MOLAOI, PELOPONNESE, GREECE (Zn/Ag/Ge/Pb)
JORC Resource 15.0 MT @ 9.96% ZnEq. (7.26% Zn, 1.75% Pb, 39.5g/t Ag) for 1.09MT Zn, 19.1MOz. silver and 260,000 tonnes Pb. Molaoi is also reported under the UNFC Code with classification E2, F2.1, G3 for Zn, Ag, and Pb, and E3.2, F3.1, G4.1 for Ge
The Molaoi Zn/Ag/Ge/Pb project is a volcanogenic massive sulphide deposit with an epithermal mineralised overprint. The deposit is located in the Laconia Region of the Peloponnese Province of Southern Greece.
Exploration drilling has been focussed on a 2.0 km long strike of mineralisation. There is an additional 5.0 km strike of favourable geology, which also contains high-grade intersections in limited historical drilling.
Ownership of the Molaoi project is through a 30-year lease awarded to Hellenic Minerals IKE, a Greek-registered company, which is a 100% subsidiary of Rockfire.
Molaoi was originally discovered in 1938 by the Greek Government, through regional assessment by the Greek Institute of Geology and Mineral Exploration (“IGME”). Limited work was conducted on the deposit until the early 1970’s, when IGME conducted semi-regional lead isotope studies and geophysical surveys. By 1979, exploration had focused in on the Molaoi deposit itself and diamond drilling commenced that year.
An initial (pre-JORC) mineral estimate was calculated in 1985, and drilling continued throughout the 1980’s, with 175 diamond drill holes being drilled. A second mineral estimate was calculated in 1988, which encouraged IGME to commence feasibility studies into trial mining. In 1988, the Greek State constructed a portal and decline for underground bulk sampling purposes at Molaoi.
Whilst feasibility studies remained in progress, IGME accessed the upper levels of the zinc mineralisation from the decline at around 50m below surface. The decline reached a final length of 700m, with cross-cut and oredrive development on two levels.
Activities ceased in late 1989 and the portal was capped with concrete and no further work was undertaken at Molaoi.
In 2021, the Greek Government offered the Molaoi project for an Open International Tender. With financial and technical support from Rockfire, Hellenic participated in the tender and was selected as the winning bidder. In March 2022, the Greek Government awarded a 30-year exploration and exploitation lease to Hellenic.
Preliminary metallurgical test work was prioritised early by Rockfire to determine the extraction characteristics of the mineralisation and to specifically determine the recovery of germanium in the flotation concentration process. Commercial concentrate grades for zinc, lead, silver, copper, gold and germanium were achieved in preliminary tests.
Rockfire has since drilled the resource throughout four campaigns between 2022 – 2026 and drilling remains in progress. The estimation of a maiden JORC resource in 2022 was followed by an upgraded resource in 2024, which resulted in a 500% increase in resources by including narrower, high-grade, parallel lodes.
Exploration drilling along the additional 5.0 km strike of mineralisation will be a parallel focus for the company to significantly expand the resources.
