(Alliance News) - Rockfire Resources PLC on Monday said it has identified multiple high quality zinc intersections at its Molaoi deposit in Greece.

The Greece and Australia-focused gold, base metal and critical mineral exploration company said assay results from Rockfire's first drill hole at the site showed 13% zinc equivalent and 50 grammes of silver per tonne over 7.2 metres width in the main lode.

Rockfire said the hole was drilled between historical drill holes that encountered multiple possible lodes. The company says the new drill hole confirms that the Molaoi deposit is made up of multiple lodes.

The drill hole also encountered 16% ZnEq and 42 grammes of silver over 0.2 metres in the second lode, 11% ZnEq and 62 grammes of silver over 1.7 metres in the third lode, and 19% ZnEq and 36 grammes of silver over 16 metres in the fourth lode.

The company said the highest individual sample was 21% zinc and 93g of silver over 1.3 metres.

Chief Executive Officer David Price said: "Assay results of this magnitude and width provide management with ever-increasing confidence that we can proceed rapidly towards a resource upgrade and commence feasibility studies before the end of the 2023 calendar year."

Germanium values are low, Rockfire noted, with more drilling required t determine the association between zinc and germanium.

Rockfire said drilling continues, with the third drill hole currently being drilled, core from the second drill hole is currently being cut.

Rockfire shares were up 5.3% trading at 0.20 pence per share on Monday afternoon in London.

By Harvey Dorset, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.