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RNS Number : 8266U
Red Rock Resources plc
28 November 2023
Red Rock Resources Plc
("Red Rock" or the "Company")
West African Gold Licenses - Update
28 November 2023
Red Rock Resources Plc, the natural resource exploration and
Development Company with interests in gold, copper, cobalt, lithium
and other minerals, announces an update to the announcements of
16(th) June 2023, 8(th) March 2023 and 18(th) October 2021 in
relation to the Company's operations in Côte d'Ivoire.
Key points:
-- Decree issued granting second licence to Red Rock subsidiary LacGold Resources SARLU
-- Initial licence term of 4 years
-- Licence covers 380.94 sq Km in the departments of Yamoussoukro and others
-- One of four Red Rock applications totalling 1,404.86 sq km in
an area south of the capital, Yamoussoukro
-- Granted licences now total 725.44 sq km of prospective gold ground
-- Three more applications licenses in the north of the country about 1,122.88 sq km
-- Each application is located on a known regional shear zone where gold mines are operating
-- Each application has significant artisanal mining occurring within and around it
Red Rock Chairman Andrew Bell comments : "With the grant of a
second licence yesterday we now have critical mass in our licence
application areas in the gold province centred around
Yamoussoukro.
We regard the granted licences, and those still in process of
grant, as being licences with good gold potential. We have already
received an expression of interest from a company wishing to
discuss co-operation or a transaction, and expect further
interest.
The Government expects expenditure averaging some $280,000 p.a.
over a four year period. We have already incurred some $65,000 of
costs, and expect to carry out a modest first year programme
focussed on examining opportunities for an early move into
production. Should opportunities arise for accelerating development
or increasing the scale of operations, a variety of funding options
are under consideration.."
Further Information on granted projects in Côte d'Ivoire. This
information can all be found in previous announcements, and is set
out here for convenience. Previous announcements also include
information on licences still under application.
FIGURE ONE
Map: application locations and the main gold deposits in Côte
d'Ivoire.
The information below has been previously released. Further
information on Yamoussoukro following a detailed review and visit
will be assembled and released shortly.
The Yamoussoukro project is located 245 Km North of Abidjan,
covering an area of 380.94 km2. The project is roughly 10 kms
Northwest of Yamoussoukro and parallel to the Bandama river's
Kossou Lake. The project is 12 kms Northeast of the Yaouré gold
mine and on the same Northeast trending shear zone. The Yaouré gold
deposit is hosted by Palaeoproterozoic basaltic rocks with
intrusions of granodiorite and lesser feldspar, quartz-feldspar and
hornblende porphyry dykes.
All the three main groups of Northwest structures delineated in
the Yaoure gold mine crosscut the Yamoussoukro project.
The Yaouré project area lies within the Eastern half of the
informally named Bouaflé Greenstone Belt in central Côte d'Ivoire.
The belt is a NNE-trending assemblage of Palaeoproterozoic
volcanic, sedimentary and intrusive rocks of the Birimian
Supergroup. Rock types in the Yaouré district are, for the most
part, mafic volcanic rocks with minor chert, turbiditic
metasedimentary rocks and a fluvio-deltaic formation. The
flysch-like turbiditic metasediments consist of sandstone to
argillite with graphitic and conglomerate horizons. The
fluvio-deltaic formation consists of sandstone, conglomerate, and
argillite. The volcano-sedimentary rocks were intruded by
tonalite-trondhjemite-granodiorite (TTG) type plutonic rocks and
undifferentiated granitoids. Mafic to ultramafic complexes are also
found in the Yaouré district.
Two gold occurrences and one alluvial gold occurrence are
located on the concession.
The Djekanou-Taabo project, located 148 Km North from Abidjan.
The project is 21 km Northeast of the Agbaou Gold mine and 20 km
East of the Bonikro, Dougbafla and Hiré gold mines. The
Bonikro-Hiré projects sit on the Southern part of the Oumé-Fetékro
Granite Greenstone Belts. The Djekanou-Taabo project is located
between the Fetekro Greenstone Belt and the North-South Dimbokro
faults.
Intrusive host rocks at Hiré and Bonikro gold mines have been
dated at 2180+/- 6Ma and +/- 4Ma (U-Pb on Zircon), respectively.
These plutonic bodies acted as favourable sites for fluid flow due
to their brittle rheological characteristics.
The base formations of gneiss and volcano-sedimentary rocks were
intruded by tonalite-trondhjemite-granodiorite (TTG) type plutonic
rocks and undifferentiated granitoids. The Bonikro and Hiré gold
mines are a part of this granodiorite with NE shear zones similar
to the local NE shear zones seen at the Djekanou-Taabo project. The
project covers an area of 345 sq Km.
Regional soil sampling (on a 800m x100m grid) carried out in
2005 by a previous company, showed regional geochemical anomalies
with:
-- 1Km long up to 12 parts per billion surface gold ("ppb");
-- 1.2Km long up to 12 ppb surface gold;
-- Peak values returned of 1236 ppb.
3.5 kms to the North of the project, an area has been defined as
a small-scale mining zone where intensive illegal and
semi-industrial gold mines are targeting quartz veins hosted in
diorite and granodiorite with a general strike of North-South.
GLOSSARY
Glossary
Diorite: a coarse grained intrusive igneous rock, the product of slow cooling.
Flysch: a sequence of sedimentary rock layers that progress from
deep-water and turbidity flow deposits to shallow-water shales and
sandstones.
Gneiss: metamorphosed granite.
Hornblende: a group name for aluminous ultramafic rocks of generally dark appearance
Granodiorite: a coarse-grained intrusive igneous rock
intermediate between diorite and granite.
Mafic: magnesium or iron-rich igneous rocks containing some silicates.
Paleoproterozoic: the period 2.5-1.6 Ga, the first Era of the
Proterozoic Eon; period where the continents began to
stabilise.
Rheology: the science of the deformation of matter.
Tonalite-trondhjemite-granodiorite rocks or TTG rocks: intrusive
rocks with typical granitic composition (quartz and feldspar) but
containing only a small portion of potassium feldspar.
Turbidite: sedimentary rock composed of layered particles that
grade upward from coarser to finer sizes and so are thought to have
originated from ocean currents.
Ultramafic: metamorphosed mantle rocks with very low silica content.
This technical information in this announcement has been
compiled by the Company's consultant in Côte d'Ivoire, M. Koffi
Gbamele, a Member of the E-SGA and an Associate of the Australasian
Institute of Mining and Metallurgy (AusIMM). M Gbamele 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.
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
Jason Robertson 0207 374 2212 Broker First Equity Limited
Bob Roberts 0203 8696081 Joint Broker Clear Capital Corporate
Broking
This announcement contains inside information for the purposes
of Article 7 of Regulation 2014/596/EU, which is part of domestic
UK law pursuant to the Market Abuse (Amendment) (EU Exit)
regulations (SI 2019/310) and is disclosed in accordance with the
Company's obligations under Article 17.
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END
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