Victoria Goldfields, Australia - drilling updateSource: RNS
15 March 2023
Red Rock Resources PLC
("Red Rock" or the "Company")
Victoria Goldfields Australia - Drilling Update
Drilling Programme Complete; Visible Gold Intersected in 4 of 6 Holes and Significant Quartz Vein Intercept in the Final Hole
Red Rock Resources Plc (LON:RRR), a natural resource development company with interests in gold and base metals, principally in Africa and Australia, announces an update from the Company's Berringa Gold Mine Project ("Berringa" or the "Project"), which forms part of the Victorian Goldfields joint-venture ("JV") located in Victoria, Australia.
A progress update RNS was announced on 16 February 2023 which announced the completion of three diamond drill holes, with all holes completed thus far encountering visible gold:
- The diamond drill programme was designed to test three priority targets at Berringa which is a former high-grade producing gold mine in the Victoria Goldfields. The programme began in December 2022 and is now complete.
- The programme aimed to test for the down dip and along strike extensions of previously mined gold mineralised zones and to improve the structural understanding of the deposit area.
- The drilling has now completed, with a total of six diamond drillholes totalling 988 metres.
- The majority of drill core samples are currently undergoing assay testing at an accredited laboratory in Ballarat. The remaining samples will be delivered to the laboratory within the week with final results expected later this month.
- Four of the six drill holes completed as part of this programme encountered visible gold.
- In the final hole drilled, visible gold was encountered within a circa 30-metre-wide quartz vein which is located approximately 100 metres east of the main Berringa line of workings This represents a significantly large quartz vein intercept and it indicates the likely existence of the eastern and parallel trend of gold mineralisation.
- Due to ground conditions, drilling terminated whilst still in the quartz veining.
Andrew Bell, Chairman of Red Rock Resources Plc commented:
"The drill programme and in particular the announcement of drill results has taken slightly longer than initially anticipated, and we therefore thought it appropriate to update the market on progress.
The drill campaign at Berringa is now complete. Four out of the six drill holes encountered visible gold. Visible gold identified included an occurrence within the 30-metre-wide mineralised quartz vein traversed in the final hole completed, which ended before exiting the quartz.
With gold coming into focus as geopolitical, economic, and financial events unfold around the world, we look forward to announcing further results from this promising drill programme as laboratory results are received."
JOINT VENTURE STRUCTURE
The joint venture is held through New Ballarat Gold Corporation PLC ("NBGC"), which is focused on the prolific Victoria Goldfields of Australia. The JV is between Red Rock (50.1%) and its partner London-listed Power Metal Resources Plc (49.9%) (together the "JV Partners").
NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia Pty Ltd ("RRAL") which holds a strong land position comprising seventeen granted exploration licences and one purchased licence for a total area of 1,867km2 within the gold fields of Victoria, Australia, principally surrounding the mining centre of Ballarat, Australia.
In addition, 2 licences covering 467km2 await grant. The JV has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.
The JV Partners have the intention of listing the JV company NBGC and will make further announcements as appropriate.
QUALIFIED PERSON STATEMENT
The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For further information please visit www.rrrplc.com or 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
NOTE TO EDITORS
Red Rock Resources plc - Background
Red Rock Resources plc (LON:RRR) is an AIM listed metals exploration company focused on gold, copper and battery metals and principally active in Africa and Australia. It has historically been involved with production as well as exploration, having brought a historic gold mine back into production in Colombia and participated in the development to production of a major open pit manganese mine in South Africa.
The Company currently has gold exploration projects in Kenya, West Africa and Australia, copper/cobalt exploration in Congo, and lithium exploration in Zimbabwe.