Red Rock Resources, a natural resource development company based in London, UK, has announced that it now holds four active gold licenses in West Africa, a region with high mineral potential and growing investment attractiveness. The company’s chairperson, Andrew Bell, says that the recent granting or renewal of three gold licenses in Burkina Faso and Côte d’Ivoire is a result of its patience and persistence in pursuing its exploration and development goals.
In Burkina Faso, Red Rock has renewed its Bilbale and Boulon licenses, covering an area of 198 km2 and 238 km2 respectively. The company has started geochemical testing and mapping of key zones at Bilbale, with the aim of semi-mechanized mining of alluvial areas and follow-up drilling of hard-rock targets. The company has also reported promising rock chip results from mapped areas at Bilbale, including 14.7 g/t and 11.2 g/t gold.
Red Rock has mobilized its development team on-site at Bilbale, with the support of local staff and experts from South Africa, Zimbabwe, and India. The company expects to begin gold production soon, adding to its cash flow and value.
In Côte d’Ivoire, Red Rock has been awarded two licenses out of the four it applied for around Yamoussoukro, the country’s political and administrative capital. The licenses cover an area of 296 km2 and 400 km2 and are located in a highly prospective region for gold mineralization, with several major mines and projects nearby.
Bell says that the award of these licenses creates a critical mass for development or establishing a joint venture in Côte d’Ivoire. He adds that the company’s licenses have attracted interest from potential buyers and partners, owing to their high prospects. Red Rock is planning a management visit to Yamoussoukro in mid-February to assess the opportunities and challenges.
In addition to its gold projects in West Africa, Red Rock also has interests in iron ore, manganese, coal, uranium, and other minerals in various regions, including the Democratic Republic of Congo (DRC), Kenya, and Australia. The company is also involved in a legal dispute in the DRC over an arbitration award of $ 2.5 million, which it expects to be resolved soon.
Bell says that Red Rock is a resource sector recovery play, with a diverse set of international projects and investments. He says that the company is focused on value creation throughout the volatile natural resource cycle, and is well-positioned to take advantage of the rising gold prices and demand.
West Africa is emerging as a hub for gold mining in Africa, with Ghana, Burkina Faso, Mali, and Guinea being the top four producers in the continent. The region offers favorable geological conditions, low operating costs, and supportive government policies for mining investment. According to a report by GlobalData, West Africa’s gold production is expected to increase by 2.7% in 2024, reaching 10.8 million ounces.
Red Rock’s progress in securing and developing its gold licenses in West Africa reflects its vision and strategy to leverage the region’s potential and become a leading gold producer and explorer.
Source: Mining Weekly
