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Red Rock Resources makes progress at key assets in DRC and Kenya

Red Rock Resources said it expects the next phase from work on corporate issues to support its valuation

Red rock
The firm says it continues to strengthen its licences and assets

Red Rock Resources PLC (LON:RRR) has made recent progress with key assets in the Democratic Republic of Congo and Kenya.

In an update on its interests in Africa, the group said is planning a low-cost programme of geophysics and pitting at its Congo Galaxy joint venture to define mineralisation potential and decide drill targets.

At the end of 2018, initial results from exploration at the Luanshimba license at Congo Galaxy identified a 2km by 500m copper-cobalt anomaly and a 1.4km by 300m copper-cobalt anomaly.

WATCH: Red Rock Resources excited about potential of its battery metal assets

The company has also carried out work to assess the old drill core from previous exploration activity at its Musonoi joint venture asset, which is adjacent to Glencore's Katanga Mining assets.

The work was the first part of a process of validating the results from historic drilling in order to announce a JORC Resource.

Red Rock said these works are expected to continue in the coming quarter.

In Kenya, the group has settled legal proceedings for the restoration of its rights over gold assets and continues to engage with authorities and key stakeholders to finalise the matter.

"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,” said chairman Andrew Bell.

“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."   


Quick facts: Red Rock Resources PLC

Price: 0.401 GBX

Market: AIM
Market Cap: £2.71 m

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