REG - Red Rock Resources - Victoria Goldfields Australia - Update

Red Rock ResourcesAnnouncement

09/01/2023 11:00

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RNS Number : 0977M  Red Rock Resources plc  09 January 2023

9 January 2023

Red Rock Resources PLC

("Red Rock" or the "Company")

Victoria Goldfields Australia - Update

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 in relation to the tenement holdings and exploration
activity of the Company's Victoria Goldfields joint venture ("JV").

Andrew Bell, Chairman of Red Rock Resources Plc commented:

"Diamond drilling at the historic Berringa Gold Mine has restarted after the
Christmas break and the first hole is progressing well.

We also announce the grant of 3 further licence applications as well as rock
chip sampling results from the Dereel project which evidence the presence of
extensive, and sometimes high grade, gold mineralisation in the area.

Work continues and further updates will follow in due course."

HIGHLIGHTS:

Diamond Drilling - Berringa Gold Mine

On 13(th) December 2022, the Company announced the start of a 5 hole,
approximately 1,000m, diamond drilling programme at the historic Berringa Gold
Mine ("Berringa"). Drilling of the first hole (BE23D001), into the Birthday
South target (see announcement 13.12.22 for further information), paused on
23(rd) December 2022, for the holiday season at a downhole depth of 125.7m.

Drilling recommenced on 3(rd) January 2023, with BE23D001 as of end-day 5(th)
January 2023 at a downhole depth of 167m at which point the HQ (96 mm) drill
bit was replaced by an NQ (75.7 mm) bit. Drilling continues with an expected
final target depth of approximately 420m.

Grant of Exploration Licences

A further three exploration licences ("ELs") have now been granted including:

-      EL 7756: a 22km(2) area of Crown land within EL 7271, the
prominent EL south of Ballarat gold mine within the Ajax project containing
the old Monmouth and Happy Thought mines but where forest cover has limited
modern exploration.

-      EL 7799: a 3km(2) inlier of Crown land originally excluded from
licence EL 7327 within the Dereel Project. Investigations have identified the
Golden Reef (Dereel) mine as an active high grade mine at the turn of the last
century and the Crown land will improve access for a future drill programme.
The JV has gathered a number of  rock chip samples in the area.

-      EL 7826: a 4km(2) tenement enhancing the land position surrounding
Ballarat mine itself and covering potential areas for a southern extension of
the main Ballarat lode system known as Ballarat south within the Ajax project.

With the above now granted, seventeen EL grants have now been received from
the nineteen original applications. Table 1 below provides a full breakdown.

Rock Sampling Results

A rock chip sampling programme was successfully completed within the Dereel
project (EL 7799 & EL7327). The sampling campaign included the collection
of 24 rock samples. Extensive gold mineralisation was successfully identified
with 16 of the 24 samples returning gold assays >0.1g/t, including a
highlight result of 229g/t Au.

Table 2 below provides a breakdown of all rock sampling results.

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.

TABLE 1: LICENCE TABLES

The seventeen granted and one purchased licence (EL005535) cover high priority
areas, covering 1,867km(2) as outlined below.

 Licence Number              Project Name       Area (km(2))
 EL007271                    Buninyong          133

 EL007281                    Blue Chip          74

 EL007282                    Blue Sky           489

 EL007285                    Blue Ribbon        8

 EL007327                    Dereel             60
 EL007385                    Sardinia                              4
 EL007329                    Kilmore            484
 EL007301                    Pitfield/Mt. Bute  85
 EL007328                    Blue Yonder        164
 State land within EL007271

                             -                   9 

 EL007505
 State land within EL007271

                             -                   9 

 EL007506
 State land within EL007271

                             -                   8 

 EL007507
 EL007330                    Daylesford         202

 EL 007294                   Talbot             129

 
 EL 005535                   Berringa           9

                                                (228 net ha)
 EL007756                    Monmouth           22
 State land within EL007327  Dereel (2)          3 

EL007799
 EL007826                    Ballarat East      4

 Total                                          1,867

 

Licence Applications:

RRAL has applications in process for two other new gold exploration licence
areas, covering 467 km(2) in the Victoria Goldfields of Australia including:

 Licence Application Number   Project Name    Area (km(2))

 EL007540*                    Outer Ballarat  142

 (3 competing applications)

 EL007460                     Kilmore West    325

 TOTAL                                        467

 

*Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty
Ltd have put in competing applications the same day as RRAL for the ground
covered by EL007540. The application considered to have greatest merit will
eventually be given priority.

 

The following applications have also been made in Western Australia.

 EL45/5859  Paterson          227

 EL45/5885  Pilbara/Paterson  70

 

Table 2: ROCK CHIP SAMPLING RESULTS

Each sample below represents a 1kg sample which was pulverised and analysed
with an aqua regia digest (AAS finish).

 Sample ID  Tenement  Name    Easting   Northing  Gold (g/t)

 41514      EL007799  Dereel  743094.1  5809362   229
 41562      EL007327  Dereel  743239.5  5809050   1.67
 41513      EL007799  Dereel  743102.2  5809331   0.79
 41515      EL007799  Dereel  743095.4  5809397   0.39
 41560      EL007327  Dereel  743233.9  5809046   0.33
 41564      EL007327  Dereel  743248.8  5809037   0.3
 41561      EL007327  Dereel  743232.1  5809046   0.28
 41563      EL007327  Dereel  743252.6  5809041   0.15
 41565      EL007327  Dereel  743243.8  5809041   0.15
 41511      EL007799  Dereel  743110.2  5809315   0.08
 41516      EL007799  Dereel  743082.2  5809399   0.04
 41512      EL007799  Dereel  743108.7  5809318   0.02
 41566      EL007327  Dereel  743270.9  5809071   0.01
 41510      EL007799  Dereel  743119.2  5809285   0.01
 52525      EL007327  Dereel  743264.7  5809564   <0.04
 58299      EL007327  Dereel  743259    5809518   0.97
 58300      EL007327  Dereel  743262.8  5809508   0.21
 58523      EL007327  Dereel  743264.7  5809583   0.07
 58524      EL007327  Dereel  743267.8  5809572   0.1
 58526      EL007327  Dereel  743260.3  5809550   0.2
 58295B     EL007327  Dereel  743267.1  5809491   0.13
 58296B     EL007327  Dereel  743267.5  5809496   0.31
 58297B     EL007327  Dereel  743268.8  5809521   0.27
 58298B     EL007327  Dereel  743266.5  5809530   <0.04

 

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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