Drilling strengthens zinc continuity at Molaoi

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.

4 April 2023

Rockfire Resources plc

("Rockfire" or the "Company")Drilling strengthens zinc continuity at Molaoi

Rockfire Resources plc (LON: ROCK), the base metal, gold and critical mineral exploration company, is pleased to announce that the Company's geotechnical drilling programme at the Molaoi zinc deposit in Greece continues to intersect high-grade zinc.

Highlights

· High-grade assay results from Rockfire's second geotechnical drill hole at Molaoi (MO_GTK_002) are now available and provided below.

· MO_GTK_002 was drilled halfway between historical drill holes to provide sufficient sample volume for geotechnical test work, and to confirm continuity of zinc between the existing holes.

· High-grade individual zinc values up to 19.7% Zn over 0.4m width occur from 108.40m depth.

· Individual peak silver values are up to 94.2g/t Ag.

· Individual peak lead values are up to 2.5% Pb.

· An underground mineable width of 2.4m has an average grade of 5.8% ZnEq., from 106.94m (5.4% Zn, 0.6% Pb and 17.8g/t Ag)

· Germanium values remain low. However, hole MO_GTK_002 was drilled from the same position as MO_GTK_001, but at a shallower angle. Germanium may be concentrated in a particular part of the resource or controlled by structures or preferential lithology. More drilling is required to determine the precise association between zinc and germanium.

· The geotechnical drilling programme continues, with hole MO_GTK_008 having recently been completed. Core from the third drill has been sent to the laboratory.

· The Company intends to continue to keep the market informed over the coming months, with on-going analytical results pending.

· Discussions will soon commence with potential partners in Athens, Greece to commission the Company's planned geotechnical test work on the core being collected in this drilling campaign.

Please refer to a typical cross section showing holes MO_GTK_001 and MO_GTK_002, which can be viewed by following this link. http://www.rns-pdf.londonstockexchange.com/rns/2303V_1-2023-4-3.pdf

David Price, Chief Executive Officer of Rockfire, commented:

"Results from our geotechnical drilling continue to confirm the location, continuity and high-grade nature of the zinc resource. Potentially economic zinc grades continue to occur over widths deemed suitable for mechanised underground mining. The close association of zinc, silver and lead continues to be demonstrated.

"Rockfire is committed to proceeding as quickly as possible towards a resource upgrade and to commence feasibility studies before the end of the 2023 calendar year. We remain on track to achieve this. Geotechnical studies to be conducted using core from our recent drilling will be done at one of the institutional facilities in Athens.

"The market will continue to be informed of progress at Molaoi, including assay results as they are received."

For further information on the Company, please visit www.rockfireresources.com or contact the following: 

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 portfolio of gold/copper/silver projects in Queensland Australia and a high-grade zinc/lead/silver/germanium deposit in Greece.

§ 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.