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Red Rock Resources acquires new Slovak silver-gold project

Red Rock has a diverse portfolio of assets spread around the world

Red Rock Resources PLC -

Red Rock Resources PLC (LON:RRR) has entered into an option agreement involving former gold and silver mining and exploration assets at Zlata Bana, Slovakia.

The vendors of the assets are Lubomir Konkol and his associated parties including Zdarboh n.o, a non-profit company.

WATCH: Red Rock Resources' Andrew Bell updates on licensing and progress from the DRC

The assets include a licence covering an area which contains old gold mines and a number of mineral-bearing veins mapped at surface, as well as land and buildings.

Red Rock has paid €10,000 paid for a due diligence period that will last to September 21, 2020. It has also made a payment of €23,000 in order to acquire a 50% interest in the Zlata Bana licence, covering an area of approximately 12 square kilometres.

Upon exercise of the option, Red Rock would acquire a 50% interest in the other assets, including interests in land and buildings, vehicles, and mining equipment, a permit over a mineral stockpile, and mining information and data.

The consideration for exercise of the option will be the issue €250,000 of Red Rock shares.

A further issue of €100,000 of Red Rock shares would occur upon completion of the process of transfer.

A joint venture will be established between Red Rock and Konkol.

"This is an exciting potential addition to Red Rock's silver-gold pipeline and balances the portfolio in terms of risk and geographic spread,” Red Rock chairman Andrew Bell said in a statement.

“The porphyry and other gold deposits of Eastern Europe have not generally undergone systematic modern exploration, and the historic mining centre of Zlata Bana in eastern Slovakia, last mined in the 1970s, is a case in point. The company's management has known this licence since owning it as part of a Slovak license portfolio from 2004 to 2006.”

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