RSS UpdatesCompany Information for Red Rock Resources Plc
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 AIM; RRR
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Company Statement
Red Rock Resources Plc is a mineral exploration company focused on the discovery and development of gold, uranium and other minerals, both through exploration for, and exploitation of, mineral deposits, through the acquisition and disposal of interests in actual or potential mineral deposits or companies holding them in exchange for cash, securities, or royalty and other deferred interests, through buy-in agreements and joint ventures with such companies, and through public offerings of securities in subsidiary or associate companies. Red Rock Resources (AIM: RRR) listed on London’s AIM market in July 2005.
Current Operations
Uranium
Uranium represents the only major long-term energy source that can replace or compete with fossil fuels and that can enable industrialized countries to meet their Kyoto obligations. The long term prospects for uranium are strong, and there is a need for a greater geographical diversity of source.
In August 2007 Red Rock signed a deal with Resource Star Ltd (ASX: RSL) the company believes will create significant shareholder value. In return for transferring all the Red Rock Uranium licences to RSL, Red Rock received up to 24% of RSL’s issued share capital, two seats on the board of directors, which with the appointment of a Red Rock appointed Managing Director, gives Red Rock board and management control.
RSL is run by Richard Evans, ex Western Mining Corporation and an experienced team. They have just completed a AU$5M fundraise and will relist on the ASX on February 12th 2010.
Iron ore & Manganese
IRON ORE (Fe)
The company’s iron ore projects in WA include two known large high-grade occurrences of Banded Iron Formation (BIF) in hills at Mt Ida, including a haematite lens returning 66.64% iron and 0.05% phosphorus in surface sampling. A joint venture and option agreement covering Mt Ida and Mt Hope and are now held through Jupiter Mines Ltd.
Australia
Mt Alfred is located in the central Yilgarn district of Western Australia and collectively cover an area of 471km2. This area contains large, high-grade occurrences of Banded Iron Formation (BIF) with one hematite lens returning 66.64% iron and 0.05% phosphorus from surface sampling.
Tasmania
Savage River North and Arthur River tenements are located in NW Tasmania and cover an area of 148km2. Strike continuations from the Savage River mine contain potential for banded magnetite lenses.
MANGANESE (Mn)
Over 90% of Manganese production goes into the manufacturing of steel, and in this application there is no known substitute for Manganese. High, or metallurgical, grade Manganese substantially comes from three areas currently: Australia, now the number 1 producer, South Africa, and Gabon. Manganese demand is therefore directly influenced by the industrial revolution affecting China and India, some 40% of the world’s population, and the growing demand for steel it has caused. India, a large producer of iron ore, does not enjoy the same position in metallurgical grade Manganese. The Manganese price, currently upto $12.00 per unit (so c. $600 fob for 50% Manganese), is expected to remain relatively stable while demand will increase.
The company’s extensive tenements at Oakover are north and north west of the Consolidated Minerals mine at Woodie Woodie, now one of the major world producers of metallurgical grade manganese, in what is currently the major emerging province for incremental production. They surround that company’s Ripon Hills manganese discoveries and adjacent areas. Limited test work on the licenses has encountered manganese grades generally in excess of 25% and sometimes exceeding 50%. The company is the major tenement owner in the area after Consolidated Minerals.
The first phase of the company’s exploration programme at Chiwefwe in Zambia has established an Indicated Resource of 2.36m tons of high grade Manganese at c.46%+ grade on a 550m strike length with a further 6 km of strike extension showing continuous mineralization. Further exploration and drilling are under way to bring further resources to Measured and Indicated status and test depth of mineralization.
The company’s aspiration is to become a significant producer in world terms in both the short and the long term and from more than one location.
Zambia
Chiwefwe:- The Mkushi permit covers an area of 400 hectares that straddles the Great North Road adjacent to the Tazara railway in central Zambia. Preliminary geological assessment has indicated the presence of a “significant deposit” with the potential to contain “a substantial tonnage of around 50 p.c. manganese”.
