MOLAOI, PELOPONNESE, GREECE (Zn/Pb/Ag/Ge)

JORC Resource 15.0 MT @ 9.96% ZnEq. (7.26% Zn, 1.75% Pb, 39.5g/t Ag)  for 1.09MT Zn, 260,000 tonnes Pb and 19.1MOz. silver.

The Molaoi Zn/Pb/Ag/Ge project is a volcanogenic massive sulphide deposit in 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 drilling.

Ownership of the Molaoi project is through 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 and underground bulk sampling at Molaoi.

Whilst feasibility studies remained in progress, IGME constructed an exploration portal and decline to reach the upper levels of the zinc mineralisation at around 50m below surface. A decline of length 700m was ultimately constructed, with drive development on two levels.

Activities ceased in late 1989 and the portal was capped with concrete and no further work has been undertaken at Molaoi since.

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 three campaigns between 2022 – 2024. 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.

Exploration drilling along the additional 5.0 km strike of mineralisation will be a focus for the company to significantly expand the resources.