TIDMROCK
RNS Number : 2300K
Rockfire Resources PLC
23 August 2023
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended .
23 August 2023
Rockfire Resources plc
("Rockfire" or the "Company")
Germanium and Gallium confirmed at Molaoi
Rockfire Resources plc (LON: ROCK), the base metal, gold, and
critical mineral exploration company, is pleased to announce that
the Company has confirmed the presence of high-grade germanium and
elevated gallium in recent drill core from its 100%-owned Molaoi
zinc deposit in Greece, through the reanalysis of all Rockfire
core.
Germanium grades between 9.0 and 40.0 g/t have been recorded
with an average from 7 holes of 23.7 g/t Ge over average downhole
intersection of 4.6 metres, with the highest individual germanium
assay being 73.8g/t Ge in hole MO_GTK_003A.
Gallium grades between 9.7 and 19.0 g/t have been intersected
with an average of 15.3 g/t Ga over the average downhole
intersection of 4.6 metres, with the highest individual gallium
assay being 33.3g/t Ga in hole MO_GTK_003A.
These high Ge and Ga grades are expected to add significant
further value to the Molaoi project economics
Highlights
-- Germanium and gallium add significant value, with an average
of 39% uplift in the Zinc-equivalent grade of the Molaoi core.
-- The germanium price is currently US$ 2.75m (GBPGBP 2.16m) per tonne.
-- Germanium and gallium are both included on the US and EU
lists of critical minerals, owing to geological scarcity. Gallium
is included on the UK list of critical minerals.
-- China has recently announced restrictions on the export
supplies of both gallium and germanium products, citing national
security reasons.
-- Rockfire's initial analysis for germanium in holes MO_GTK_001
through to hole MO_GTK_007 failed to detect any germanium. The
Company thought this was highly irregular, given that germanium has
been identified in historical drill core.
-- Our technical team decided to reanalyse the core for
germanium using a different analytical method. Instead of using a
4-acid digest, the laboratory was instructed to use lithium borate
fusion. This technique has successfully detected germanium
associated with the high-grade zinc.
-- Drill hole MO_GTK_001 includes an interval of 7.18m @ 23.2g/t Ge and 9.7g/t Ga.
-- Drill hole MO_GTK_002 includes an interval of 2.4m @ 35.6g/t Ge and 10.7g/t Ga.
-- Drill hole MO_GTK_003A includes an interval of 11.3m @ 29.3g/t Ge and 17.3g/t Ga.
-- Drill hole MO_GTK_004 includes an interval of 2.4m @ 9.0g/t Ge and 17.4g/t Ga.
-- Drill hole MO_GTK_005 includes an interval of 3.5m @ 17.6g/t Ge and 17.23g/t Ga.
-- Drill hole MO_GTK_006 includes an interval of 3.3m @ 40.0g/t Ge and 19.0g/t Ga.
-- Drill hole MO_GTK_007 includes an interval of 1.95m @ 11.5g/t Ge and 13.6g/t Ga.
Table showing the original zinc equivalent values reported in
previous announcement made by the Company, along with the revised
zinc equivalent values as a result of adding germanium and
gallium.
The zinc equivalent grades are calculated using metal prices on
21(st) August 2023. The multiplier for each element is as follows:
Silver (317.33), Gallium (96.57), Germanium (1,193.63) and Lead
(0.93).
David Price, Chief Executive Officer of Rockfire, commented:
" In May 2022, Rockfire analysed the historical core drilled by
the Greek Government. This analysis returned high-grade germanium,
yet germanium was not being detected in any of our recent core
samples from our 2023 drilling.
"Our initial analysis for germanium involved a 4-acid digest of
the sample, followed by an Inductively Coupled Plasma ("ICP")
measurement. Our geologists elected to try an alternative
analytical method which uses a lithium borate fusion, and an
ICP-Mass Spectrometry measurement to read the final analysis.
Lithium borate fusion provides full decomposition of the sample,
including the most resistant minerals.
"The results are extremely pleasing and many of the samples
which initially recorded values close to the lower level of
detection returned strongly elevated germanium. The detection of
gallium is a bonus and is expected to add further value to the
Molaoi project economics.
For further information on the Company, please visit or contact the following:
Rockfire Resources plc : info@rockfire.co.uk
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20
& Broker): 3328 5656
John Depasquale / George Payne (Corporate
Finance)
Matt Butlin / Kelly Gardner (Sales and
Corporate Broking)
Qualified Person Statement
The technical information in this announcement is based on
information compiled by Mr David Price, the Chief Executive Officer
of Rockfire Resources plc, who is a Fellow of the Australasian
Institute of Mining and Metallurgy (FAusIMM). Mr Price has
sufficient experience relevant to the style of mineralisation and
type of deposit under consideration and to the activity which has
been undertaken to qualify as a "Qualified Person" in accordance
with the AIM Rules Guidance Note for Mining and Oil & Gas
Companies. Mr Price consents to the inclusion in the announcement
of the matters based on their information in the form and context
in which it appears.
Notes to Editors
Rockfire Resources plc (LON: ROCK) is a gold, base metal and
critical mineral exploration company, with a high-grade
zinc/lead/silver/germanium deposit in Greece and a portfolio of
gold/copper/silver projects in Queensland Australia.
-- The Molaoi deposit in Greece has a JORC resource of 210,000
tonnes of zinc, 39,000 tonnes of lead and 3.5 million ounces of
silver, using a 4% Zn cut off.
-- The Plateau deposit in Queensland has a JORC resource of
131,000 ounces of gold and 800,000 ounces of silver, using a 0.5g/t
Au cut off. 53,000 of these ounces lie within the top 100m from
surface.
-- The Copperhead deposit in Queensland has a JORC resource of
80,000 tonnes of copper, 9,400 tonnes of molybdenum and 1.1 million
ounces of silver, using a 0.13% CuEq. cut off.
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