TIDMRRR
Red Rock Resources plc
16 November 2021
Red Rock Resources PLC
("Red Rock" or the "Company")
Summary of Gold Exposure
16 November 2021
Red Rock Resources Plc, the natural resource development company
with interests in gold, copper/cobalt, and other minerals,
summarises the exposure to gold which runs through its
portfolio.
Highlights
-- A JORC Indicated and Inferred Resource of 15.13 Mt @ 1.49 g/t
Au with contained metal content of 723 koz in greenstones in
Western license, Kenya
-- New exploration targets identified by recent work in Eastern license, Kenya
-- Significant new target zone identified in Western license, Kenya
-- A tailings deposit containing 68koz Au @ 1.7g/t Au in Kenya
-- A gold royalty over the producing El Limon mine in Colombia
-- 50.01% of Red Rock Australasia Pty Ltd, which is preparing to list its Victoria gold assets
-- Royalties over the Company's gold interests
-- A new gold exploration subsidiary in the greenstone belt of the Côte d'Ivoire
-- A new gold exploration subsidiary in the greenstone belt of Burkina Faso
Diagram: Gold assets of Red Rock Resources PLC [INSERT FIGURE
1]
Red Rock Chairman Andrew Bell comments : "After reaching highs
above $2000/oz in late Summer 2020, Gold has underperformed most
other asset classes since, as it came back to consolidate around
its breakout levels. There are now signs, with the better
performance in the last month, that it is breaking this downtrend,
in which case it may reach or exceed last year's highs in the next
months. We have some confidence that fundamentals can support it at
or around current levels.
Since the larger part of the Company's interests are in gold,
this is an appropriate moment to set out Red Rock's gold exposure
across its projects, noting that the Company's gold interests in
the African Greenstone Belts have recently extended with the
submission of five license applications in the Côte d'Ivoire and
the setting up of an operational subsidiary in Burkina Faso.
Except in Australia, the projects are 100% beneficially owned by
Red Rock.
In the course of my recent visit, the manager of our Côte
d'Ivoire subsidiary revisited Djekanou with me and we have
confirmed the prospectivity of this application area which we
expect to be one of the first granted. As many as three of the
applications are over ground we know well and where we can proceed
to exploration with some confidence.
Our choices in Burkina Faso have also been carefully assessed.
Our criterion for selection in both countries has been to ask
ourselves the question: "would the initial selection of assets form
an entity listable in its own right?"
The tenor of discoveries and new mines in West Africa has
exceeded the global average, reflecting the immaturity of
exploration as well as the gold endowment.
It is a great pleasure to us that, with Cluff no longer present,
we are, as we return, the only listed British exploration company
with a permanent presence in these countries. For so prospective a
territory, this is truly extraordinary. We can operate with
confidence because of the high standard of professional formation
of the technocrats and Ministers with whom we deal, and the
excellent local teams of geologists, including our London-based
data manager, a Burkinabe born in Côte d'Ivoire.
Elsewhere in Africa, we continue our drill programme and
geophysics in Kenya, with the three aims of infilling to increase
Resource grade, size, and category, and of defining Resource in new
areas, and of identifying new targets. We are confident that we can
do all three, including building Resource ounces in the areas of
our Eastern license highlighted by our ground geophysics
programmes. Our geophysics is more or less continuous now that we
have our own magnetics and IP (induced polarisation) equipment.
We continue to work on permitting the tailings project in Kenya
and we monitor closely the progress of the operators of our former
Colombian mine at El Limon in Antioquia.
Finally, the preparations for the IPO of our Australian assets
located in the Victorian gold belt are continuing. As in West
Africa, we used research to identify areas that could be picked up
through new license applications, as this can be more
cost-effective than purchase or farm-in. Having been fortunate in
the timing of our initial applications in an area now in high
demand, Covid-related measures in Victoria have slowed both grants
and work since. The highly professional team on the ground in
Australia have however used the extra time - that we would rather
they had not had - this year to great effect in tracking old and
forgotten mines and piecing together immediate drill targets that
look prospective. As Victoria comes out of lockdowns activity by us
and others will be increasing. We believe that we can find new
mines in this nineteenth century gold rush territory and if we have
the right management, enthusiasm, and money we shall do it
quicker.
