Rockfire Resources (LSE:ROCK) has announced additional high-grade zinc and germanium drill results from its wholly owned Molaoi project in Greece as the company advances work to upgrade the deposit’s resource classification from Inferred to Indicated. Drill hole HMO-019 returned several significant mineralised intervals, including a standout germanium grade of 84.1g/t, while also extending zinc, silver and germanium mineralisation both down-dip and at greater depth.
According to management, the stronger grades recorded in HMO-019 compared with the previous drill hole could point to improving mineralisation at depth. If confirmed through further drilling, this has the potential to increase the size of the planned Indicated Resource and support the forthcoming feasibility study for an underground mining operation targeting zinc, silver, germanium and lead. Alongside the drilling programme, Rockfire is accelerating technical studies covering comminution, geotechnical analysis and ore-sorting, while awaiting assay results from HMO-020 and preparing for the arrival of a new drill rig in Athens later this year.
Despite encouraging exploration progress, the company’s outlook continues to be weighed down by weak financial fundamentals, including the absence of revenue, ongoing losses and sustained negative free cash flow. Technical indicators also remain unfavourable, with the shares trading below key moving averages and momentum remaining negative, although a near-oversold relative strength index offers some limited support. Valuation also remains challenging due to the company’s negative earnings.
About Rockfire Resources PLC
Rockfire Resources Plc is a London-listed mineral exploration company focused on gold, base metals and critical minerals. Its flagship asset is the high-grade Molaoi deposit in Greece, which contains zinc, lead, silver and germanium mineralisation. The company also owns exploration projects in Queensland, Australia, including the Plateau and Marengo prospects, where it is exploring for gold, copper and silver through farm-in agreements with ASX-listed partners.
The Molaoi project currently hosts a JORC Inferred Mineral Resource of 15.0 million tonnes grading 7.26% zinc, 1.75% lead and 39.50g/t silver, representing approximately 1.5 million tonnes of zinc-equivalent metal. In Australia, the Plateau project contains an inferred resource of 131,000 ounces of gold and 800,000 ounces of silver, while the Marengo prospect is located within a historic goldfield known for high-grade gold, silver and copper mineralisation.
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