TIDMRRR
RNS Number : 2196S
Red Rock Resources plc
08 March 2023
Red Rock Resources PLC
("Red Rock" or the "Company")
Asset Review and Current Developments
8 March 2023
Red Rock Resources Plc, ("Red Rock" or "the Company"), is a
natural resource development company with interests in gold and
base metals, principally in Africa and Australia.
A review of current projects and news outlook was issued on 5
August 2022 and a review of activities was included in the Annual
Report dated 29 December 2022.
To facilitate comparison with the August review, the same order
has been adopted.
The relative importance of projects may change over time.
Highlights :
o Key short-term concerns are:
o the arbitration process in the DRC
o the drill programme in Australia
o progress with bringing initial lithium production on stream in
Zimbabwe, and
o Elephant Oil listing in the U.S. taking longer than
expected
o Important for 2023 will be exploration activity for
copper/cobalt and gold at the African projects
PROJECT 2023 UPDATE
Mikei Gold Project Details of results of drilling
of 20 Reverse Circulation (RC)
Western Kenya holes totalling 2,093m were announced
in August 2022.
Gold: 723,000 oz Mineral Resource
Estimate at 1.49 g/t (JORC 2012) Drilling was over the Central KKM
project area within and just outside
100% economic interest the Resource envelope showing continuity
along strike and down dip.
16 of 20 holes intercepted gold
mineralisation, in 15 holes at
or above cut-off grade.
An EIA has been obtained for drilling
four of the remaining prospects.
The next stage diamond drilling
programme has begun the planning
process, with consultant input,
the ultimate intention being a
JORC Resource revision.
IP, mapping, and sampling programmes
will start in March to refine the
next drill targets.
---------------------------------------------
Luanshimba Copper-Cobalt Project Results of first 2,469m, 29 hole,
RC drill programme on the prospect
Copper/Cobalt: Katanga, DRC were announced in February 2022
and August 2022.
80% interest
Extensive Cobalt was encountered.
Several holes ended as they were
entering pyrite and chalcopyrite
mineralisation.
The next step should be diamond
drilling to test for Copper and
Cobalt ores deeper in the sequence,
but activity is paused pending
the Arbitration results (see below).
---------------------------------------------
New Ballarat Gold Corporation Plc 17 granted licences and 1 purchased
licence totalling 1,867 sq km are
Gold: Victoria, Australia held around the historic mining
centre of Ballarat. A further 2
50.1% interest licences totalling 467 sq km are
completing the grant process.
Encouraging results from a modest
initial diamond drill programme
over two target areas were received
in the course of Spring and Summer
2022. 520m of drilling at the O'Loughlins
prospect SE of Ballarat, and 340m
at Pitfield/Mt Bute SW of Ballarat,
were carried out.
In May and July NBGC obtained grant
of the historic Ajax Mine with
recorded production of 312,789
oz at 14.8 g/t, and purchased the
historic Berringa Mines, with recorded
production of just under 300,000
oz at 8.3 g/t.
The acquisition of these two significant
assets, among the largest producing
hard rock mines in the history
of the Victoria gold fields, and
with significant associated exploration
targets, is an important milestone
for NBGC.
Red Rock and its JV partner are
seeking a listing for NBGC, as
and when market conditions permit.
After successful renewal of the
exploration licence covering the
historic Berringa gold mine, a
diamond drill programme was begun
at Berringa, which is a significant
development for the Victoria Goldfields
JV.
As announced on 16 February 2023,
visible gold was encountered in
the first three holes drilled.
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 consider that our JV in the
Victoria Goldfields is adding value
with each stage of exploration
work, and as the drilling confirms
the initial model.
---------------------------------------------
Faso Minerals Ltd Faso Minerals Ltd (FML) through
its 100% subsidiary Faso Greenstone
Gold: Boromo and Banfora greenstone Resources SARL holds 348 sq km
belts, SW Burkina Faso of highly prospective ground acquired
from local holders in the SW of
Subsidiary Burkina Faso at Bilbale and Boulon.
Applications for other areas have
been prepared.
A remote sensing screening of the
areas using visible near infrared
(VNIR), shortwave infrared (SWIR),
longwave infrared (LWIR) and ALOS-1
synthetic aperture radar (SAR)
imagery, was undertaken.
A sampling and mapping programme
covering artisanal and other areas
with evidence of surface or near
surface gold was undertaken at
Bilbale.
Two targets were selected for immediate
drilling in an reverse circulation
(RC) programme for an initial 500m
(later extended to 778m) of drilling,
one artisanal target for orogenic
gold in the main Bilbale trend,
and an underexplored structural
target at Djikologo where previous
work had intersected 11m at over
1 g/t.
This initial scout drilling programme
(later extended to 778m) of seven
holes across two locations in the
extremely promising Bilbale licence
produced, in the first phase at
the Djikologo target, gold intersections
in three of the four holes drilled,
with three relatively high-grade
intersections in the BilR22-03
drillhole including 20m at 3.19
g/t gold from 22m depth.
