REG - Red Rock Resources - Victoria Goldfields, Australia - drilling update

Red Rock ResourcesAnnouncement

15/03/2023 12:15

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RNS Number : 0891T  Red Rock Resources plc  15 March 2023

   15 March 2023

Red Rock Resources PLC

("Red Rock" or the "Company")

Victoria Goldfields Australia - Drilling Update

Drilling Programme Complete; Visible Gold Intersected in 4 of 6 Holes and
Significant Quartz Vein Intercept in the Final Hole

Red Rock Resources Plc (LON:RRR), a natural resource development company with
interests in gold and base metals, principally in Africa and Australia,
announces an update from the Company's Berringa Gold Mine Project ("Berringa"
or the "Project"), which forms part of the Victorian Goldfields joint-venture
("JV") located in Victoria, Australia.

A progress update RNS was announced on 16 February 2023 which announced the
completion of three diamond drill holes, with all holes completed thus far
encountering visible gold:

BACKGROUND:

-      The diamond drill programme was designed to test three priority
targets at Berringa which is a former high-grade producing gold mine in the
Victoria Goldfields. The programme began in December 2022 and is now complete.
 

 

-      The programme aimed to test for the down dip and along strike
extensions of previously mined gold mineralised zones and to improve the
structural understanding of the deposit area.

HIGHLIGHTS:

-      The drilling has now completed, with a total of six diamond
drillholes totalling  988 metres.

 

-      The majority of drill core samples are currently undergoing assay
testing at an accredited laboratory in Ballarat. The remaining samples will be
delivered to the laboratory within the week with final results expected later
this month.

 

-      Four of the six drill holes completed as part of this programme
encountered visible gold.

 

-      In the final hole drilled, visible gold was encountered within a
circa  30-metre-wide quartz vein which is located approximately 100 metres
east of the main Berringa line of workings This represents a significantly
large quartz vein intercept and it indicates the likely existence of the
eastern and parallel trend of gold mineralisation.

 

-      Due to ground conditions, drilling terminated whilst still in the
quartz veining.

 

Andrew Bell, Chairman of Red Rock Resources Plc commented:

"The drill programme and in particular the announcement of drill results has
taken slightly longer than initially anticipated, and we therefore thought it
appropriate to update the market on progress.

The drill campaign at Berringa is now complete. Four out of the six drill
holes encountered visible gold. Visible gold identified included an occurrence
within the 30-metre-wide mineralised quartz vein traversed in the final hole
completed, which ended before exiting the quartz.

With gold coming into focus as geopolitical, economic, and financial events
unfold around the world, we look forward to announcing further results from
this promising drill programme as laboratory results are received."

JOINT VENTURE STRUCTURE

The joint venture is held through New Ballarat Gold Corporation PLC ("NBGC"),
which is focused on the prolific Victoria Goldfields of Australia. The JV is
between Red Rock (50.1%) and its partner London-listed Power Metal Resources
Plc (49.9%) (together the "JV Partners").

NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia
Pty Ltd ("RRAL") which holds a strong land position comprising seventeen
granted exploration licences and one purchased licence for a total area of
1,867km(2) within the gold fields of Victoria, Australia, principally
surrounding the mining centre of Ballarat, Australia.

In addition, 2 licences covering 467km(2) await grant. The JV has carefully
assembled its portfolio of properties comprising a broad range from robust
exploration targets to near term resource potential, all of which remain
largely undeveloped by modern explorers.

The JV Partners have the intention of listing the JV company NBGC and will
make further announcements as appropriate.

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 the
Executive Officer and Exploration Manager of RRAL. 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 visit www.rrrplc.com (http://www.rrrplc.com/)
 or 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

 

NOTE TO EDITORS

Red Rock Resources plc - Background

Red Rock Resources plc (LON:RRR) is an AIM listed metals exploration company
focused on gold, copper and battery metals and principally active in Africa
and Australia. It has historically been involved with production as well as
exploration, having brought a historic gold mine back into production in
Colombia and participated in the development to production of a major open pit
manganese mine in South Africa.

The Company currently has gold exploration projects in Kenya, West Africa and
Australia, copper/cobalt exploration in Congo, and lithium exploration in
Zimbabwe.

 

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