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22/06/2024
Mining News

Australian company Rockfire’s drilling at Molaoi deposit in Greece shows encouraging results

Positive results are emerging from the drilling activities at the Molaoi deposit in Greece, conducted by Australian company ‘Rockfire’. The company, focused on base metal, gold, and critical mineral exploration, commenced drilling at the Molaoi site in late 2023 with the objective of confirming the findings of previous high-grade metal discoveries.

The environmental study permit granted by the Greek Government in April last year has facilitated this exploration endeavor, allowing Rockfire a five-year window to explore the deposit and tap into the potential wealth of basic metals and critical raw materials in the Greek subsoil.

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Exploration drilling has primarily targeted a 1.5 km stretch of mineralization, with an additional 5.5 km stretch of favorable geological formations showing promising signs of high-grade intersections in limited drilling.

Rockfire continues its drilling operations at the Molaoi deposit, as indicated in their recent LinkedIn post from March 4. The volcanic massive sulfide deposit in the Peloponnese region has revealed significant quantities of silver, zinc, and lead, along with substantial reserves of gallium and germanium, critical raw materials highly sought after by the European Union due to its reliance on China for supply.

Rockfire’s strategic focus on upgrading the resource from ‘Inferred’ to ‘Measured and Indicated’ categories through planned drilling activities aims to pave the way for the feasibility study and subsequent production phase of the project. The company’s commitment to the Molaoi project is underscored by its exclusive lease of the Molaoi Public Mining Area, secured after being the sole bidder in 2021.

The Greek Government’s award of a 30-year exploration and mining license to Rockfire’s subsidiary, Hellenic Minerals IKE, in March 2022 further solidifies the company’s foothold in Europe, aligning with its expansion plans in the region.

Rockfire’s track record in Queensland, particularly its exploration projects such as Lighthouse, Copper Dome, and Copperhead, showcases its expertise in gold-rich regions, laying a strong foundation for its endeavors in Greece and beyond.

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