Last checked at 6 May 2022 13:33
Red Rock Resources PLC
("Red Rock" or the "Company")
Lithium Update
6 May 2022
Red Rock Resources Plc, ("Red Rock" or "the Company"), a natural resource development company with interests in gold and base metals, principally in Africa and Australia, announces an update to the announcement of 30 March 2022, in relation to its interests in lithium in Zimbabwe, held through Red Rock's 75% owned subsidiary African Lithium Resources Pvt Ltd ("the Project" and "ALR").
Highlights:
Ø A group of high net worth investors has acquired from the Company a 10% early stage interest in the Project for a consideration of US $100,000.
Ø The consideration funds will be applied to the development of the business of ALR.
Ø Recent additions to the ground position include an application for 46 ha near Arcturus and the agreed acquisition of a net 25 ha of claims East of Bikita.
Ø Work continues on additional applications within and outside the registered area of interest.
Red Rock Chairman Andrew Bell comments: "Zimbabwe, the biggest lithium producer in Africa, continues to be a focus of investor interest, with several lithium-related announcements in the last month. In one, a joint venture expected to lead to a listing of Zimbabwe lithium assets on the Canadian exchange was announced by one AIM-listed company. In another, the start of lithium exploration at its Zimbabwe prospect was announced by another AIM-listed company. And in Australia Prospect Resources Ltd announced the completion of its sale of the Arcadia lithium project to Zhejiang Huayou Cobalt.
We welcome the new investors in our lithium assets, and welcome their energy and commitment in driving this Project forward."
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited