Red Rock Resources PLC (AIM:RRR) updated the market on its interests in the Democratic Republic of Congo (DRC).
Results from drilling at the Galaxy (Luanshimba) project are being analysed. In addition the company continues to pursue a dispute settlement relating to the 50.1% owned VUP project.
The company said in a statement it obtained an order from the Commercial Court in Lubumbashi instructing its joint venture partner to pay US$2.5mln as a principal amount to Red Rock.
It also told investors that an audience has taken place in Lubumbashi at which the company's claim for interest and damages of US$11mln was heard. A judgment is expected to be given within eight days.
Red Rock, meanwhile, continues to investigate additional remedies that may be available to it in the Congo and elsewhere.
Chairman Andrew Bell said: “there has been no let-up in the pressure we are applying, with hearings on 22nd December 2021 and 5th January 2022.
“We advance step by step, rapidly, methodically, and on the best advice we can obtain. Every local judgement has been in our favour.
“We are glad to have received further vindication of our position in the Payment Order from the Court which we announce today, though as we note below there is a difference between getting a judgment and receiving funds.
“There has been a loss of opportunity for profit here, for which our shareholders deserve to be amply compensated and others deserve to be punished."
Drilling at Galaxy
In October, Red Rock announced the completion of its maiden drilling programme at the Luanshimba copper-cobalt project which is 80% owned by the company.
Red Rock said 2,469 metres of drilling was undertaken at three prospects - Kilembwe South, Kilembwe East, and Bukulu - in 29 holes at depths between 60 and 100 metres.
Some assays were available at that time and now all results have been received for the lab, and they are presently being analysed.
"We continue discussion on some potential co-operations, after activity wound down over the Christmas and New Year period, and await the final interpretation and analysis of the recently received drill results from our promising copper-cobalt project near Lubumbashi,” Bell added.