Hargreaves Lansdown

Red Rock applies for five exploration permits in Cote d'Ivoire

Mon 18 October 2021 10:55 | A A A

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(Sharecast News) - Gold, copper and cobalt-focussed development company Red Rock Resources has made applications for five exploration permits through its wholly-owned Côte d'Ivoire subsidiary LacGold Resources, it announced on Monday.

The AIM-traded firm said the five areas, totalling 1,907.07 square kilometres, were selected based on a "detailed and comprehensive" screening and ranking of possible target areas.

It said the inputs included all available historical and geological information for the country, adding that each application area was located on a known regional shear zone where gold mines were operating.

Each application area had "significant" artisanal mining occurring within and around it, the board added.

"Exploration of some of the largest parts of the West African Greenstone Belts, and particularly the Côte d'Ivoire, has lagged far behind Ghana and even Mali," said chairman Andrew Bell.

"In partnership with M Koffi Gbamele, a Côte d'Ivoire geologist with 30 years of gold experience including at Newcrest and at Taurus Gold, and with the invaluable assistance of our Côte d'Ivoire-born geologist and data manager in London, M Ali Barro, Red Rock has returned to the country with fresh vigour and renewed determination."

Bell said Gbamele had engaged in exploration through its different stages at well-known mines such as Bonikro, Dougbafla, Hiré, and Afema, had conducted near-mine development, and also had "substantial" administration, community, and government relations experience.

"We are excited by the opportunity to work with him.

"Following a detailed study, application has now been made for five areas with, we believe, the pedigree and potential for significant discoveries," Andrew Bell said.

"The team's aim is to create and rapidly list a quality West African stand-alone independently financed gold play focussed on the Côte d'Ivoire."

At 0947 BST, shares in Red Rock Resources were up 14.29% at 0.6p.

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