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Update on Central and Eastern African Investments

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RNS Number : 6440D
Red Rock Resources plc
27 June 2019
 

Red Rock Resources PLC

("Red Rock" or the "Company")

Update on Central and Eastern Africa Interests

 

27 June 2019

 

Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and minerals, announces an update on its Central and Eastern Africa interests.

Democratic Republic of Congo

The Company has carried out work identifying and assessing the old drill core from previous exploration activity at its Musonoi joint venture asset adjacent to Glencore's Katanga Mining assets. This work was the first part of a process of validating the results from historic drilling in order to bring the historic non-compliant resource to the modern disclosure standard so that the Company can announce a JORC Resource (a Resource compliant with the standards established by the Australasian Joint Ore Reserves Committee under the JORC Code 2012).

These works are expected to continue in the coming quarter.

Of the $250,000 final payment to the project vendors upon completion of documentation, stated in the announcement of 19 December 2018 as expected to be payable early in 2019, $150,000 has been paid to date reflecting degree of accomplishment.

At the second joint venture, with Congo Galaxy, where initial results from exploration at the Luanshimba license, reported on 21 December 2018, identified a 2 km by 500m copper-cobalt anomaly and a 1.4 km by 300m copper-cobalt anomaly, the Company is planning a low cost programme including ground geophysics and pitting to further define the mineralisation potential, and decide drill targets.

Kenya

In the Company's interim results for the six months to 31 December 2018, released on 29 March 2019, it was noted that Red Rock continued to make progress with the restoration of its rights over its Kenyan gold assets, including a 1.2m oz gold Resource, and on 22 October 2018 the Company had been able to announce the settlement of legal proceedings after three years.

Finalisation of this matter was stated to be a key objective for the remaining part of the financial year ending June 2019. That has remained the case, and the Company daily engages with the authorities and key stakeholders in order to bring about the earliest possible result. 

Note: There are no updates to the comments made in the interim results relating to the Company's investments in Elephant Oil Ltd, where a farm-in by United Oil and Gas was announced on 11 March 2019, and Amulet Diamond Corporation, where a writedown of the carrying value may become necessary.

Red Rock Chairman Andrew Bell comments: "Against the backdrop of continuing development of the battery metal story, and a stronger gold price, we continue to strengthen our licences and assets with a particular focus on our interests in the DRC and Kenya.

Apart from our exploration activity, we expect support for our valuation in the next phase from our work on corporate issues such as the Kenyan licence restoration and co-operative ventures, as we look to establish Red Rock as a key sector player with a prominent African footprint."   

 

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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Price: 0.42

Market: AIM
Market Cap: £2.84 m
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