Red Rock Resources (RRR ) said it is awaiting the drilling results from six targets in three countries over the coming weeks following the recent completion of its drill programmes.
The African-focused natural resource development company said it has now completed the drill programmes in Kenya and the Congo. Red Rock already has the raw results returned from the laboratory in the case of Congo and expects them “imminently” in the case of Kenya.
“The results and analysis, which we shall announce as soon as we have them, will be key near-term milestones,” Red Rock Resources’ Chairman, Andrew Bell, informed investors.
In Australia, where Red Rock has its joint venture with Power Metal Resources, the partners are making “good progress” with drilling. Once they have the full suite of results from the first target, where drilling has completed, Red Rock expects them to provide an early analysis.
As a result of this progression, the company said it is therefore “in the unusual position” of expecting drilling results from six targets in three countries “over the coming weeks.”
Meanwhile, the group said it anticipates the listing of Elephant Oil Corporation, a group in which we have been a longstanding shareholder, in the U.S, to occur in the first quarter.
Despite the listing being ‘slightly’ delayed, when it does occur, it will be “the first of a series of planned monetisation or value crystallisation events, and a most important one,” it noted.
“Moving to IPO with, or seeking partners for, some of Red Rock’s other assets will also form part of this strategy which will be a strong focus in 2022,” Bell outlined to their shareholders.
In a recent quarterly report from Juno Minerals, it stated its intention to complete the feasibility on the Mount Ida Project, of which Red Rock Resources holds a royalty interest in, noting:
“The Mount Ida Project remains the largest magnetite resource and the most technically advanced magnetite project in the Yilgarn. With magnetite concentrate being a higher grade and consistent product, commanding a premium price over DSO iron ore, it also has the advantage of a lower environmental footprint in the smelting process and is considered as the “green steel” which is becoming the preferred raw material in the steel making process”.
This coming into production would be “a development of the first order” for Red Rock, it said.
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