Red Rock Resources
PLC
("Red Rock" or the
"Company")
West African Gold
Update
Co-operation in Next Phase at
Bilbale
27
February 2024
Red Rock Resources Plc, (AIM:RRR)
("Red Rock" or "the Company"), is a natural resource development
company with interests in gold, base metals, battery metals, and
hydrocarbons principally in Africa and Australia.
This release is an update, further to
the announcement of 23 January 2024, in relation to the Company's
gold operations at Bilbale and Boulon in Burkina Faso.
Our planned February visit to join
our colleagues at Riverstone Resources Ltd, a Hong Kong company
owned by Mr Mahendran Samuel ("Riverstone") on site at Bilbale has
now been scheduled for the first week of March, as a separate due
diligence trip involving key team members had to be conducted at
short notice
The team will include experienced
geologists and engineers from India and Africa with experience of
mine development, including in Burkina Faso, as well as our local
staff. Initial work will consist of locating and setting up areas
for initial trials, some trenching and benching, drilling of two
bore holes, and civil works including ponds and preparation of
areas for administration, fuel storage, laboratory, furnace, and
security.
In parallel, Riverstone will deliver
the machinery and equipment needed for exploration, much of which
is held by them in stock, and which will be imported by air and sea
with a transport time of 6-8 weeks. This equipment should arrive at
a prepared site ready to start alluvial exploration operations with
the minimum of delay.
Red Rock and Riverstone will
implement a test programme processing alluvial material from
different parts of the license, on a scale sufficient to establish
gold grade, including high grade zones. Red Rock will operate
initially on a trial basis, but expects to initiate the process of
permitting for bulk production and processing. Initial activities
will be those permitted by the exploration license.
Over the implementation period the
parties will discuss the terms of future co-operation, taking into
account the results of the phase of work now beginning. The license
remains owned by Red Rock subsidiary Faso Greenstone Resources
SARL.
Chairman Andrew Bell
comments:
"Our partners in this new venture are committed to building a
long term relationship with Red Rock and have extensive experience
of gold production and gold project implementation in
Africa.
Our expectation is that when we leave site, there will remain
behind a core team that will work together in order to move the
project through the steps towards production.
This alluvial project reflects our stated intention to move
into cash flow at any of our projects where we can identify this
potential. We and Riverstone believe it has potential to scale
rapidly, and will be looking to prove that in the current phase of
exploration. The experience of their personnel in working with
alluvial deposits will we expect complement our capabilities. We
will report as equipment is delivered and installed, and as other
milestones pass. Both parties will be making contributions, and our
further potential commitment in this phase is limited to £150,000
to £200,000. We consider that our current resources and facilities,
and indications of support we have received, will enable us to meet
this spend. In the event of discouraging results at any stage, work
on the alluvial potential will cease and Riverstone will move
equipment to another project. Red Rock will update the market as
work proceeds.
We
are now working with a group that is deeply committed to our
success whose advice and help on other matters we have found
invaluable."
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
Bob
Roberts 0203
8696081
Broker Clear Capital
Corporate Broking
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
