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 7th 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 7th 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 7th
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.
