Red Rock Resources plc plans fieldwork on its gold licences in Burkina Faso and has received interest from prospective purchasers in its Ivory Coast assets.
APPROACHES
In Burkina Faso the company owns the Bilbale and Boulon licences covering 348km2 of “highly prospective” gold ground.
Red Rock has engaged Le Bureau des Mines et de la Géologie du Burkina to conduct outcrop and geological mapping over Boulon as well as rock chip sampling.
BUMIGEB will work with Red Rock’s geologists exploring on the site.
The company has also received cost quotes for 2,000m and 4,000m of auger drilling on the licence.
The programme is expected to feed into planned test production work.
Chairman Andrew Bell added that work had started in Burkina Faso to comply with licence conditions.
“Another consideration was that the high degree of interest in this licence had led to an increase in artisanal activity, some externally funded and involving the use of yellow goods [heavy machinery].
“Within the last two months the Government has cracked down on illegal activity and these contractors have left.
“While they are absent, and during the wet weather, we have an opportunity to establish activity and presence in all key areas.”
In the Ivory Coast, the company holds seven gold exploration licences covering an aggregate 2,491 km2.
Red Rock said it had assessed three “serious” approaches to buy or partner with part, or all, of its licence package.
The company yesterday received a AU$60,000 (£29,200) fee from a proposed purchaser in exchange for 30-days’ exclusivity.
Mr Bell added that the company continued to assess which of its assets are non-core.