REG - Red Rock Resources - Update of Major Interests - Follow Up

Red Rock ResourcesAnnouncement

06/11/2024 07:00

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RNS Number : 0812L  Red Rock Resources plc  06 November 2024

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 7(th) 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 7(th) 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
7(th) 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
(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
(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.

 

 
 

 

 1 
https://www.agnicoeagle.com/English/operations/operations/Fosterville-Gold-Mine/default.aspx

 2  https://www.southerncrossgold.com.au

 3  Red Rock Resources Release 12 April 2022

 4  https://www.rrrplc.com/projects-and-investments/gold/red-rock-australasia/
(https://www.rrrplc.com/projects-and-investments/gold/red-rock-australasia/)
N1-43-101

 5  Final Technical Report Berringa Gold Project MIN 4191 Oct 2014. J
Fothergill Balmaine Gold Pty Ltd

 6  Red Rock Release 1(st) Aug 2022

 7  https://www.rrrplc.com/projects-and-investments/gold/red-rock-australasia/

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