading the project’s existing JORC Inferred Resource to the higher-confidence Indicated category. Drilling is continuing with hole HMO-019 currently in progress, while recent analytical results from hole HMO-016 have returned strong grades of zinc, silver, lead and germanium.
The company also reported encouraging portable XRF readings from hole HMO-018, which indicated very high zinc concentrations together with notable lead, silver and copper values. Laboratory assay results for both HMO-017 and HMO-018 remain outstanding. To improve resource confidence and geological understanding, Rockfire is employing a strategy of drilling multiple holes from individual drill pads at different angles, enabling infill testing of the deposit both laterally and vertically.
Alongside the drilling campaign, SLR Consulting is continuously refining the project’s three-dimensional geological, lithofacies and oxidation models. The updated interpretation has confirmed the quality of the existing dataset while also suggesting that mineralised lodes may extend deeper and be narrower than previously understood. These developments are expected to support the planned resource upgrade and could improve the overall economic definition of the deposit. However, the full impact of the programme will depend on the outcome of pending assay results and the next resource estimate.
The company’s outlook remains constrained by weak financial fundamentals, including a lack of revenue generation, ongoing losses and negative free cash flow. These challenges are partly offset by a debt-free balance sheet. Technical indicators have shown some short-term improvement, although longer-term momentum remains relatively weak. Valuation metrics also remain under pressure due to negative earnings and the absence of a dividend.
More about Rockfire Resources PLC
Rockfire Resources PLC is a London-listed exploration and development company focused on base metals, critical minerals and precious metals. Its principal asset is the high-grade Molaoi deposit in Greece, which contains zinc, lead, silver and germanium and represents the company’s most advanced project.
The Molaoi project currently hosts a JORC Inferred Mineral Resource of 15 million tonnes grading 7.26% zinc, 1.75% lead and 39.5 grams per tonne silver. In addition to its Greek operations, Rockfire maintains a portfolio of exploration projects in Queensland, Australia, including gold, copper and silver assets that are being advanced through farm-in agreements with ASX-listed partners. The company’s strategy is centred on expanding and upgrading resources while increasing exposure to metals that are critical to industrial and technological applications.
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