Last checked at 18 Oct 2017 16:33
Red Rock Resources PLC
("Red Rock" or the "Company")
Due Diligence Process on Potential JV
18 Oct 2017
Further to the recent announcement on 26 September 2017, Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and oil production, announces an update on the process it will follow in conducting geological due diligence in the Democratic Republic of Congo ("DRC").
o Red Rock has engaged SGS South Africa Pty Ltd, a member of the SGS S.A. group ("SGS"), to test drill the Kamirombe and Kalumba tailings near Kolwezi with a truck-mounted auger and they will mobilise Thursday in the expectation of starting drilling on Saturday
o SGS will also provide a hand-held x-ray fluorescence spectrometer to enable instant readings prior to samples being sent to SGS laboratories in Lubumbashi for analysis
o Mining consultancy CSA Global Pty Ltd will mobilise to site on Friday to provide overall supervision of the programme
o The programme is for the drilling of holes on a grid pattern over the tailings amounting to some 600m of drilling, and the testing and measurement of the tailings
Red Rock has 40 days from 26th September 2017 to complete due diligence on the potential acquisition of an interest in a joint venture company to be newly formed for the exploitation of four or five copper/cobalt tailings in in the DRC, including those at Kamirombe and Kalumba ("Transaction" and "Project").
The objectives of the programme are: first, to provide geological information for the due diligence process to enable a decision on whether to proceed with the Transaction; secondly, to provide, before the Autumn rains set in, as much as possible of the information which could enable an early Inferred Mineral Resource to be generated in the event of proceeding, which would establish a baseline for valuation and expedite the process of producing a feasibility for the Project.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Neil Badger 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd