Red Rock Resources plc Update on Central and Eastern African Investments (6440D)
June 27 2019 - 4:54AM
UK Regulatory
TIDMRRR
RNS Number : 6440D
Red Rock Resources plc
27 June 2019
Red Rock Resources PLC
("Red Rock" or the "Company")
Update on Central and Eastern Africa Interests
27 June 2019
Red Rock Resources Plc, the natural resource development company
with interests in gold, manganese and minerals, announces an update
on its Central and Eastern Africa interests.
Democratic Republic of Congo
The Company has carried out work identifying and assessing the
old drill core from previous exploration activity at its Musonoi
joint venture asset adjacent to Glencore's Katanga Mining assets.
This work was the first part of a process of validating the results
from historic drilling in order to bring the historic non-compliant
resource to the modern disclosure standard so that the Company can
announce a JORC Resource (a Resource compliant with the standards
established by the Australasian Joint Ore Reserves Committee under
the JORC Code 2012).
These works are expected to continue in the coming quarter.
Of the $250,000 final payment to the project vendors upon
completion of documentation, stated in the announcement of 19
December 2018 as expected to be payable early in 2019, $150,000 has
been paid to date reflecting degree of accomplishment.
At the second joint venture, with Congo Galaxy, where initial
results from exploration at the Luanshimba license, reported on 21
December 2018, identified a 2 km by 500m copper-cobalt anomaly and
a 1.4 km by 300m copper-cobalt anomaly, the Company is planning a
low cost programme including ground geophysics and pitting to
further define the mineralisation potential, and decide drill
targets.
Kenya
In the Company's interim results for the six months to 31
December 2018, released on 29 March 2019, it was noted that Red
Rock continued to make progress with the restoration of its rights
over its Kenyan gold assets, including a 1.2m oz gold Resource, and
on 22 October 2018 the Company had been able to announce the
settlement of legal proceedings after three years.
Finalisation of this matter was stated to be a key objective for
the remaining part of the financial year ending June 2019. That has
remained the case, and the Company daily engages with the
authorities and key stakeholders in order to bring about the
earliest possible result.
Note: There are no updates to the comments made in the interim
results relating to the Company's investments in Elephant Oil Ltd,
where a farm-in by United Oil and Gas was announced on 11 March
2019, and Amulet Diamond Corporation, where a writedown of the
carrying value may become necessary.
Red Rock Chairman Andrew Bell comments: "Against the backdrop of
continuing development of the battery metal story, and a stronger
gold price, we continue to strengthen our licences and assets with
a particular focus on our interests in the DRC and Kenya.
Apart from our exploration activity, we expect support for our
valuation in the next phase from our work on corporate issues such
as the Kenyan licence restoration and co-operative ventures, as we
look to establish Red Rock as a key sector player with a prominent
African footprint."
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited
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END
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