Rockfire Resources has secured an environmental study permit from the Greek Government for the Molaoi zinc, lead and silver project.

With the application approved, Rockfire will undertake resource definition and step-out drilling work at the project during the next five years.

In a press statement, Rockfire said: “The granting of this permit provides authority for Rockfire to drill for the next five years, although the company intends to expedite this drilling, and to complete as much drilling as possible in 2023.”

Discovered the Molaoi in 1938, the Greek Government drilled 179 diamond drill holes at the project throughout the 1980s.

The Molaoi project is owned 100% by Hellenic Minerals IKE, a Greek-registered company and a 100% subsidiary of Rockfire.

In March 2022, Hellenic was awarded a 30-year exploration and mining licence for the Molaoi project by the Greek Government.

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By GlobalData

Rockfire CEO David Price said: “The Greek Government has previously drilled 179 exploration holes at Molaoi, so Rockfire is not focused on any further exploration. Our planned drilling for the remainder of 2023 is designed to upgrade the resource from ‘inferred’ to the ‘measured and indicated’ categories.

“Once this milestone is achieved, the company will move as quickly as possible to complete a feasibility study. We remain on track to achieve this milestone and the granting of this permit is a very important step in our development plans. The market will continue to be informed of progress at Molaoi, including drilling assay results as they are received.”

According to JORC resource estimates, the Molaoi deposit holds 210,000t of zinc, 39,000t of lead and 3.5 million ounces of silver, using a 4% Zn cut off.