Red Rock makes solid progress across portfolio
By Josh White
Date: Wednesday 09 Dec 2020
(Sharecast News) - Natural resources development company Red Rock updated the market on its operations on Wednesday, reporting that in the Democratic Republic of the Congo, it was expecting to finish the first phase of its geophysical exploration programme at the copper-cobalt prospect at Kisinka near Lubumbashi this week, with the completion of the planned 70.95 line-kilometre ground magnetic survey.
The AIM-traded firm said the schedule had then been revised to allow the results to be analysed while the contractor carried out a nearby job, before returning to conduct a 12 line-kilometre induced polarisation survey.
Work would resume at the Kolwezi joint venture, where a "significant" copper-cobalt deposit had been delineated, in order to bring the identified mineralisation envelope into compliance with a modern reporting code.
Exploration programmes were being planned for two other highly prospective assets forming part of the joint venture, Red Rock added.
In Kenya, it said CSA Global UK was continuing to update the 1.2 million ounce gold mineral resource estimate declared under JORC 2004 to JORC 2012.
It said camp and vehicle refurbishment had now been completed, adding that a geoscientist and a community relations officer had been recruited in the country, with a process of stakeholder engagement and data review underway as plans for the new year were developed.
An "experienced" French-speaking London-based geologist and data manager had also been recruited, to start work in January for the Kenyan and Congolese projects.
Finally, in Australia, the company said its team in Ballarat, Victoria had been strengthened with the addition of a community engagement officer, Kiara Reddingius.
It said Reddingius had a degree in environmental science and mathematical modelling, as well as mining industry experience.
Red Rock Australasia was continuing its technical preparation, so that exploration could begin on the first licences immediately upon grant.
"Everything is lining up for an active 2021 and we are pleased with the progress on all fronts. In each jurisdiction, as we move from the regulatory issues associated with grant and contract registration to operational issues, the timing comes under our direct control and we can pick up the pace," said chairman Andrew Bell.
"Everywhere we do careful preparation, and everywhere we attach great importance to the early establishment of strong community relations and a culture of compliance with environmental law and best practice.
"We believe we have exceptional projects, and with good science and good exploration we can bring their potential to light."
At 1134 GMT, shares in Red Rock Resources were up 4.84% at 0.81p.
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