We remain more a gold company than anything else, and as gold
rises again through $1850 an ounce, and hits new highs in some
currencies, we want to be positioned to take advantage. That is
what much of our recent work has been directed to. As our new gold
subsidiaries, which we hope to fund independently and in due course
list in their own right, are in Francophone Africa, we end with the
words of Louis Pasteur, "le hasard ne favorise que les esprits
préparés" - fortune favours the prepared mind. "
Further Information on Key Gold Assets
The table below sets out the current position in each of the
territories in which we hold gold exploration or production
interests. This material is as previously disclosed by Red Rock,
and as material developments occur, they will be disclosed by new
announcements. All licenses are 100% beneficially owned except
where stated.
Country Holding Project Notes
Australia New Ballarat Gold Victoria Gold Project. Victoria Gold Province.
Corporation PLC ("NBGC") RRAL holdings comprise One of world's
Red Rock Australasia seven granted licenses largest orogenic
Pty Ltd ("RRAL") totalling 848 sq km gold provinces,
[Share exchange under and six principal license with 13 mines that
way whereby Red Rock applications totalling produced over 1m
will own 50.01% of 1458 sq km. oz of gold. Active
NBGC, which will Three immediate drill 1851 to c1900.
own 100% of RRAL] targets have been identified Recent surge in
and NBGC is being prepared exploration and
for a 2021/2022 IPO. current annual
production c650,000
oz.
--------------------------- ------------------------------- ----------------------------
Burkina Faso Minerals Ltd A number of highly The West African
Faso ("FML") prospective target Greenstone Belts
Faso Greenstone Resources areas have been identified extend from Ghana
SARL ("FGR") and will be applied to Mali with the
FML is 100% owned for upon lifting of most substantial
by Red Rock and owns a current short moratorium. and least explored
100% of FGR. Negotiations continue parts in Ivory
with the owners of Coast and Burkina
two existing licenses Faso.
known to be strongly The Northern and
mineralised that would Eastern borderlands
meet Red Rock's criteria. of Burkina Faso,
historically safe,
are now affected
by radicalisation
of the cross-border
semi-nomadic tribal
population of these
areas.
The Southern and
Western greenstones
are in secure areas.
--------------------------- ------------------------------- ----------------------------
Colombia Royalty over El Limon Mine and surrounding 3% NSR Royalty
Mine and Plant area in Northern Antioquia. on Mine and Plant
Production up to
$2m; thereafter
$1m payable at
1%.
--------------------------- ------------------------------- ----------------------------
Côte Lac Minerals Ltd Five licenses covering The largest portion
d'Ivoire ("LML") 1907 sq km in the greenstones of the West African
LacGold Resources that meet Red Rock's Greenstone Belts
SARL ("LGR") criteria have been lies in Côte
LML is 100% owned applied for. d'Ivoire (Ivory
by Red Rock and owns The Company hopes to Coast), which lies
100% of LGR. have grant of the first to the West of
two shortly. Ghana and South
Near Yamassoukro, a of Burkina Faso
384.2 sq km license and Mali.
at Djekanou will upon Historically underexplored
grant be a high priority (the long-serving
exploration target. post-independence
President did not
favour mining),
the country from
a governance and
geological perspective
is one of the most
prospective gold
plays worldwide.
--------------------------- ------------------------------- ----------------------------
Kenya Mid Migori Mining Two gold exploration Containing in the
Ltd licenses covering 245 South towards the
RRR Kenya Ltd sq km stretching West-East Tanzanian border
along the line of a the northern extension
greenstone belt are of the Tanzanian
held. greenstones, Kenya
Upon restoration of has been a neglected
the licenses in 2020, but now increasingly
a new Mineral Resource recognised gold
Estimate (under JORC province.
2012) on the central
area of the western
license was commissioned
from CSA, identifying
a Resource of 723,000
oz at 1.49 g/t. This
updated the JORC report
by CSA in 2012 (1,192
oz at 1.26 g/t).
Western license: an
RC infill and step-out
drilling programme
is under way and two
existing areas, one
included in former
Resource calculations,
and both previously
drilled, are being
tested by ground geophysics
for a follow up drill
programme to bring
them to Resource status.
Eastern license: earlier
drilling, geochemistry
and mapping programmes
could not be followed
up until license restoration
in late 2020, since
when a rolling programme
of large scale ground
geophysics (magnetics,
IP, and pole-dipole
IP) has been undertaken
and continues in preparation
for drilling for an
Inferred Resource.
Tailings: the previously
announced (but now
non-compliant as under
a previous version
of JORC) 68,000 oz
of gold at 1.7 g/t
is being re-examined
with further work on
the EIA and metallurgy
being commissioned,
in parallel with discussions
with the Council and
community.
--------------------------- ------------------------------- ----------------------------
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
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