Red Rock Resources PLC expects Kenya to be a key target in 2022
Quotes are also planned for the quotations of Elephant Oil and New Ballarat Gold.
Red Rock Resources PLC (AIM: RRR) said its Kenyan asset will be a key focus in 2002, as there is the potential to build a significant gold resource there and comparable to the better-known mines of neighboring Tanzania.
In February 2021, Red Rock released a new JORC mineral resource estimate of 723,000 oz gold at 1.49 g / t and a new environmental study is already underway for the next exploration phases scheduled for 2022, the company said in a statement.
Quotes are also planned for the Elephant Oil and New Ballarat Gold quotes, with possible sales and joint ventures of other assets also under consideration.
As of June 30, 2021, the group’s reported loss for the year was £ 1.7million after reported profit of £ 5.2million the previous year.
Dividend income received during the year fell from £ 0.42million to £ 0.13million, reflecting lower payouts and continued reductions in the stake in Jupiter Mines.
Payroll and associated costs increased, reflecting additional activity in Australia, Kenya, London and Congo.
Marketable investments at the end of the year were £ 1.58million plus a stake in Elephant Oil, which is expected to list in the new year and has a pre-IPO value of around 174,000 pound sterling.