TIDMRRR
RNS Number : 8354U
Red Rock Resources plc
07 December 2021
Red Rock Resources PLC
("Red Rock" or the "Company")
Share Exchange Agreement on Australian Assets
Grant of New Licence in Victoria
Results From Soil Sampling Programme
Testing of Multiple Strike Extensions by Drilling to Begin in
December 2021
7 December 2021
Red Rock Resources Plc ("Red Rock" or "the Company"), the
natural resource development company with interests in gold,
manganese and copper, announces an exploration update, further to
that of 16 September 2021, from its joint venture subsidiary Red
Rock Australasia Pty Ltd ("RRAL") which is undertaking gold
exploration at its granted licences in the Victoria Goldfields in
Australia.
Highlights
-- Red Rock exchanges shares in RRAL for 50.1% of newly formed
New Ballarat Gold Corporation PLC - a UK public company which now
owns 100% of RRAL and will be the vehicle for a possible listing in
London.
-- Grant of new 164 km(2) exploration licence EL007328 in
Victoria, Australia, with 8 licences now granted covering 1,012
km(2) .
-- 1091 soil samples tested by Portable X-ray Fluorescence
(pXRF) significantly confirm regional correlation of arsenic
anomalism with gold workings and gold-bearing structures
-- Identification of wide North-South anomaly continuing North
of Buninyong with 1 km length, and parallel 400m structure
-- South of Buninyong at O'Loughlins, a diamond drill programme
on 1 km long structures planned to begin in December.
-- Advanced planning for drill programme at Pitfield early in
new year, with further target identified for potential February
drilling
http://www.rns-pdf.londonstockexchange.com/rns/8354U_1-2021-12-7.pdf
Map 1: Arsenic in Soils - Buninyong EL007271. Large anomaly to
SE is O'Loughlins prospect, S and central is previously defined
Monmouth prospect
Red Rock Chairman comments: " With the completion of the share
exchange agreements at RRAL, Red Rock and Power Metal Resources PLC
become the initial shareholders of New Ballarat Gold Corporation
PLC ("NBGC"). The Company continues to hold a 50.1% economic
interest in the Victoria gold project, as RRAL now becomes the 100%
owned subsidiary of NBGC. The new structure will enable the project
to advance more quickly, access outside capital more easily,
including through a planned separate listing, and act more
independently. We have confidence in the professional team now in
place out in Ballarat, who continue to do excellent work on the
ground."
NBGC Director and CEO Dave Holden comments : "We thank our
shareholders for the confidence they continue to show in us as we
move ahead under our new corporate banner.
Now that we have tested the 1091 soil samples we took in the
three tenements south and west of the Ballarat Mine we believe we
have confirmed the importance of arsenic anomalism as a pathfinder
for gold and gold-bearing structures in this region. We have seen a
good correlation with known gold structures we were already
exploring, and have been able to identify a number of strike
extensions, including a significant northern extension of the trend
passing through Mt Buninyong. The information we continue to derive
from this programme assists our drill targeting and could be
important as we seek out economically significant orebodies.
Our exploration work to date, mapping and creating 3-D models in
and around the historical workings, searching in the archives,
entering and tracking old workings, and conducting focused
geochemistry, has enabled us to move very rapidly to the drilling
phase on some excellent targets, starting we anticipate in the
middle of this month.
Progress in granting of our remaining licence applications
continues. The newly granted EL007328 lies south and south east of
Ballarat, is adjacent to two of our key granted licences, and
contains a southern extension of one of the mineralised trends we
are currently preparing to drill.
December and January look set to be active and important months
for NBGC, only briefly interrupted by Christmas."
Soil Sampling Programme
Interim results from the ongoing the soil sampling programme
south of Ballarat has continued to identify further extensions of
linear trends in potential gold bearing structures reflected in
arsenic values in soils. Given the known association, NBGC has
focused on defining anomalism away from and along strike from known
mineralization and has been rewarded with positive results in the
latest soil sampling programme.
Preliminary interpretation has identified anomalism that have
previously not been targeted within all licenses. This anomalism
appears to correlate along strike with known historical workings or
exploration successes.
1,091 samples have been collected and analyzed using pXRF
techniques.
Rock chip samples taken from these historical workings are also
currently in analysis and will provide further reference points to
support the latest results. Infill sampling soil sampling will
continue focused on the anomalous (greater the 3 standard
deviations normalised data) results in the coming weeks as the
region moves into the drier Summer period.
pXRF techniques
The proposition tested is that the pXRF, though limited in its
penetration of the soil partial analyzed (and thus more likely to
represent the surficial elements on the grain rather than the
composition of the grain itself), will provide a low-level
detection that may highlight any anomalous metal migration
laterally or vertically through the surface soils and could be
indicative of mineralisation beneath or adjacent to the anomalous
area. This is a broadly similar concept to MMI (mobile metal ion)
analytical work.
