Red Rock progresses exploration in Zambia, DRC
Central- and East Africa-focused miner Red Rock Resources has started work on identifying and assessing old drill cores from previous exploration activity at the Musonoi joint venture (JV) asset adjacent to Glencore’s Katanga mining assets, in the Democratic Republic of Congo (DRC).
The company on Thursday said the work was the first part of a process of validating the results from historic drilling to bring the historic noncompliant resource to the modern disclosure standard – the Australasian Joint Ore Reserves Committee-compliant standard.
Meanwhile, work has also progressed at another of the company’s JVs, with Congo Galaxy, which entails exploration on the Luanshimba licence, in Zambia.
So far, Red Rock has identified a 2 km by 500 m copper/cobalt anomaly and a 1.4 km by 300 m copper/cobalt anomaly. Red Rock is planning a low-cost programme including ground geophysics and pitting to further define the mineralisation potential and determine drill targets.
In the company's interim results for the six months to December 2018, released on March 29, the company noted that it continued to make progress with the restoration of its rights over its Kenyan gold assets, including a 1.2-million-ounce gold resource, and on October 22, 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 this year.
That remains the case, and the company continues to engage with the authorities and key stakeholders to bring about the earliest possible result.
Chairperson Andrew Bell on Thursday said that, against the backdrop of continuing development of the battery metal story, and a stronger gold price, Red Rock continued to strengthen its licences and assets with a particular focus on 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 cooperative ventures, as we look to establish Red Rock as a key sector player with a prominent African footprint."
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