Last checked at 27 Jun 2012 10:45
Red Rock Resources
Camp set up and maiden drilling programme commences on Melville Bugt Iron Project
27 June 2012
Red Rock Resources plc ("Red Rock" or the "Company"), the mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia, advanced gold and copper exploration in Kenya, and interests in steel feed, uranium and rare earths, is pleased to announce the commencement of drilling on the Melville Bugt Iron Project, northwest Greenland.
Diamond drilling has commenced at Havik East following initial mobilisation for the 2012 Melville Bugt field season in late May. The first camp units have been delivered by plane to Qaanaq and helicopter transport from Qaanaq to the camp site, where they have been assembled.
http://www.rns-pdf.londonstockexchange.com/rns/2515G_-2012-6-27.pdf
Following successful sampling results from the 2011 reconnaissance program, the first drill target of the drill programme is at the Havik East Prospect, testing banded iron formations outcropping over a 2.5km strike length with a view to obtaining a maiden JORC-compliant Mineral Resource Estimate.
A heliportable diamond drill rig has been deployed and is operating 24 hours a day. Operations are being carried out from the recently established Base Camp at Dudley Diģģes, situated on a coastal beach 10km to the south of the current drilling area. Approximately 1,500m of diamond drilling is initially planned on this first target, to a depth of between 150-250m deep.
Once sea ice conditions allow, likely to be early July, two further drills with equipment, additional camp structures, and other supplies will be mobilised using a chartered ice class vessel, and drilling will start a second phase on haematite-rich drill targets at De Dødes Fjord some 40km to the east of Base Camp. An initial programme of 4,500m of drilling is currently planned at De Dødes Fjord. The objective is to obtain a JORC-compliant Mineral Resource Estimate.
Follow-up and reconnaissance drilling capacity and additional mapping is built into the programme, which is expected to run until late September, with more than enough promising targets available to be tested as results and conditions allow.
Red Rock has a Joint Venture agreement with North Atlantic Mining Associates Limited ("NAMA") under which it has already earned 25% in NAMA Greenland Ltd, which holds the exploration concessions at Melville Bugt. Red Rock has the right to increase this percentage to 60% by funding 2012 exploration and defining a JORC Resource.
Enquiries:
Andrew Bell | 020 7402 4580 or 07766 474849
| Red Rock Resources plc | Chairman
|
Sandra Spencer | 020 7402 4580 or 07757 660 798
| Red Rock Resources plc | Public and Investor Relations |
Philip Davies/David Porter | 020 7444 0800 | Religare Capital Markets | Nominated Adviser
|
Nick Emerson | 01483 413500 | Simple Investments Ltd | Broker |