Proactive Investors - Run By Investors For Investors

Red Rock Resources unveils maiden iron resource in Greenland

Red Rock Resources unveils maiden iron resource in Greenland

Red Rock Resources (LON:RRR) has unveiled a 67mln tonne maiden iron ore resource for the Havik East area of the Melville Bugt project in Greenland.

The 67mln tonne resource has an iron grade of 31.4% and is defined within an optimised whittle pit shell. Additionally, Red Rock says initial metallurgical testing yielded a high grade concentrate averaging 70% iron.

Red Rock’s work has also identified twelve exploration targets potentially hosting between 158 to 474mln tonnes, with estimated grades of 27 to 47%.

"It is a remarkable achievement to have gone into this virgin area and developed a resource in two field seasons, and simultaneously sample, map and test the area, besides establishing a substantial camp and facilities,” said chairman Andrew Bell.

“Inevitably there is much we have still to do, in particular to access and test our best haematite target and to find further haematite targets, since our geophysical magnetic data is no help in this.”

A majority stake in the Melville Bugt project is currently in the process of being sold to an industry partner.

The deal, which was agreed last month, will see Red Rock’s stake in the project reduce to between 14% and 29%, and it will be due a payment of $10.7mln to $16.1mln. The amount of project equity the company actually sells will depend on the level of acceptances among the other venture partners.

View full RRR profile View Profile

Red Rock Resources PLC Timeline

Related Articles

1553176178_Kwale---workers.jpg
March 21 2019
Base Resources is now debt free, with revenue on the rise and a new project advancing well
project area
February 06 2019
Drilling to improve the JORC classification and extend the current resource will start this quarter.
A gold pour
February 26 2019
Metalla aims to leverage precious metal exposure by acquiring royalties and streams to build value for shareholders

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use