Australia
Oakover, Western Australia (WA):- Four tenements are held in the East Pilbara manganese province covering 695 sq km. Limited test work has encountered manganese grades generally in excess of 25% and sometimes exceeding 50%.
Gold (Au)
In late 2009, Red Rock announced the conditional acquisition of a 60% interest in the 68 km Migori greenstone belt in South West Kenya. The Mid Migori Property is approximatly 300 sq kms and is located 30 kms north of the operating North Mara goldmine in Tanzania. The Migori belt is an Achaean greenstone belt, relatively lightly explored over the greater part of its length, but with historic gold and base metal production including the Macalder VMS copper-zinc-gold mine. The tenements have a 43-101 Indicated Resource of 1.172 m oz gold.
Red Rock has conducted percussion drilling on the Macalder tailings and RC drilling on several locations across the licence in order to consolidate the existing resource estimate and investigate the previously underexplored areas on the eastern end of the licence. Samples from the tailings are currently being dried out in preparation for metallurgical testing and samples from the RC drilling are being prepared for assaying at the laboratory in Mwanza, Tanzania. Samples from 5 diamond cores, drilled by Kansai in 2006-2007 but not sampled, have been sent for assaying in Mwanza.
Some of the RC drilling, and the trenching currently under way, are with the aim of exploring Banded Iron Formation (BIF) targets. Surface exposures of BIF are indicators of possible gold endowment at depth and a UN-drilled hole in 1985 in the Migori greenstone confirm this gold associated BIF model, which despite the UN's recommendation for "the systemic testing of the other, numerours, ironstone exposures in the Migori belt" was not followed up.
Further gold prospectivity exist in the Oakover license in the East Pilbara.
Geographical Spread
Australia, Malawi and Zambia
Board of Directors and Key Management
| Andrew Bell, MA, LLB | Chairman |
| John Watkins, FCA | Non-executive Director |
| Robert Weicker, BSc | Non-executive director |
| Michael Nott, MSc | Director |
| Manoli Yannaghas | Director |
Company Address115 Eastbourne Mews
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Additional Address/Key ContactRegistered Office: |
CapitalThe Company has 555,817,920 ordinary shares of 0.1p in issue |
Year End30th June |
Nominated BrokersSimple Investments | Nominated AdvisorsBlomfield Corporate Finance Limited |
Major Shareholders
| Significant Shareholders | |
| Regency Mines Plc | 29.22% |
| Pershing Nominees Ltd | 8.77% |
| City Equities Nominees Ltd | 4.86% |
| HSDL Nominees Ltd | 4.83% |
| Barclayshare Nominees Ltd | 4.32% |
| Sunvest Corporaton Ltd | 3.88% |
| TD Waterhouse Nominees (Europe) Ltd | 3.36% |
| Public | 62.57% |
Related News
09/02/10 - Still Friendly, But No Longer Locked In An Embrace: Red Rock Resources Slowly Disengages From Pallinghurst11/11/09 - Red Rock Moves Deeper Into The Uranium Space With The Acquisition Of A Major Stake In Cue Resources
18/08/09 - Red Rock Moves Into Gold In A Major Way, With The Acquisition Of A Stake In The Million Ounce Migori Gold Project In Kenya
02/06/09 - With Pallinghurst Now In The Driving Seat On Its Iron Ore Properties, Red Rock Is Now On The Lookout For New Opportunities
04/02/09 - Fancy-Looking Numbers Support The Combined Stakebuilding In Jupiter Mines By Red Rock Resources And Pallinghurst
29/04/08 - Red Rock Resources Is Looking To Act As An Iron Ore Consolidator In The Yilgarn District Of Western Australia
Most Recent Statement
16/03/10 - Resource Star Limited - Joint Venture09/02/10 - Issue of Equity
03/02/10 - Announcement re Pallinghurst Resources
01/02/10 - Option Exercise, Director Dealing
29/01/10 - Total Voting Rights
14/01/10 - Update on Migori and Resource Star Limited