Red Rock Resources raises £160,000 via placing with high net worth investor
The company also announced it has appointed OvalX as its joint broker
Company
LON:RRR
Red Rock Resources PLC is a natural resource exploration and development company. The company manages a diverse portfolio of mining and oil and gas projects and investments around the world.
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The company also announced it has appointed OvalX as its joint broker
Red Rock has a diverse portfolio of exploration assets located in many jurisdictions around the world
Bell said the company continues its activities elsewhere, including a drilling campaign on two targets in Burkina Faso
"At these two major historic mines we have immediate potential for additional ounces,” said chairman Andrew Bell.
"Both mines have potential extensions that constitute substantial high-grade targets"
RRR paid $50,000 for 58% of KCCP with further payments of US$25,000 per quarter up to a total of $400,000
A total of three holes were drilled at the Mt. Bute Prospect
“We will, like other explorers, operate with limited financial resources but are confident in our ability to keep the business adequately funded,” said Red Rock chairman Andrew Bell
Drilling has paused at the O'Loughlin's and Mt Bute prospects to allow for the receipt of outstanding assays
It plans to release its results for the six months to end-December 2021 in the second half of April
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“This is very solid progress and a good result,” said chairman Andrew Bell
Cobalt was said to be extensively present, as well as some significant copper intersections
"The company is ... in the unusual position of expecting drilling results from six targets in three countries over the coming weeks," said company chairman Andrew Bell
Red Rock's joint venture partner has been ordered to pay further US$2mln
The Mikei programme was designed to test possible extensions of mineralised zones and to infill some possible gaps for resource estimation.
“Both licenses we believe to be of high quality, and Bilbale already looks an exceptional opportunity on every metric used in our screening, with a good prospect for discoveries."
“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," said chairman Andrew Bell.
Listings are also being planned for listings of Elephant Oil and New Ballarat Gold
The joint venture was also granted a new 489 km2 exploration licence in Victoria