REG - Red Rock Resources - Grant of First Cote D'Ivoire Licence

Red Rock ResourcesAnnouncement

16/06/2023 15:00

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RNS Number : 0480D  Red Rock Resources plc  16 June 2023

Red Rock Resources Plc

("Red Rock" or the "Company")

 

Grant of First Côte d'Ivoire Licence

 

 

16 June 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 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 first licence to Red Rock subsidiary LacGold
Resources SARLU

·    Initial licence term of 4 years

·    Licence covers 344.5 sq Km in the department of Djekanou and nearby

·    This is one of four Red Rock applications totalling 1,404.86 sq km in
an area south of the capital, Yamoussoukro

·    Three more applications  licenses in the north of the country about
1,122.88 sq km

·    Total area covered by applications and permits in Cote d'Ivoire is
about 2,491.3 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: "The process of licence grant in Cote
d'Ivoire is methodical and not usually rapid. Our first two grants have been
in the final stage for some weeks, and we are glad to see that the Conseil des
Ministres has approved the decree of grant for Djekanou at its meeting on
15(th) June 2023.

 

This is a milestone event as our Cote d'Ivoire subsidiary now becomes active.

 

We will now complete a baseline study, introduce ourselves to the relevant
authorities, and start prospecting activity. We consider Djekanou and its
neighbours highly prospective for gold mineralisation and look forward to
beginning exploration with an initial MMI (mobile metal ion) programme over
the licence."

 

Further Information

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.

http://www.rns-pdf.londonstockexchange.com/rns/0480D_1-2023-6-16.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0480D_1-2023-6-16.pdf)

FIGURE ONE

Map: application locations and the main gold deposits in Côte d'Ivoire.

 

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.

http://www.rns-pdf.londonstockexchange.com/rns/0480D_2-2023-6-16.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0480D_2-2023-6-16.pdf)

 

FIGURE TWO

Map: the Djekanou licence.

 

GLOSSARY

 

Glossary

Diorite:             a coarse grained intrusive igneous rock, the
product of slow cooling.

Gneiss:             metamorphosed granite.

Granodiorite:    a coarse-grained intrusive igneous rock intermediate
between diorite and granite.

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.

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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