Shares in Rockfire Resources PLC jumped on Friday morning after the base metal, gold and critical mineral exploration company reported ‘record-breaking’ zinc grades from drilling at its Molaoi deposit in Greece.

The stock climbed 26% to 0.27 pence in London on Friday morning.

Rockfire said it intersected the highest zinc grades ever encountered at Molaoi, with an interval of 0.2 metres grading 50.8% zinc being returned.

The company said it averaged a ‘record-breaking’ grade of 36% zinc equivalent over a 1.4-metre length and added that these assays suggest that, when infill drilling commences, the overall average grade of the deposit may increase.

‘These spectacular assay results highlight the quality of the Molaoi deposit. Results from our geotechnical drilling continue to confirm the continuity of mineralisation throughout the length of the deposit. As holes are being drilled between historical holes, the high grades being encountered may enhance the overall average grade of the resource,’ said Chief Executive David Price.

‘Rockfire is committed to proceeding as quickly as possible towards a resource upgrade and to commence feasibility studies at the commencement of 2024. The market will continue to be informed of our very successful progress at Molaoi, including assay results as they are received and the advancement of our geotechnical studies.’

Copyright 2023 Alliance News Ltd. All Rights Reserved.