Red Rock Resources (AIM: RRR) said that five diamond drill holes at the Macalder and Nyanza prospects at the Migori gold project in Kenya, drilled but never sampled by the previous operators, have been logged and samples over 498 metres have been prepared and sent for testing.
The holes, one at Macalder and four at Nyanza, total 801m. Percussion drilling for 358m in 32 holes has been completed on the mineralized Macalder tailings and are being prepared for multi-element and metallurgical testing, while 109m in four reverse circulation (RC) holes was also drilled before the end of 2009 at and near the gossan at Macalder, and samples prepared for testing.
The drilling programme has now resumed with deeper RC holes planned to intersect gold targets at the Gori Maria prospect and at Nawabisawa in the eastern license, which will also begin in January.
The company plans to revise the 43-101 resource estimate following receipt of the sampling results from the 2009 programme and will also incorporate results from the 2006-2007 drill programme.
Red Rock has recently upped its stake in Kansai Mining Corp, which owns the rights to the Migori gold project, to 35.2% to become the largest shareholder shortly after announcing its intention to enhance exposure to the Migori gold belt.
Migori comprises two contiguous special prospecting licenses, SP202 and SP122, covering an area of 310.5 square kilometres and situated in south western Kenya approximately 290 kilometres west of Nairobi.
The major zones comprise: the Kakula-Kalange-Munyu mineralization of 679,000 ounces of gold with over 22 million tonnes at approximately 1 gram per tonne of gold, where exploration fence drilling of more than 300 reverse circulation and diamond drilling holes has delineated this indicated resource; the Gori Maria striking zones drilled by over 100 RC and DD holes for 8.6 Mt of 0.9 g/t gold and an indicated resource of 240,000 oz, and the MK and Nyanza zones, both having significant promise of hosting higher grade mineralization than the former two zones.
Red Rock is also expecting the listing of its 24.44% owned associate Resource Star Limited (ASX: RSL) in February, planning to convert A$490,000 of loans to RSL into new ordinary shares in the group which has assets in Australia’s Northern Territory as well as Malawi, at the offer price of A$0.20 per share.
Following the listing, Red Rock will be interested in 24.33% of RSL.
Shares in Red Rock rallied 7.5% in London morning deals.
Source: www.proactiveinvestors.co.uk
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