Red Rock Resources PLC (AIM:RRR, FRA:R2TA) said reverse circulation drilling at the Luanshimba copper-cobalt project in the Democratic Republic of Congo is now proceeding satisfactorily after slow initial progress.
So far at the project, which is operated by 80% owned subsidiary Red Rock Galaxy SA, 11 holes of 60m to 100m have so far been drilled in the 2,000 first phase.
This number may be extended, the company said, with cobalt-copper oxides including heterogenite having been encountered in 10 of the holes in zones starting at depths between approximately 19m and 70m.
Some 850km of samples are being prepared for laboratory assay in South Africa, with handheld XRF analysis indicating significant Cobalt grades in mylonitic units but needing laboratory confirmation.
Pyrite has also been encountered towards the bottom of some holes, indicating the possibility of sulphide mineralisation at depth.
Red Rock chairman Andrew Bell said: “Initial progress was slow but the drillers were able to replace the initial rig with a more powerful model, and drilling is now proceeding satisfactorily.
“Black oxide ores within the dolomites appear to host some copper and significant cobalt mineralisation, possibly related to a brecciated zone on the slopes of the west-dipping anticlinal structure.
“We look forward to receiving lab results, and are considering utilising the more powerful rig now on site to extend some holes to a 120-200m depth to test for copper sulphide mineralisation.”
Red Rock earlier put out a statement saying that a London initial public offer of Australian gold joint venture Red Rock Australasia could be on the cards.