Red Rock Resources PLC (AIM:RRR) said it is expecting drilling results from six targets in three countries over the coming weeks.
It has already received the raw results from the laboratory from its drilling programme in the Congo while results from the Kenyan programme should arrive soon. Meanwhile, its joint venture with Power Metal Resources PLC (AIM:POW) in Australia is making good progress with its drilling activities, and the company is awaiting the full suite of results from the first target, where drilling has been completed.
“The results and analysis, which we shall announce as soon as we have them, will be key near-term milestones,” said Andrew Bell, the chairman of Red Rock.
“We also look forward to the slightly delayed listing of Elephant Oil Corporation, a group in which we have been a long-standing shareholder, in the US. We anticipate this may happen in the first quarter, and if it does it will be the first of a series of planned monetisation or value crystallisation events and a most important one.
“Moving to IPO with, or seeking partners for, some of Red Rock's other assets will also form part of this strategy which will be a strong focus in 2022,” Bell added.
Bell revealed that the company’s royalty interest in Mt Ida has had good news, with Juno Minerals indicating in its recent quarterly report that it intends to complete the feasibility study on the project.
“This new emphasis by Juno's management on Mt Ida and their recognition of its potential vindicates our consistent encouragement while represented on the board of Mt Ida's previous owner Jupiter Mines Ltd (ASX:JMS, OTC:JMXXF), of the concept of spinning out Jupiter's iron ore assets into a separate listing. The coming into production one day of Mt Ida would be a development of the first order for Red Rock,” Bell declared.