21st Jan 2008 07:00
Red Rock Resources plc21 January 2008 RED ROCK RESOURCES PLC Update - investment in Mindax Limited and iron ore exploration Dated: 18 January 2008 Highlights • Holding in Mindax Ltd rises to 6.28%• Sampling results at Mt Alfred up to 70.72% Fe• Further exploration results at Jupiter Mines Ltd's Mt Ida tenement Red Rock Resources plc (the 'Company') the mineral exploration and developmentcompany focused on advancing iron ore, uranium and manganese projects inAustralia and East Africa, announces that it has increased its investment inMindax Limited ('Mindax'), a mineral exploration company listed on theAustralian Stock Exchange ('ASX') under the trading symbol MDX. An announcementof this holding was made on the ASX on 16 January 2008. The Company has acquired a further 916,399 shares in Mindax at a cost of AUD82,030, bringing its total holding to 5,291,399 shares as at 16th January 2008.This holding represents 6.28% of Mindax's issued ordinary share capital. Thepurchase has been made for investment purposes, and in the interest of enhancingco-operation with a company whose license areas neighbour on the Company'stenement at Mt Alfred, Western Australia. Exploration in the north of the MtAlfred tenement and the south of Mindax's adjoining tenement at Mt Forrestindicates the presence of potentially significant iron ore mineralizationcrossing the boundary between the tenements in Banded Iron Formations (BIFs). An additional series of BIFs lie along a similar northerly trend and extendthrough the Mt Alfred tenement along its eastern edge, adjoining the tenementsof Iron Mountain Ltd. During October/November 2007 a field reconnaissance androck chip sampling programme was undertaken by the Company to investigate thepotential of these trends within the Mt Alfred tenement. 21 sample results fromfive areas have been received. In the Mt Alfred West area, five samples showed grades of 65.09% to 70.72% ironover 200m of strike tested. In the Mt Forrest area in the north of the Mt Alfredlicense, nine samples showed grades of 34.36% iron to 62.23% iron, with anapparent increase in iron grades and reduction in silicon towards the south ofthe tested area. At Mt Alfred East, two samples showed grades of 37.55% and43.88% iron and at Brooking in the south of the license, one sample was takenand graded 67.19% iron. South of Mt Alfred East, two samples at Mt Alfred South showed elevated chromiumand nickel values, these are highlighted in red in Table 1 below. Values above55% Fe are in blue. TABLE 1 Sample No. GPS (WGS84) Name Fe % P % SiO2 LOI MA100 28o51.14S 119o59.31E Mt Alfred West 65.09 0.147 1.08 4.75MA101 28o51.20S 119o59.30E Mt Alfred West 65.71 0.128 1.15 4.83MA102 28o51.21S 119o59.30E Mt Alfred West 66.30 0.044 1.23 2.8MA104 28o51.25S 119o59.29E Mt Alfred West 67.73 0.072 0.43 3.07MA-N 28o51.54S 119o59.73E Mt Alfred West 70.72 X 0.6 1.39MA401 28o45.02S 119o59.77E Mt Forrest 34.36 0.074 48.53 1.36MA402 28o45.12S 119o59.80E Mt Forrest 44.19 0.045 34.97 1.39MA403 28o45.12S 119o59.80E Mt Forrest 35.11 0.012 47.47 1.94MA404 28o45.13S 119o59.76E Mt Forrest 38.25 0.007 43.37 1.45MA405 28o45.21S 119o59.78E Mt Forrest 42.33 0.047 20.31 11.22MA406 28o45.29S 119o59.81E Mt Forrest 39.45 0.024 40.62 2.26MA406a 28o45.29S 119o59.81E Mt Forrest 62.23 0.031 3.22 5.37MA407 28o45.34S 119o59.82E Mt Forrest 56.29 0.115 5.33 9.67MA408 28o45.42S 119o59.81E Mt Forrest 59.35 0.032 6.91 6.28BH-1 28o55.78S 119o59.80E Brooking Hills 67.19 X 2.1 3.14MA301 28o51.22S 119o59.71E Mt Alfred East 43.88 0.044 35.88 0.64MA400 28o51.20S 119o59.71E Mt Alfred East 37.55 0.061 43.78 1.32MA-NE 28o51.23S 119o59.72E Mt Alfred East 39.22 X 21.7 0.34MA200 28o51.78S 119o59.48E Mt Alfred South 40.07 0.058 40.12 1.64MA300 28o51.77S 119o59.79E Mt Alfred South 8.42 0.015 49.46 6.76MA300a 28o51.77S 119o59.79E Mt Alfred South 6.09 0.011 62.26 4.77 (LINK TO MAP) http://www.rns-pdf.londonstockexchange.com/rns/1166m_-2008-1-18.pdf The Company awaits further results and will now conduct further systematicmapping and sampling in the five areas identified, and along strike from them inorder to identify drill targets. As announced on 29 May 2007, the Company sold its other iron ore-prospectivetenements at Mt Ida and Mt Hope in Western Australia, which lie some 42 miles tothe south-east of Mt Alfred, to Jupiter Mines Ltd (ASX: JMS), in exchange for acash consideration, 4,617,178 Jupiter Mines Ltd shares, and a 1.5% productionroyalty. Jupiter Mines Ltd announced on 8 January 2008 that it had identifiedfour new conceptual targets at Mt Ida over 6.2 km of combined strike for furtherexploration. These were identified by a combination of systematic rock chipsampling, surface mapping and reconnaissance exploration. Assays from the firsttwo of these targets are reported to have returned grades of over 60% haematiteFe including a peak grade of 67.3% which is stated to be a high priorityexploration target. Magnetite mineralization grading up to 39.9% and 37.1% wasalso reported from these areas. Further exploration including drilling over thefour targets is planned by Jupiter Mines Ltd for early March. The information in this report that relates to exploration results, mineralresources or ore reserves is based on information compiled by Helen Salmon, BScHons, MPhil, GradIMMM, FGS, MMS. Helen Salmon is a principal geologist undercontract to Regency Mines plc, and has sufficient experience which is relevantto the style of mineralisation and type of deposit under consideration and tothe activity which she is undertaking to qualify as a Qualified Person. HelenSalmon consents to the inclusion in the report of the matters based on herinformation in the form and context in which it appears. Enquiries: Andrew Bell 0207 402 4580 Red Rock Resources plc Chairman or 07766 474849 John Simpson 020 7512 0191 Blomfield Corporate Finance Ltd Nominated Adviser Ron Marshman / 020 7628 5518 City of London PR Limited Public RelationsJohn Greenhalgh Updates on the Company's activities are regularly posted on its website,www.rrrplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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