The second phase intersected gold
mineralisation in two of the three
holes at the Bilbale artisanal
area, but at more modest tenors.
As we emphasise in early stage
drilling, we are drilling at that
point for structure and not grade,
and any intersections over 1 g/t
show we are in mineralisation and
so are positive.
The results obtained across the
two prospects from a small programme
that, to meet spend commitments
on an acquired licence, had been
accelerated and so had not been
preceded by any detailed geochemical
and geophysical preparation, were
good. The next stage will be some
ground geophysics in preparation
for further drilling.
---------------------------------------------
LacGold Minerals Ltd LacGold Minerals Ltd (LGM) through
its 100% subsidiary LacGold Resources
Gold: greenstone belts in Côte SARLU made initial applications
d'Ivoire for five prospective areas, screened
from a long list, for gold exploration.
Subsidiary The first two totalling 745.67
sq km after adjustments, at Yamassoukro
and Djekanou, have been approved
by the Interministerial Committee
(CIM) and the signed Décrets
are awaited.
Official visits have been conducted
to the next 4, Tienko, Korhogo,
Molonou and Kokumbo. With Molonou
and Kokumbo, the Company took over
existing interests of high prospectivity
near or adjoining Yamassoukro.
Some initial sampling has been
carried out with results to be
followed upon grant.
An initial MMI (mobile metal ion)
programme will be undertaken immediately
upon grant.
---------------------------------------------
African Lithium Resources (Private) RRR has been in a continuing process
Ltd with a local partner of assembling
a lithium portfolio by purchase
Lithium: historical pegmatite areas of old mining areas and by pegging
in Zimbabwe of prospective areas with evidence
of good grade lithium mineralisation.
c.50% owned
Sampling has been carried out over
the areas of interest.
ALR has funded development to date
from its own resources and by raising
$240,000 of external funding and
has now raised so far a further
$80,000 of external finance for
the development into small scale
production of one of its lithium
assets. At the conclusion of this
funding round, the Company's ownership
of ALR is expected to be about
50%.
An Environmental Management Plan
and a Site of Works Plan have been
filed for the first project and
the final element of the Environmental
Impact Assessment ("EIA"), a stakeholder
engagement process, is being completed
with a view to filing this week.
The first location selected is
ALR's Tin Hill property, 29 km
North-West of Bikita in South-East
Zimbabwe.
A further EIA may then be prepared
for a second operation on its Beatrice
site where there are lithium ore
stockpiles and test results have
been positive.
The initial plan is to produce
and sell Lithium ore with a target
grade of 2% (1.5%-3%) into the
local market, on a pick-up basis
and with a seven day sales to payment
cycle. When the operation has been
stabilised, ALR plans to introduce
a flotation unit in order to beneficiate
the ore to 4.5%-5%, so that it
may be sold into the export market.
There are no immediate plans to
delineate a mineral resource estimate.
---------------------------------------------
Litigation and Arbitration (DRC) The Company's 100% owned subsidiary
obtained in 2022 an executory judgment
for $2.5m (being 50.1% of $5m paid
to local partner VUP by a buyer).
A further claim by the Company's
subsidiary for $2m costs and damages
is currently under appeal, with
a result expected in the next weeks.
The buyer retains a further $15m
unpaid consideration pending determination
of legal claims including that
of the Red Rock group.
Arbitration hearings and negotiations
have been held in Kinshasa in order
to resolve these matters without
further litigation.
The decision of the arbitrators
has been received in draft and
a finalisation and signature is
awaited.
Further information will be provided
when there is anything definite
to report.
---------------------------------------------
Other DRC interests The acquisition of a 58% interest
with a participating US partner
Cobalt in the historic high grade Kimono
cobalt project was announced on
27 June 2022.
Activity has been paused pending
the results of the Arbitration
(above).
---------------------------------------------
Elephant Oil Corporation RRR has c397,873 shares in Elephant
Oil Corporation, where a Form S-1/A
and a presentation have been filed
and are kept updated on the EDGAR
website of the Securities and Exchange
Commission under the stock code
ELEP. The intention of Elephant
is to list on a North American
Exchange. It had been expected
that this would have taken place
early in 2023, but clearly the
process is taking longer and RRR
will report further when it has
confirmation of a listing date
---------------------------------------------
Royalties The Company retains its royalty
on the El Limon gold mine in Colombia,
where following extensive refurbishment
and the start of production from
the Cordero mine earlier this year
a re-opening of the mill and a
resumption of royalty payments
are expected later in the year.
Other non-paying royalties include
the 0.75% (fully diluted) NSR royalty
over the Mt Ida iron ore asset
in Australia, now part of Juno
Minerals Ltd.
Royalties are held over the Australian,
Zimbabwean, Ivory Coast, Burkina
Faso, and Kenyan assets.
Juno Minerals notes in its presentation
of November 2022 that with 1.85
billion tons at 29.48% Fe, Mt Ida
is the most advanced magnetite
project in the Yilgarn, with potential
to become a long-life Tier 1 magnetite
mine.
---------------------------------------------
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 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
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END
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