Licences obtained at Bilbale and Boulon

RNS Number : 6634X

Red Rock Resources plc

06 January 2022

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Faso Greenstone Resources SARLU Update

Licenses Obtained at Bilbale and Boulon

6 January 2022

Red Rock Resources Plc. ("Red Rock" or "the Company"), the natural resource development company with interests in gold and base metals announces the acquisition of two prospective exploration projects by the Red Rock Group in the prolific Boromo and Banfora Greenstone Belts of Burkina Faso.

The assets are held by Faso Greenstone Resources SARLU ("FGR"), a wholly owned subsidiary of Faso Minerals Limited, which itself is currently wholly owned by Red Rock.

FGR is a company targeting the next significant gold discovery in Burkina Faso. FGR has consolidated two prospective project areas in the south-west of the country.

Highlights :

Ø Major gold-producing region with existing mines and deposits

Ø 348 sq km of highly prospective ground at Bilbale and Boulon acquired with artisanal activity evidencing presence of high grade gold

Ø RC drilling at Bilbale encountered good gold intersections

Ø Important N and NE trending faults and shears passing through Bilbale and N-S structures passing through Boulon

Ø Gold and Arsenic anomalies picked up by geochemistry

Ø Experienced team includes geologists involved in discovery of over 5m oz of gold in Burkina Faso.

Ø Payment of an aggregate of 42.5m CFA (c£54,000) to the vendors has been effected

Red Rock Chairman Andrew Bell comments : "The acquisition of Boulon and subsequently of the rights to 80% of Bilbale represents a great step forward for our activities in the underexplored and highly prospective Burkina Faso sections of the West African Greenstones. Both licenses we believe to be of high quality, and Bilbale already looks an exceptional opportunity on every metric used in our screening, with a good prospect for discoveries. Boulon also has good targets and a lot of artisanal activity. Geochemistry at Boulon was too wide-spaced to pick up more than isolated anomalous readings which have not been followed up.

Given the wealth of targets, we have chosen to focus on the areas of the country offering most long-term security, down in the south-west and away from the Mali and Niger borders.

The experience of other exploration companies in the country shows that where good geology exists in these underexplored greenstones, and supporting information is available, and then good exploration is undertaken, the chances of success are relatively good. With the experienced team we are deploying our aim is to build a serious Burkina Faso explorer with an expanding footprint, capable of autonomous growth."

Additional Information

The licenses are situated in the south-west of Burkina Faso in the Boromo and Banfora belts.

Figure 1: Bilbale and Boulon permit location on Burkina Faso geological map

http://www.rns-pdf.londonstockexchange.com/rns/6634X_1-2022-1-6.pdf

Bilbale - Summary

With a surface of 183.62 km², the Bilbale project area is located in the prolific Boromo greenstone belt.

The region is a major gold producing district. The Gaoua gold deposit (4.4 Moz) is located 50 km to the south, and the Poura gold mine (3 Moz) is located 70 km to the north. The Wa gold deposit (>1 Moz) in Ghana is located 50 km to the south and the Konkera gold deposit (3.3 Moz) of Ampella Mining is located 110 Km to the south.

There is an extensive presence of artisanal gold working sites on the permit area.

Rock chip sampling in 2020 included samples reported at 8.1 g/tAu, 6.25 g/tAu, 2.57 g/tAu, 2.56 g/tAu, 1.74 g/t Au, and 1.19 g/tAu.

Historical geophysical airborne survey by Sarama Mining Burkina (2011) revealed curved faults and shear zones, N-S trending, through the entire permit.

Red Rock has paid 25m CFA to the vendors and will make further payments each year until it (a) chooses to terminate its involvement, or (b) licence expiry, or (c) incorporation of a joint venture company for mineral production in which it will hold 80%. 

Figure 2: Bilbale rock geochemistry, RC drill results and artisanal gold working sites

http://www.rns-pdf.londonstockexchange.com/rns/6634X_2-2022-1-6.pdf

Figure 2a: Bilbale RC drill section

http://www.rns-pdf.londonstockexchange.com/rns/6634X_3-2022-1-6.pdf

Figure 3: Bilbale historical airborne magnetometry (AS) survey

http://www.rns-pdf.londonstockexchange.com/rns/6634X_4-2022-1-6.pdf

Provisional 2022 exploration programme to include (phase 1) generate target scale geology map of project and identify gold bearing structures through mapping and rock sampling, and subsequent (phase 2) Auger drilling on 400 x 200m lines  to define gold bearing corridor.

Boulon - Summary

Surrounded by a number of artisanal gold mining sites, and also crossed by several contrasting geological structures, the Boulon project (164.28 km²), is proving to be an area of great gold potential; as evidenced by the results of historical Reverse Circulation and diamond drilling on the neighbouring projects of Labola (intersections of 7m@12g/tAu, 10m@3.3g/tAu, 9m@7.7g/tAu) and Danfora (intersections of 14m@2.93g/tAu, 2m@9.45g/tAu, 5m@3.98g/tAu).

Historical work by previous companies shows a large and consistent soil geochemical anomaly of Arsenic, measuring 16 x 3 km, oriented NE-SW which crosses the western part of the project.

There are a number of artisanal gold working sites on the permit area.

Red Rock has paid 17.5m CFA to the vendors and will pay a like amount on completion of the regulatory formalities for transfer and the issue of the Arrêté.

Figure 4: Boulon permit location showing artisanal gold working sites on airborne magnetometry (AS) map.

http://www.rns-pdf.londonstockexchange.com/rns/6634X_5-2022-1-6.pdf

Figure 5: Boulon historical soil geochemistry (Gold and Arsenic) results

http://www.rns-pdf.londonstockexchange.com/rns/6634X_6-2022-1-6.pdf
 

Provisional 2022 exploration programme to include (phase 1) generate target scale geology map of project and identify gold bearing structures through mapping and rock sampling, and subsequent (phase 2) Auger drilling on 400 x 200m lines to define gold bearing corridor.

This technical information in this announcement has been compiled by the Company's geological adviser on Burkina Faso, M. Dakissaga Dieudonné, MSc, a Member of the European Association of Geochemists, and has been reviewed by Mr Joseph Komu, a member of AusIMM and a Manager employed by the Red Rock group. Mr Komu 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 0207 374 2212    Broker First Equity Limited     

 

END

 

 

MSCMZGGMMVRGZZM