RE: RNS24 Mar 2022 07:26
ITS JUST MORE OF THE SAME THOUGH.....
Sampling, drilling, ongoing sampling, firming up, confirming, and then more drilling so that we can firm up and confirm more....
YES, i sound frustrated...... but, i think WE ALL have good reason for this!
Red Rock Chairman Andrew Bell comments : "Our reverse circulation drill programmes in Kenya and the Congo, where we have recently announced results, achieved their objectives, and we are already planning and costing the diamond drill programmes to follow up these successes.
We still have the gold drilling results from our diamond drilling programme in Victoria, Australia, to look forward to, and we also await the full results from a gold sampling programme across our Ivory Coast licenses, as well as results from lithium and tantalum sampling in Zimbabwe.
We also look forward to the listing of Elephant Oil Corporation, a group in which we have been a longstanding shareholder (currently holding under 4%) in the U.S. The value to us of this holding upon listing is expected to be a multiple of book value and WILL UNDERWRITE SOME of our continuing activity.
We have had two groups of assets in the DRC. One we recently drilled. When we acquired our other JV interests in the DRC, the fact that we could in our internal assessments based on previous work identify a quantifiable high grade deposit exploitable from surface and within easy distance of processing facilities created in our mind a potential route through an early transaction or by mining out of the small company trap. Our success in negotiating the replacement of the original assets offered to that JV with better assets unfortunately created too great a temptation for some of our associates, and the extent of the misbehaviour became evident late last year. We would hope to obtain returns through compensation as opposed to those we should have enjoyed through mineral extraction and sale; the pursuit of our legal rights in the DRC is progressing.
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