The following sampling and subsequent data manipulation
methodology was adopted.
1. Samples were collected immediately below the surface top soil
and sieved. This produced a more homogenous sample for testing with
organic fragments removed.
2. Samples were place in plastic chip trays for storage and
analyzed using pXRF in an offsite office. The office allowed for a
more constant temperature and humidity than in the field - samples
were given time to air dry before analysis.
3. During the analysis blanks were inserted on a regular basis
to identify any drift developing in the instrument over time.
4. Data was standardized. Standardization allowed direct
comparisons of the historical data with the recently collected soil
survey data and compilation into one homogeneous dataset. The
relative value is considered a more meaningful dataset than the raw
ppm value.
5. To minimize the overprint of obvious contamination obscuring
the potentially bed rock data, samples identified as external
contamination were removed.
6. To aid graphic representation when developing contours
anything above three standard deviations was considered as highly
anomalous and a top cut of three SD was applied. This process
allowed a more readily
interpretative contour of the data .
Discussion of Results
Preliminary evaluation for the pXRF analytical data has
identified coherent anomalism from arsenic. Investigation into the
possibility of other elements is ongoing and further correlation
between the current anomalies and mineralised zones is under
investigation.
Number of sample mean mode Max value 1 SD Project Tenement
points area
359 21.2ppm 7ppm 157ppm 22.8 Dereel EL007301
-------- ----- ---------- ----- ---------- ---------
434 15.6ppm 6ppm 135ppm 17.7 Pitfield EL007327
-------- ----- ---------- ----- ---------- ---------
298 8.7ppm 6ppm 110ppm 7.9 Buninyong EL007271
-------- ----- ---------- ----- ---------- ---------
Table of raw data with actual arsenic record, and statistical
parameters
EL7271, Buninyong
Key takeaways: exciting new 1 km N-S structures identified in
North, following soil sampling, as addition to: previously
identified and sampled structures in S-E around O'Loughlins
(December 2021 drill target, 2-3 parallel N-S structures, up to 1
km and 0.4km identified, historically mined (no recorded grades yet
identified), and SW target; possible Eastern target needs
exploration
The soils sampling has identified anomalism relating to a line
of mineralisation extending north from Mt Buninyong. The latest
sampling highlights the definite break in mineralisation between
Buninyong North and the southern prospect areas. There is an
inferred southwest oriented cross fault from the Mt Buninyong which
may be truncating mineralisation at the southern end of the
Ballarat East line of workings and is thought to show sinistral
strike slip. Termination of the Mt Buninyong soil arsenic anomaly
and the lateral shift would suggest the weak easternmost anomalism
immediately to the east of Mt Buninyong may be the continuation of
the central Buninyong line of workings. This further reinforces the
concept that the Scotsburn workings (extending from just
south-southeast of Buninyong down to O'Laughlins) is the
continuation of the main Ballarat East line currently being mined
underground (at the Ballarat Mine owned by Shen Yao Holdings).
Follow up sampling will continue over the cluster of workings
central to the licence area where access can be arranged. Sampling
will also occur around the sporadic high grade values seen to the
west of the main Scotsburn range. There is growing evidence of a
fourth structure to the far east of the tenement extending south
adjacent to EL007505.
To the west, low-level anomalism identified within EL007281
during a previous programme is to be included in future
sampling.
EL7301, Pitfield
Key takeaways: strong target around Mt Bute in N confirmed, and
drilling planned for around January 2022, no historic grades
identified; new previously unexplored targets generated in S;
further sampling required.
http://www.rns-pdf.londonstockexchange.com/rns/8354U_2-2021-12-7.pdf
Map 2: Arsenic values from pXRF sampling, Pitfield EL007301. Mt
Bute target in N of license
Samples collected predominantly alone east-west lines has
provided approximate boundaries to the known mineralisation at Mt
Bute. To the south strong results to the lower west margin of the
tenement and the southeast is in areas not previously explored.
Additional sampling is required to further constrain the anomalism
and from this vector in on potential drill targets. This initial
result is highly encouraging that mineralising continues a broad
north south trend throughout the tenement.
The area is presumed to be in part overlain by recent volcanic
rocks and this may be the first indication that the pXRF sampling
technique can assist in exploring for mineralisation under
cover.
