Red Rock Resources plc Update of Major Interests - Follow Up

RNS Number : 0812L

Red Rock Resources plc

06 November 2024

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Update of Major Interests - Follow Up

 

6 November 2024

 

Red Rock Resources Plc, ("Red Rock" or "the Company"), the natural resource exploration and development company with interests in gold, base metals, battery metals, and hydrocarbons principally in Africa and Australia announces an update in relation to the three near term expected developments noted by the Company in its announcement of 7^th October 2024, when it stated:

"Red Rock expects the most important near-term developments to be:

o  Gold production in Burkina Faso

o  Release of arbitration result in the DRC

o  Further updates on New Ballarat Gold Corporation"

Red Rock Chairman Andrew Bell comments that: "As anticipated, we begin November with mobilisation to site in Burkina Faso. In the DRC we anticipate the final arbitration meeting possibly this week, and progress with other discussions is as noted, with site visits planned within days. Not all the progress merits separate announcement, but we consider that we are in a solid and improving position.

In Australia, the limited sampling on private ground we have carried out in the Kilmore licence in the Melbourne Zone near Southern Cross' Sunday Creek gold-antimony discovery has not yet identified strong anomalism. However, south of Ballarat in the Bendigo Zone to the west of Kilmore, we have identified the possibility of a new gold discovery with potential for accessory antimony at our drilled prospect at O'Loughlin's. The anomalies identified, though minor at this stage, extend over an area comparable to the nearby Ballarat gold mine. ]. Given the location and land access, and only 20 km from the existing Ballarat gold mine plant, this is a significant development."

Burkina Faso: Greypoint International is operating on time and on budget, following the "Quick-start" Project path projected in the Company's announcement of 7^th October 2024 (where further detail may be found). Some 16 days of October were spent sourcing equipment for prospecting and small scale gold production on the Company's behalf. The first batch of equipment has been invoiced to and paid by the Company, including a Niton XL2 980 Plus analyser and stand for X-ray fluorescence measurement, as well as a furnace, concentrator, pump, generator, piping, parts and consumables, and is being organised to arrive locally by air together with the "Quick-start" Project Manager this week.   

Further equipment and six month's spares and supplies is expected to be despatched to arrive mid- to late-January, allowing the operations to be stepped up.

The Company expects to meet the timing targets set out in the announcement of 7^th October 2027.

DRC: Red Rock spent two weeks In Kinshasa in the course of October working to conclude the pending arbitration and meeting with Governmental agencies to discuss a major and potentially cash-generative joint venture project. A framework agreement for co-operation on this latter was signed with our longstanding partner and representative Mr Patrick Tuseku Tshianu, the principal of Koto DRC SARL.

New Ballarat Gold Corporation (Australian gold assets):

Extensive coincident antimony and arsenic soil anomalism is confirmed at O'Loughlin's gold project south of Ballarat in Australia.

The Company is pleased to report significant antimony and arsenic anomalism has been detected in soil and rock chip geochemistry at its advanced O'Loughlin's gold project, south of Ballarat, Victoria, Australia. The anomaly is supported in both soil sampling and multielement of drill core as antimony generally three standard deviations above background (Figure 1). The highest response from Sb coincided with the drilling program from 2022.

http://www.rns-pdf.londonstockexchange.com/rns/0812L_1-2024-11-5.pdf

Figure 1 As and Sb anomaly at O'Loughlins

The strong association of gold with arsenic has been well understood from historical mining in the Ballarat region, however this recent discovery of anomalous antimony   is new. The discovery opens the possibility that gold mineralisation identified at O'Loughlin may have a different genesis to the orogenic gold mined at Ballarat and Bendigo.  The Red Rock technical team now considers the age of mineralisation to be similar to the deposit styles of Fosterville^[1] or Sunday Creek^[2] rather than the more traditional   Ballarat- Bendigo style of the region. 

In 2022, five shallow diamond core drill holes were completed by Red Rock under these workings.   A mineralised structure was intersected with spur veins returning a maximum interval of 0.4m @ 12.34g/t Au despite significant core losses due to broken and rubbly ground^[3]. Current geological interpretation expects the mineralised structure will enrich in gold and antimony at depth on intersecting hinge folds. (Figure 2)

http://www.rns-pdf.londonstockexchange.com/rns/0812L_2-2024-11-5.pdf

Figure 2 Cross section Interpretation of O'Loughlins

Future exploration will now be directed towards better defining the key structures of the area at surface, particularly the fold hinges including plunge and from this a more targeted drill programme will be recommended.

 About O'Loughlin's

Originally identified by CRA in 1980's as a significant exploration target, little follow up work has been undertaken prior to Red Rock's strategic licence acquisition^[4]. Initial field mapping and soil sampling by Red Rock supported CRA's target potential and in 2022 the company drilled five shallow holes intersecting a mineralised structure. Further work was completed to better target the potential for enrichment given the significant size of the arsenic anomaly. With the strength of the antimony price in the market O'Loughlin's demonstrates a potential for both gold and antimony mineralisation once the structure is enriched.

About Red Rock gold projects in Victoria

In addition to the recent exploration success at O'Loughlin's, Red Rock has two "ready to drill" brownfields exploration plays in Berringa^[5] and Ajax^[6]. These projects have a combined exploration target size of over 1mil ounces. Additionally, over 10 other projects in the tenement package are ready to advance to the next stage^[7].

QUALIFIED PERSON STATEMENT

The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and a Consultant to Red Rock Australasia Pty Limited. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM."

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

For further information, please contact:

Andrew Bell 0207 747 9990                                                           Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396           NOMAD Beaumont Cornish Limited

Bob Roberts 0203 8696081                                                              Broker Clear Capital Corporate Broking

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

                                                             

 

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[1] https://www.agnicoeagle.com/English/operations/operations/Fosterville-Gold-Mine/default.aspx

[2] https://www.southerncrossgold.com.au

[3] Red Rock Resources Release 12 April 2022

[4] https://www.rrrplc.com/projects-and-investments/gold/red-rock-australasia/ N1-43-101

[5] Final Technical Report Berringa Gold Project MIN 4191 Oct 2014. J Fothergill Balmaine Gold Pty Ltd

[6] Red Rock Release 1^st Aug 2022

[7] https://www.rrrplc.com/projects-and-investments/gold/red-rock-australasia/

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