Red Rock Resources plc Asset review - current developments (4303T)
November 14 2023 - 9:03AM
UK Regulatory
TIDMRRR
RNS Number : 4303T
Red Rock Resources plc
14 November 2023
Red Rock Resources PLC
("Red Rock" or the "Company")
Asset Review - Current Developments
14 November 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.
The following is an update of key points only in relation to the
Company's assets and current developments. For a more comprehensive
summary of the Company's assets, the announcement of 8 March 2023
may be referred to.
Highlights :
o RRR expects the most important near-term developments to
be:
o Announcement of first shipments of Lithium Ore
o Release of arbitration result in the DRC
o An update on how to progress New Ballarat Gold Corporation
o RRR expects to initiate activity this month on its lead
Burkina Faso project with a view to possible short term production
of alluvial Gold
PROJECT 2023 UPDATE
Lithium Project, Zimbabwe RRR has been in a continuing process
with a local partner of assembling
a lithium portfolio by purchase
of old mining areas and by pegging
of prospective areas with evidence
of good grade lithium mineralisation.
Sampling has been carried out over
the areas of interest.
An Environmental Impact Assessment
("EIA") has been obtained over
the first production area.
Beaconing and environmental work
on other areas is in progress.
The Company has the first 200t
of spodumene lithium ore available
for shipping and expects to make
a further announcement shortly.
---------------------------------------------
Former Copper-Cobalt Joint Venture, The Company's 100% owned subsidiary
DRC 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 under appeal.
The buyer retains a further $15m
unpaid consideration pending determination
of an arbitration where RRR claims
$7.5m gross.
The release of the arbitration
result is now anticipated.
---------------------------------------------
New Ballarat Gold Corporation Plc 15 principal granted licences targeting
gold and 1 purchased licence, together
Gold: Victoria, Australia totalling 2,517 sq km, are held
around the historic mining centre
50.1% interest of Ballarat.
A further copper-prospective licence
of 500 sq km is now also held in
South Australia.
In 2022 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.
Three drill programmes have been
carried out over target areas,
and the results at the old Berringa
Mine were particularly promising.
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 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.
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 Company is preparing a new
exploration programme and has a
team scheduled to visit in the
next weeks to investigate the possibility
of fast-tracking into production
of the alluvial material.
---------------------------------------------
Mikei Gold Project Results of drilling of 20 Reverse
Circulation (RC) holes totalling
Western Kenya 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.
However the licences are due for
renewal this year, in the course
of which some ground has to be
dropped, and pending completion
of this process the only activity
being carried out is work on additional
EIAs, opening up new areas for
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 seven prospective areas, screened
from a long list, for gold exploration.
Subsidiary The first 344.5 sq km licence at
Djekanou has been granted, and
a further three in the same area
totalling 1,060 sq km are awaited.
---------------------------------------------
Elephant Oil Corporation RRR has 397,873 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 the process
is taking longer than expected
and the Company awaits definitive
news. RRR has a strongly positive
view of the assets.
---------------------------------------------
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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