TIDMRRR
RNS Number : 1559Q
Red Rock Resources plc
16 February 2023
16 February 2023
Red Rock Resources PLC
("Red Rock" or the "Company")
Victoria Goldfields Australia - Berringa Gold Mine
Drilling/Corporate Update
Red Rock Resources Plc (LON:RRR), a natural resource development
company with interests in gold and base metals, principally in
Africa and Australia, announces an update in relation to the
tenement holdings and exploration activity of the Company's
Victoria Goldfields joint venture ("JV").
Andrew Bell, Chairman of Red Rock Resources Plc commented:
"We have successfuly renewed the exploration licence covering
the historic Berringa gold mine, where we are currently undertaking
a diamond drill programme, which is a significant development for
our Victoria Goldfields JV.
The drilling is progressing well with three drill holes
completed to date. Visible gold has been encountered in all three
holes. This shows the accurate targeting of the structures by the
geological team, and we look forward to receipt of detailed assay
data as soon as possible.
Geologically, all drillholes completed thus far have
successfully intersected the down dip and along strike extensions
of the target mineralised zones.
We believe our JV in the Victoria Goldfields is adding value
with each stage of the exploration work."
HIGHLIGHTS:
- The Company's inaugural drilling programme, designed to test
for the downdip and along strike extensions of the historical
Berringa Gold Mine, is progressing well with three holes now
completed totalling 655.9m of the originally planned 1000m.
Drilling of the programme's fourth hole, BED23004, is expected to
start shortly.
- All holes which have been drilled and logged to date have
successfully intersected target geological formations and
demonstrated visible gold within extensions of the Berringa
mineralised lode's including:
o Drillhole ("DH") BED23001 (targeting South Birthday Zone):
Successfully intersected a 9m wide mineralised quartz vein from
380.5-389.5m downhole as well as another 0.20m mineralised quartz
vein from 421-421.2m downhole including minor visible gold
mineralisation.
o Drillhole BED23002 (targeting Berringa Syndicate Zone):
Successfully intersected a 9.6m wide mineralised structure from
89.2 - 98.8m which included minor visible gold mineralisation.
DHBED23002 also intersected abundant quartz veining from 89.2m to
94.1m and 96.5m to 98.8m downhole.
o Drillhole BED23033 (targeting Berringa Syndicate Zone):
Detailed core logging underway, preliminary observations have
identified visible gold within the core.
- The JV's Berringa exploration licence ("EL") 5535 has
successfully been renewed for a five-year term expiring November
2027.
- Assay test results for the first two drillholes are pending
and will be released to the market once received, checked and
compiled by JV geologists. The assay testing method will use both
traditional fire assay, and bottle roll testing, to ensure the
results capture course fraction gold as demonstrated by the visible
gold on the drill core surface in all holes completed to date.
JOINT VENTURE STRUCTURE
The joint venture is held through New Ballarat Gold Corporation
PLC ("NBGC"), which is focused on the prolific Victoria Goldfields
of Australia. The JV is between Red Rock (50.1%) and its partner
London-listed Power Metal Resources Plc (49.9%) (together the "JV
Partners").
NBGC has a wholly owned Australian operating subsidiary Red Rock
Australasia Pty Ltd ("RRAL") which holds a strong land position
comprising seventeen granted exploration licences and one purchased
licence for a total area of 1,867km(2) within the gold fields of
Victoria, Australia, principally surrounding the mining centre of
Ballarat, Australia.
In addition, 2 licences covering 467km(2) await grant. The JV
has carefully assembled its portfolio of properties comprising a
broad range from robust exploration targets to near term resource
potential, all of which remain largely undeveloped by modern
explorers.
The JV Partners have the intention of listing the JV company
NBGC and will make further announcements as appropriate.
QUALIFIED PERSON STATEMENT
The technical information in this report is compiled by David
Holden, BSc, MBA, MEM, who is a member of the Australian Institute
of Geoscientists and the Executive Officer and Exploration Manager
of RRAL. He is a member of a recognised professional organisation
and has sufficient relevant experience to qualify as a qualified
person as defined in the Guidance Note for Mining, Oil and Gas
Companies, published by AIM.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please visit www.rrrplc.com or contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD
Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited
NOTE TO EDITORS
Red Rock Resources plc - Background
Red Rock Resources plc (LON:RRR) is an AIM listed metals
exploration company focused on gold, copper and battery metals and
principally active in Africa and Australia. It has historically
been involved with production as well as exploration, having
brought a historic gold mine back into production in Colombia and
participated in the development to production of a major open pit
manganese mine in South Africa.
The Company currently has gold exploration projects in Kenya,
West Africa and Australia, copper/cobalt exploration in Congo, and
lithium exploration in Zimbabwe.
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END
JVEFIFSAFFIRLIV
(END) Dow Jones Newswires
February 16, 2023 05:00 ET (10:00 GMT)
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