Red Rock Resources plc Exploration Programme for copper and cobalt in DRC (2653E)
October 17 2018 - 1:00AM
UK Regulatory
TIDMRRR
RNS Number : 2653E
Red Rock Resources plc
17 October 2018
Red Rock Resources PLC
("Red Rock" or the "Company")
Exploration Programme for Copper and Cobalt in DRC
17 October 2018
Red Rock Resources Plc, the natural resource development company
with interests in gold, manganese and oil production, announces
commencement this week of a soil sampling programme on a license in
the Copperbelt in the south of the Democratic Republic of Congo
("DRC") near the Zambian border. The license is considered
prospective for copper and cobalt mineralisation, and was recently
acquired from a private seller.
80% of license PR13513 was acquired together with a nearby
license and a gold-prospective license in the northern DRC adjacent
to the licenses containing Randgold's Kibali mine, at a cost of
US$60,000. The balance of 20% of the licenses is retained by the
vendor, Congo Geologist Galaxy.
Following a visit to the license by the Company's consultant
geologist, indications of mineral sequences found in the Zambian
Copperbelt were identified, as well as interesting structural
features and evidence of copper mineralisation. This visit is being
followed up by a soil sampling programme on grids of 100m by 100m
and 100m by 200m in different parts of the license. The method used
is termite mound sampling (échantillonage termitière), which has
been found an effective tool for soil sampling in the DRC.
The programme seeks to test the hypothesis that copper and
cobalt mineralisation is present and has been concentrated by the
local geological structures.
The Company's local contractor, Minex Consulting SA, has
mobilised a 14 man team to the site and expects to complete a 17
day programme before the rainy season begins.
Elsewhere in the DRC, Red Rock continues to move towards
finalitisation of its joint venture with VUP, where it last updated
the market on 28th September.
Andrew Bell, Chairman, comments: "Our work in the Congo has
exposed us to a number of opportunities, at the time when setbacks
in the market and in cobalt and copper prices, combined with the
uncertainties related to the elections, had created a market more
favourable to buyers than for some time. The low entry cost of this
opportunity, and its mineral potential, made it worth taking."
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director 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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