Rome Resources PLC Company Research (RMR)

Rome Resources (RMR.L) has announced a maiden inferred resource (MRE) estimate for its Bisie North Project in the eastern DRC (Democratic Republic of Congo). Diamond drilling since 2023 has identified significant mineralisation within a large polymetallic system. At first glance for the two prospects, Mt Agoma and Kalayi, the inferred resource of 10.6K Sn, 46.9k Cu, 86.2 k Zn and 1.46m oz Ag might appear modest. Two points should, however, be noted. Firstly, the appraisal process is still at a very early phase. Only a fraction of the prospective area has been drilled and drilling depths have been shallow. Evidence relating to Alphamin’s (AFM:TSX-V) adjacent Bisie mine points to grades and vein widths increasing at depth. The second point to note is that the MRE excludes results for a high-grade tin mineralisation zone at Mt Agoma East. Based on modelling Rome estimates a low-high exploration target range for Bisie North of 102k-260k Sn. The upper point of the range exceeds Alphamin’s resources for the Mpama mine. We continue to see Rome as one of the most interesting junior resource plays.