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Utilities
Rockfire Resources PLC, a company focused on gold, base metals, and critical minerals exploration, has been making significant strides in advancing its Molaoi zinc project in Greece. The Molaoi project is a volcanogenic massive sulphide (VMS) deposit located in the Peloponnese Province of Southern Greece, which holds a substantial Joint Ore Reserve Committee (JORC) resource of 15.0 million tonnes (MT) at 9.96% zinc equivalent (ZnEq.), comprising 7.26% zinc, 1.75% lead, and 39.5 grams per tonne (g/t) of silver[2].
The Molaoi deposit was first discovered in 1938 by the Greek Government, with limited exploration work conducted until the early 1970s. The Greek Institute of Geology and Mineral Exploration (IGME) continued exploration efforts, including lead isotope studies and geophysical surveys, leading to the commencement of diamond drilling in 1979[2]. By the late 1980s, over 175 diamond drill holes had been drilled, and feasibility studies were ongoing. However, activities ceased in 1989, and the site remained dormant until Rockfire Resources became involved[2].
Rockfire Resources has been actively engaged in advancing the Molaoi project. Recent activities include a large-scale soil and rock sampling program using portable X-ray fluorescence (pXRF), which has identified new areas of zinc and lead mineralization. Specifically, the survey highlighted significant results between the Gkagkania and Fournos areas, with peak surface samples yielding 5.57% zinc, 3.47% lead, 63 g/t of silver, and 397 parts per million (ppm) of copper[1].
A notable development is the discovery of a second zinc zone within the Gkagkania prospect, which is comparable in size to the existing resource area. This discovery provides a potential opportunity to double the current JORC resources at the site[3]. Rockfire Resources is continuing to expand its pXRF survey across the entire license, aiming to identify more mineralized targets[3].
To enhance the project's development, Rockfire Resources has engaged consulting geologist Mick Oates and consultancy firm Wardell Armstrong International. Oates is leading the geological modeling work, identifying key features that suggest a different mineralization style than previously thought[1]. Wardell Armstrong is supporting the assessment of economic extraction potential and preparing for metallurgical testing, including ore sorting and evaluation of germanium as a by-product[1].
Rockfire Resources awaits the approval of a revised drilling permit application submitted to the Greek government. Once granted, the company plans to proceed with infill drilling to define indicated resources more precisely[1]. The ongoing development of the Molaoi project is crucial for Rockfire Resources, as it represents a significant portion of the company's strategy to expand its resource base in the region.
Rockfire Resources has completed the final payment for the acquisition of Hellenic Minerals, which holds the 30-year license for the Molaoi project[4]. Recently, the company conditionally raised £660,000 through a share placing to support ongoing working capital and the development of the Molaoi project[4]. Despite reporting a widened interim loss due to cost hikes, Rockfire Resources remains confident in the feasibility of the Molaoi project[4].
The news about the Molaoi project's progress has been met with mixed reactions from the market. Shares in Rockfire Resources experienced fluctuations, reflecting both investor optimism and caution. The discovery of new mineralization zones and the ongoing development work are significant positives, but the company's overall financial performance continues to be a critical factor in shareholder confidence[1][3].
Rockfire Resources' continued efforts at the Molaoi zinc project demonstrate a commitment to expanding its presence in the mining sector. As the company advances with new discoveries and expanded exploration, it is poised to potentially double its current resources. However, the path forward involves addressing financial challenges and securing key operational permits. The future of the Molaoi project will be closely watched by investors and industry analysts alike.
The Molaoi project aligns with key trends in the mining sector, including volcanogenic massive sulphide (VMS) deposits, zinc and base metal exploration, critical mineral extraction (germanium), and sustainable mining practices. These trends highlight the importance of strategically positioned projects like Molaoi in meeting global demand for metals essential to infrastructure and technology development.
As Rockfire Resources continues to advance the Molaoi project, it is likely to draw attention from both investors interested in mineral exploration and those focused on sustainable resource extraction. The project's potential for growth and its strategic location make it a compelling story in the mining sector.