EL7327, Dereel
Key takeaways: southern extension to the high grade historic
Golden Reefs/Dereel mine shown as anomalous; area targeted for
early 2022 drilling; anomalism also highlights previously
unidentified prospects within license, requiring further
sampling.
http://www.rns-pdf.londonstockexchange.com/rns/8354U_3-2021-12-7.pdf
Map 3: Arsenic values from pXRF sampling, Dereel EL007327
Initial results from Dereel highlight the southern extension to
the Golden Reefs/ Dereel Mine. This mine was active sporadically
from 1909-1937 producing of 2,735 t grading 15.7 g/t Au. Workings
extended down to approximately 80 m. Field observations at the
surface exposure of the reef identified primarily a laminated
quartz vein and surface expression including additional historical
shafts to the north suggest up to 500 metres of strike to the reef
system.
Subject to finalising land access agreements, the Company has
intentions to drill down dip and along strike early in 2022.
The soil sampling has also identified a strong arsenic anomaly
on the north-western margin of the tenement. There is no historical
information identifying any mining in this area, and offers the
prospect of a previously unidentified zone. Follow up sampling is
proposed early in the new year.
Similarly lower tenor anomalism in the far south west lines up
with the strong response recognised over the Long Thought Of mine
workings. This is inferred to be southern extensions to the
Berringa gold field and remains largely untested.
New Ballarat Gold Corporation PLC
NBGC is a privately owned joint venture company owned as to
50.1% by Red Rock and as to 49.9% by Power Metals Resources PLC
(AIM:POW).
NBGC holds a strong land position of 1,012 sq km in the rich
gold fields of Victoria, Australia, principally around the mining
centre of Ballarat, as the result of a focused exploration strategy
targeting high grade quartz hosted gold veins systems in a region
where the exploration models and targets are well understood. The
company 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.
With the first tenements granted only in 2021 NBGC is already at
a stage of discovery where it has been able to define 3 promising
gold prospects for diamond drilling in Q4 2021/Q1 2022. Still able
to actively operate in the current global pandemic, the company has
exploration geologists and field crews active in the field. This is
coupled with a technical team holding an in-depth knowledge of
Victorian geology including extensive underground experience gained
from working in currently operating mines in the area.
Granted Licenses
These licences cover high priority areas where NBGC has early
drill targets and in which exploration has already started.
Licence Application Project Name Area (km(2)
Number )
Buninyong
EL007271 (renamed) 133
-------------- --------------------
EL007281 Blue Chip 74
-------------- --------------------
EL007285 Blue Ribbon 8
-------------- --------------------
EL007327 Dereel 60
-------------- --------------------
EL007385 Sardinia 4
-------------- --------------------
EL007329 Kilmore 484
-------------- --------------------
Pitfield/Mt
EL007301 Bute 85
-------------- --------------------
EL007328 Blue Yonder 164
-------------- --------------------
Total 1,012
--------------------
Applications
RRAL has applications in process for eight other new gold
exploration licence areas covering approximately 2,057 km(2) in the
Victoria Goldfields of Australia as follows:
Licence Application Project Name Area (km(2)
Number )
EL007282 Blue Sky 489
---------------- ------------
EL007294 Red Queen 130
---------------- ------------
Daylesford
EL007330 (renamed) 202
---------------- ------------
EL007460 Kilmore West 325
---------------- ------------
State land
within EL007271
[EL007505
EL007506 [9
EL007507] 9
8]
---------------- ------------
EL007540*
(3 competing
applications) Outer Ballarat 148
---------------- ------------
Total c 1,294
------------
* 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 been made in Western Australia,
covering largely areas previously held by the Company at the time
of its original listing. The two where there is another applicant
will be subject to a ballot.
EL45/5859 Paterson 227
(One competing application)
EL45/5885 Pilbara/Paterson 70
------------------ ----
EL45/5881 Pilbara/Paterson 33
(One competing application)
----
The technical information relating to exploration in this report
is compiled by David Holden, BSc, MBA, MEM, who is a member of the
Australian Institute of Geoscientists. Mr Holden has experience in
the style of mineralisation and type of deposit under
consideration. Mr Holden is the Exploration Director of RRAL.
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
Jason Robertson 020 7374 2212 Broker First Equity Limited
GLOSSARY
MMI Mobile Metal Ions are ions released into solution from soil
samples by the action of extractants, and geochemical analysis can
be used on them to identify possibly deeply buried mineral
deposits
ppm parts per million
X-ray Fluorescence The emission of secondary X-rays from a
material that has been excited by being bombarded with high-energy
X-rays, used for elemental analysis in geochemistry
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END
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