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Red Rock update on Ivory Coast and Colombia

By BFN News | 03:48 PM | Wednesday 10 December, 2014


Red Rock Resources has issued an update on its gold and manganese exploration licences in Ivory Coast and reported that the provisional closing of the sale of its interests in Four Points Mining in Colombia will not be met. On 18 September, Red Rock announced it had purchased the rights to three gold exploration licences and four additional pending exploration permits in Ivory Coast through the acquisition of Nemex Resources CI SARL and Barclay Resources SARL. Recently, the company acquired exploration data previously gathered from the licence areas and has issued a summary of work completed to date and plans for the coming months. Dabakala The Dabakala licence covers 393.4sq km in north-central Ivory Coast and occupies part of the Ouango-Fetini Greenstone belt and associated granites. The ground is considered highly prospective for both gold and manganese and the immediate vicinity has been targeted by Newmont, Randgold and Resolute Mining. The area comprises thrusted, thick units of highly altered greenstones wrapped around granitic intrusions and the emerging depositional model is analogous to Randgold's c. 5.8Moz Tongon Gold Deposit in northern Ivory Coast. Although regional geological mapping was carried out in 1999, the licence area received limited exploration until Nemex carried out a preliminary soil geochemical sampling programme over most of the license area in late 2013, collecting approximately 1,200 samples along a 2km by 100m spaced grid. Samples were then collated into approximately 650 composite samples soon to undergo assay analysis. Along Dabakala's eastern margin, a 17km long Banded Manganese Formation (BMF) ridge is considered a target for Manganese deposits. The ridge will be a focus of future field programmes alongside follow up assessment of any Au anomalies evident from the pending soil geochemical results. Alepe The Alepe licence covers 392.6sq km in south eastern Ivory Coast and contains a NE-SW faulted Birimian meta-sedimentary sequence wrapped around a granite intrusion. The licence area contains more than 30km of structural target in ground considered a potential cross-border extension of Ghana's gold-rich Sefwi Greenstone Belt, host to Newmont's c. 17Moz Ahafo Gold Mine. Recently, a Red Rock team mobilised from Abidjan to complete a preliminary soil geochemical sampling programme across the licence area, the results of which will be announced in due course and will form the basis of follow-up work on the licence. Abengourou The Abengourou licence covers 399.6sq km in eastern Ivory Coast and is positioned along a 35km long, NNE-trending sheared corridor containing magnetic intrusive rocks. Nemex carried out a regional soil geochemical programme across Abengourou, followed by infill programmes over five anomalous areas, leading to the application for an extension to the southwest corner of the licence to capture an expected continuation along the structural trend defined by 'Anomaly 5'. Future work will focus on follow-up testing of the existing soil anomalies in additional to soil geochemical sampling of the licence extension, once granted. Colombia: Due to the travel arrangements of the parties progress on concluding the sale of the Company's interests in Four Points Mining SAS has not been sufficient for the provisional closing date of 15 December 2014 to be met. Red Rock will be travelling to meet the purchaser in the US early next week, and a further update will follow. Company chairman Andrew Bell said: "The commencement of our exploration work in Ivory Coast, a country with great potential for gold discoveries, is a milestone in our development. In the past, in strong markets, our exploration activity was in less active countries. Now in poor markets we have been able to take positions in a country that is the focus of major mining company interest. In ground selection, Nemex benefited from the insights of individuals with outstanding local geological knowledge and were able to acquire some highly prospective ground as a result. They followed this up with good preliminary exploration programmes and have generated promising early results. "With our Alepe soil sampling programme now underway and the Dabakala soil samples collected by Nemex soon to undergo assay analysis, we look forward to a stream of results over the coming months. Other applications for exploration ground proceed. It is an exciting stage of our move into Ivory Coast." At 3:48pm: (LON:RRR) Red Rock Resources PLC share price was -0.01p at 0.15p Story provided by StockMarketWire.com

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