Rockfire Resources (AIM:ROCK), the base metal, critical mineral and precious metal exploration company, reported that consulting mining engineers visited the Molaoi portal on 24 May and concluded from an entrance inspection that the concrete collar and steel support sets remain undeformed with little visible collapse.
It is good news for the rehabilitation of the mine, originally developed in 1991, and the company said it is seeking quotes from its Athens engineers to complete the environmental and technical permitting required for refurbishment and will keep the market informed.
Moreover, the company noted that the decline is approximately 700m in length, descends to roughly 55m below surface at an average 12% gradient, and, from what is observable at the entrance, remains open.
"This may provide Rockfire with savings of up to €5 million in underground development costs," said David Price, Chief Executive Officer.
The engineering appraisal recommended surface and underground geotechnical investigations, a geotechnical engineering study, redesign to include ventilation and emergency egress, environmental impact assessment and permitting, selective enlargement of decline sections, additional support measures and construction of a secondary emergency egress.
