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RRR Red Rock Resources Plc

0.0425
-0.005 (-10.53%)
Last Updated: 11:29:12
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Red Rock Resources Plc LSE:RRR London Ordinary Share GB00BYWKBV38 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.005 -10.53% 0.0425 0.04 0.045 0.0475 0.0425 0.0475 184,804,317 11:29:12
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Iron Ores 0 -2.67M -0.0011 -0.36 1.18M

Red Rock Resources plc Update on Burkina Faso, Australia and DRC

10/06/2024 1:48pm

RNS Non-Regulatory


RNS Number : 8339R
Red Rock Resources plc
10 June 2024
 

10 June 2024

Red Rock Resources PLC

("Red Rock", "RRR", or "the Company")

 

Update on Burkina Faso, Australia and DRC

Significant Results from Gold Drilling next to RRR's Australian Gold Assets

 

Red Rock Resources Plc, (AIM:RRR) ("Red Rock" or "the Company"), is a natural resource development company with interests in gold, base metals, battery metals, and hydrocarbons principally in Africa and Australia.

This release is an update further to that of 29th April 2024.

Key points:

·    Gold testing and production equipment loaded on container on way to sail for Burkina Faso

·    Preparation of operating sites continues at Bilbale and Boulon

·    Exceptional gold drill results from neighbouring area in Australia prompts plans for geochemistry and drilling

·    Long stop date for purchase option of minority interest in Australian asset extended to tomorrow

·    New Government appointment in DRC ends six month post-election hiatus with prospect of resolution of RRR claims

Burkina Faso: In the announcement of 29 April Red Rock noted that it was hoped to start operations at scale in early June, if no customs and other delays occurred. One key development since has been the significant recent rise in air freight rates, that has led to the decision to transport containers by sea. Although maritime container rates have also increased, this becomes the preferred option, and enables the Company to bring in extra equipment.

Simultaneously, initial earth moving and trucking equipment will be transported from Europe, with generators and other equipment. Target arrival times are early July, again subject to Government delays.   

RRR's team has been on the ground working on the preparation of accommodation, water wells, transportation and logistics, and dealing with the Government.

Australia: The Company has commissioned its Australian management team at Red Rock Australia Limited ("RRAL") to immediately start a geochemistry programme on its Kilmore Gold Project tenements just to the west of Southern Cross Gold Limited's (ASX: SXG)("SXG") Sunday Creek gold discovery in Victoria, Australia, in order to confirm and map the continuation onto RRR ground of the dyke being explored by SXG, and to develop drill targets.

SXG announced on 27 May 2024 that it has:

 

·    Drilled 473.0 grams per tonne ("g/t") Gold Over 0.5 Metres at Sunday Creek

·    Found multiple High-Grade Structures which extend Mineralisation

·    Plans for a 60km Drill Programme over the coming Year

 

*Refer to Southern Cross Gold Limited's ASX news Release dated 27 May 2024.

https://wcsecure.weblink.com.au/pdf/SXG/02810736.pdf

 

This news comes off the back of other very significant drill intercepts grading 455.3 metres at 7.2 grams per tonne of gold and 331.5m at 7.1 grams per tonne of gold amongst other high grade drill results.

 

The long stop date for completion of the purchase of the 49.9% of the Australian assets not already owned by RRR now expires tomorrow. The Company is working to meet the deadline and make a final assessment of the purchase. An announcement will be made on or after Wednesday 12th June 2024.

 

DRC: After the Presidential election at the end of last year, it has taken six months to put in place a leadership for the Assembly and a new Cabinet. During this period there has been stasis on all matters. RRR now anticipates being to take up where it left off just before the Election, and obtain the issuance of the arbitration award.

 

Andrew Bell, Red Rock Resources CEO, commented:

 

"Progress towards continuous operations in Burkina Faso continues satisfactorily. The scale of the logistics operation is considerable, and involves overcoming regulatory challenges at the points of both export and import. Further announcements will be made as we progress.

 

The astonishing gold results from Southern Cross Gold's Sunday Creek gold discovery has seen the company rise very quickly to a market capitalisation of nearly A$600 million, and SXG is beginning to attract international attention. These drill grades are associated with the same dyke that crosses out of SXG's ground to the west and is believed to run westward into Red Rock's ground. Recent research by our geologists uncovered small but high grade historic production at Donnybrook, which may be within this possible continuation of the dyke containing Sunday Creek.

 

SXG have raised a significant amount of money to drill 60,000 metres of drilling in 2024 and Red Rock would be missing an opportunity if it did not concurrently conduct the necessary geochemistry and other exploration to map the hypothesised dyke extension within our ground and identify and follow up any promising drill targets."

 

About Red Rock Australia Ltd (RRAL) Victorian Gold assets:

 

RRAL owns 2,281km2 of tenements in the Tier-1 gold jurisdiction in the Australian State of Victoria.

 

The Kilmore Gold Project lies to the west of Southern Cross Gold's Sunday Creek gold project. Refer to Figure 1 which shows RRAL's Kilmore tenements with respect to Sunday Creek and the important geological trends as currently estimated.

The Kilmore Project is situated on RRAL tenements EL007329 and EL007460 which were approved on the 23rd of March 2020 and 24th of July 2023 respectively, with a 5-year initial term. Combined the tenements cover 800km2 of prospective ground within the Melbourne zone of Central Victoria. The tenement package includes the towns of Wallan, Romsey and Lancefield.


http://www.rns-pdf.londonstockexchange.com/rns/8339R_1-2024-6-10.pdf

Figure 1: RRAL's Victorian gold tenements at Kilmore next to Southern Cross Gold Limited's Sunday Creek gold discovery.


The main geological feature at the project is the Heathcote fault, a large basement structure separating the Bendigo zone from the Melbourne zone. The fault has upthrust a large piece of metabasalt that forms the Mt William range running through EL007460, this area hosts known phosphate deposits and shows elevated base metal anomalism. The tenement package has seen almost no modern exploration for gold.

There are three gold fields within the project, the most notable being Donnybrook. This gold field had an approximate strike of 4km and an average grade of 142g/t Au.

Dyke swarms are mapped throughout both licences. In EL007329, RRAL geologists believe dyke structures are related to the Mt Disappointment Granodiorite and could be a related structure to what is currently being explored by Southern Cross Gold at their Sunday Creek project.

At Donnybrook, historic mines will need to be located, should this be possible in an area partially built up as suburbs of Melbourne, so that RRR can accurately target high grade structures.

Given the proximity to Sunday Creek, the dykes forming an interpreted ring structure around Mt Disappointment are of particular interest. RRAL geologists are now planning to commence a large-scale mapping and sampling campaign in search for Sunday Creek style mineralisation on Kilmore, with a view to drilling.

For further information, please contact:

Andrew Bell 0207 747 9990                                                     Chairman Red Rock Resources Plc

Bob Roberts 0203 8696081                                                      Broker Clear Capital Corporate Broking

 

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