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Red Rock Resources - Cobalt/Copper Joint Venture - Congo

RNS Number : 0533S
Red Rock Resources plc
06 March 2019
 

Red Rock Resources PLC

("Red Rock" or the "Company")

Cobalt/Copper Joint Venture - Congo

 

6 March 2019

Further to the announcement of 19 December 2018, Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and battery metals, announces developments in relation to its cobalt/copper joint venture (the "JV Project") in the Democratic Republic of Congo.

At a meeting with representatives of Vumilia Pendeza S.A. ("VUP") and Bring Minerals S.A.U. ("B.Min"), the joint venture partners, Red Rock Resources Congo S.A.U. ("RRRC"), a wholly owned local subsidiary of the Company, signed on Friday 2nd March 2019 the "Statutes of VUP Musonoi Mining SA" ("VMM S.A."), the joint venture company through which the JV Project will be pursued.

RRRC owns 50.1% of VMM S.A.

RRRC, VUP and B.Min also executed a "Joint Venture Contract relating to the exploitation of PEs no. 4962 (2 carrés), no. 2360 (4 carrés) and no. 663 (6 carrés) in the Provinces of Haut-Katanga and Lualaba", which formalises the relationship of the parties.

With the execution, notarisation, and registration of these documents the joint venture becomes fully effective.

 

Andrew Bell, Chairman of Red Rock, comments: "With the elections there having passed peacefully, we have again stepped up the pace in Congo and put in place the final documents allowing us to pursue the JV Project.

 

Musonoi, the central part of the old Musonoi superpit, of which Glencore's KOV mine represents the western part, abutting our western boundary, and the same company's T17 mine represents the eastern part, adjoining us to the east, is our immediate focus.

 

This exceptionally prospective tenement, of which at this early stage the obvious size and grade comparator appears to be Nzuri Copper's Kalongwe project, currently under offer, has the potential to have a transformative impact on Red Rock." 

 

Information on Musonoi: The Musonoi tenement lies south of Kolwezi in an area of historically important copper and cobalt mining. It was drilled in the 1930s and 1940s seeking oxide ore with a cut-off grade of 2.5% copper. Production took place down to a maximum depth of 105m, and the pit was partially backfilled after production ceased.

 

The principal hypotheses on which Red Rock is working are that (a) high grade ore evidenced by earlier drilling but not within the known pit outline remains in place, (b) additional ore may be delineated in sulphides and at a lower cut-off grade (c) a potential lower orebody exists associated with the Kamoto dolomite horizon that was not encountered in previous shallow drilling of the central part of the license.   

 

 

 

 

 

 

Table 1: Musonoi location south of Kolwezi http://www.rns-pdf.londonstockexchange.com/rns/0533S_1-2019-3-6.pdf

 

Table 2: Old drilling (83 holes, 83 Drillholes completed, 13,054.3m, 9 X-sections, 100m x 50m drill grid, oxide mineralisation targeted). http://www.rns-pdf.londonstockexchange.com/rns/0533S_2-2019-3-6.pdf

 

Image 3: 3D model showing in situ ore in purple (FSSR + FNSR + North Ridge) lying outside mine outline (shown in brown) http://www.rns-pdf.londonstockexchange.com/rns/0533S_3-2019-3-6.pdf

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

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                                                           

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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