Kenya Exploration Update

RNS Number : 9138L

Red Rock Resources plc

16 September 2021

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Kenya Exploration Update

Completion of Geophysical Survey - New Drill Targets

16 September 2021

Red Rock Resources Plc ("Red Rock" or "the Company"), the natural resource development company with interests in gold, manganese and copper, announces completion of the 115 line KM of IP survey in the Masurura area at the Eastern Licence of the Mikei Gold Project ("MGP" or the "Project") in Kenya announced on 10 August 2021.

The programme was designed, carried out and processed in house by Red Rock's geological team using the Company own geophysical equipment.

Elsewhere in the MGP Red Rock continues its exploration, with 451 metres of RC drilled at KKM Central and 65.3 line KM of ground magnetic survey at Kuruntyange. 

HIGHLIGHTS:

· 115.2 line KM of Induced Polarisation (IP) data was collected by a ground survey conducted on 25 degrees north lines with a 100m line spacing and 50m reading station in the Eastern Licence.

· Four important anomalous areas were recorded in: Francis 2, Francis 3, Lake Bush and Lake Bush BIF (Banded Iron Formation)

· The chargeability map coincides well with previously delineated soil geochemical contours (100ppb), historic drilled assay intercepts at shallow depths and the presence of artisanal miners

· Continuing work will be focussed on prioritising drill targets and locations for a drill programme in 2022  

Red Rock Chairman Andrew Bell comments : "The completion of the current phase of geophysical exploration in the Eastern license, which has had less historical work done on it, has enabled us to identify priority areas for follow up exploration including pole-dipole induced polarisation work, structural mapping, and drilling.

In the Western license, drilling continues within the Resource area, having been interrupted by an equipment breakdown, and an additional compressor is being brought in to improve penetration and recoveries in parts of the area where the presence of graphitic shales around the level of the water table has been affecting drill performance.

Our priority is through drilling to enhance the extent, tonnage, and grade of the key deposit areas that have already been identified, while identifying fresh drill targets along the trend.

In opening up this new area further east along the belt from our existing defined Resources, the IP programme has shown once more the considerable exploration upside that exists within our licenses."

Figure 1: IP Survey grid  http://www.rns-pdf.londonstockexchange.com/rns/9138L_1-2021-9-15.pdf

Figure 2: Masurura chargeability compiled with previous drillholes intercepts, gold in soil geochemical contours and regional geological map in the background  http://www.rns-pdf.londonstockexchange.com/rns/9138L_2-2021-9-15.pdf

Background

The MGP (100% owned by Red Rock) comprises two prospecting licences which cover approximately 245 km2, namely PL/2018/0202 and PL/2018/0203, over the Migori Greenstone Belt, and are located along the northern margin of the Tanzanian Craton. The licences extend 63 km along strike of the belt, which also hosts the Kilimapesa Gold treatment plant. The North Mara Gold Mine, which is operated by Barrick Gold, is located 30 km to the south of the MGP in Tanzania.

Regional exploration in the project area began in the early 1930s and culminated in the identification and subsequent mining of the Macalder volcanogenic massive sulphide (VMS) base metal mine.

In 2010, Red Rock began the extensive task of file organisation, data digitisation and compilation of available historical data, following which CSA Global (UK) Ltd performed cross-checks and validation steps prior to loading it into a Structured Query Language (SQL) database using Datashed. During 2011 and 2012, Red Rock undertook an infill drilling programme  at all five of the lode gold prospects; MK, Kakula-Kalange-Munyu (KKM), Kakula-Kalange-Munyu West (KW), Nyanza (NZ), and Gori Maria (GM) within PL/2018/0202.The Report published earlier this year documented the results of Mineral Resource estimation work initially conducted in 2011 and 2012 and revised in 2021 in order to report the Mineral Resources according to JORC (2012) guidelines. 

JORC (2012) differs from earlier editions of the JORC Code in that for a Mineral Resource to be estimated it requires the application of "reasonable prospects of eventual economic extraction" ("RPEEE") principles. This has resulted in the case of the Mikei MRE in the calculation of pit shells supported by conceptual cost and gold price forecast parameters. Any material outside or below the reporting pit shell was updated as "Not Classified" since it did not meet the criteria to be reported as a Mineral Resource.

The total Mineral Resource Estimate, at both Inferred and Indicated levels, was estimated at:

15.13 Mt @ 1.49 g/t Au with contained metal content of 723 KOz Au

All prospects, except GM, were classified as Indicated and Inferred Mineral Resources. GM was classified as Inferred only, mainly due to the relatively low average RC drill recovery of 62%.

Due to the uncertain lateral extent and depth of artisanal mining at the Mikei prospects, and the lack of topographic data to accurately deplete the Mineral Resource, all oxidised material was classified as Inferred Mineral Resources.

The Mineral Resource was reported as that material within the RPEEE pit shells, and above a cut-off grade of 0.5 g/t Au. The Mineral Resource was reported as of 18 January 2021 ( Table 1 ).

Table 1:  Mineral Resource for the Mikei prospects reported at a cut-off of 0.5 g/t Au, as of 18 January 2021

Area	Indicated			Inferred			Total
	Tonnage (Mt)	Grade (g/t Au)	Content (koz Au)	Tonnage (Mt)	Grade (g/t Au)	Content (koz Au)	Tonnage (Mt)	Grade (g/t Au)	Content (koz Au)
KKM	7.88	1.10	277.8	2.63	1.11	93.5	10.51	1.10	371.3
KW	0.61	1.10	21.6	0.32	1.42	14.7	0.93	1.21	36.3
NZ	1.04	3.96	132.0	0.32	3.17	32.2	1.35	3.78	164.1
GM	-	-	-	1.91	1.37	84.0	1.91	1.37	84.0
MK	0.28	5.48	49.0	0.15	3.83	18.2	0.43	4.91	67.1
Total	9.81	1.52	480.4	5.32	1.42	242.6	15.13	1.49	723.0

Note:

· Computational errors may exist due to rounding.

· Under JORC (2012)

· Red  Rock owns 100% and therefore figures both gross and net to Red Rock

The technical information in this release has been reviewed by Mr Joseph Komu, a member of AusIMM and the Project Manager of the Project. 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 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 020 7374 2212    Broker First Equity Limited   

 

END

 

 

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