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(Sharecast News) - Rockfire Resources said on Tuesday that drilling was continuing at its wholly-owned Molaoi zinc deposit in Greece, with new assay results supporting its work to upgrade the current inferred resource to indicated status.
The AIM-traded base metal, critical mineral and precious metal explorer said diamond drilling was ongoing, with hole HMO-019 currently in progress.
Results from the laboratory for holes HMO-017 and HMO-018 are still awaited.
Rockfire said assay results from hole HMO-016 included 0.76 metres grading 22.4% zinc, 187 grams of silver per tonne, 8.8% lead and 34.6 grams of germanium per tonne from 314.18 metres downhole depth.
Further intersections from the same hole included 1.08 metres at 8.2% zinc, 42.5 grams of silver per tonne, 1.6% lead and 22 grams of germanium per tonne from 407.11 metres, and 4.5 metres at 3.0% zinc, 20.7 grams of silver per tonne, 0.9% lead and 20 grams of germanium per tonne from 417.95 metres.
The company also reported portable XRF readings from hole HMO-018, including peak individual zinc values of 47.2% and 46.5%, lead readings of up to 5.3%, silver values of 168 grams per tonne and 121 grams per tonne, and a highest individual copper reading of 0.76%.
The portable XRF does not measure germanium.
Chief executive officer David Price said the analytical results from HMO-016, together with high-grade portable XRF results from HMO-017 and HMO-018, continued to build the case for a successful upgrade to the indicated category.
He said multiple holes were being drilled from the same position but at different angles to intersect mineralisation at varying depths, helping to infill between existing holes vertically and laterally.
Rockfire said SLR Consulting was closely monitoring the drilling programme and updating the exploration database, mineralisation model, lithofacies model and base of oxidation model.
Price said SLR's latest work showed the updated drill hole files were generally error-free, while the oxide model had been revised with minor thickness changes in the southern and central resource areas.
The lithofacies model also indicated that volcaniclastic packages could be modelled along strike, although new logging suggested short-scale variation in thickness.
He added that portable XRF data from HMO-015 suggested the main mineralised lodes were deeper than previously interpreted and may have been offset, while data from HMO-016 indicated mineralised zones were continuous down dip but thin.
"We will continue to keep the market informed and updated as new information and analytical results become available," Price said.
At 1031 BST, shares in Rockfire Resources were down 8% at 0.14p.
Reporting by Josh White for Sharecast.com.
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