Red Rock Resources, the natural resource development company with interests in gold, manganese and minerals, announces an update on its Central and Eastern Africa interests.
Democratic Republic of Congo
Red Rock Resources has carried out work identifying and assessing the old drill core from previous exploration activity at its Musonoi joint venture asset adjacent to Glencore’s Katanga Mining assets.
This work was the first part of a process of validating the results from historic drilling in order to bring the historic non-compliant resource to the modern disclosure standard so that the company can announce a JORC Resource.
These works are expected to continue in the coming quarter.
Of the $250,000 final payment to the project vendors upon completion of documentation, stated in the announcement of 19 December 2018 as expected to be payable early in 2019, $150,000 has been paid to date reflecting degree of accomplishment.
At the second joint venture, with Congo Galaxy, where initial results from exploration at the Luanshimba license, reported on 21 December 2018, identified a 2 km by 500 m copper-cobalt anomaly and a 1.4 km by 300 m copper-cobalt anomaly, the company is planning a low cost programme including ground geophysics and pitting to further define the mineralisation potential, and decide drill targets.
In the company’s interim results for the six months to 31 December 2018, released on 29 March 2019, it was noted that Red Rock continued to make progress with the restoration of its rights over its Kenyan gold assets, including a 1.2 Moz gold Resource, and on 22 October 2018 the company had been able to announce the settlement of legal proceedings after three years.
Finalisation of this matter was stated to be a key objective for the remaining part of the financial year ending June 2019. That has remained the case, and the Company daily engages with the authorities and key stakeholders in order to bring about the earliest possible result.
Red Rock Chairman Andrew Bell comments:
“Against the backdrop of continuing development of the battery metal story, and a stronger gold price, we continue to strengthen our licences and assets with a particular focus on our interests in the DRC and Kenya.
“Apart from our exploration activity, we expect support for our valuation in the next phase from our work on corporate issues such as the Kenyan licence restoration and co-operative ventures, as we look to establish Red Rock as a key sector player with a prominent African footprint.”