Business
Kimono Cobalt Project, DRC
Kimono Cobalt Project, DRC.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \n \n \n Red Rock Resources PLC\n \n \n \n \n (\"Red Rock\" or the \"Company\")\n \n \n \n \n Kimono Cobalt Project, DRC\n \n \n \n \n \n \n \n \n \n 27 June 2022\n \n \n \n Red Rock Resources Plc, the natural resource development company focussed on gold, but with developing interests in copper, cobalt, and other minerals, announces a new Cobalt joint venture in the Democratic Republic of Congo (\"DRC\"),\n \n \n Red Rock Resources Congo SAU (\"RRRC\") has entered into a joint venture agreement (the \"Agreement\") with the Société d'Investissement Minier Akon et Sodimico S.A. (\"Simaks\") whereby the Company will acquire a 58% holding in the Kimono Cobalt-Copper Project (\"KCCP\"), a cobalt project in Haut Katanga Province of the DRC.\n \n \n Simaks is a joint venture company between Whitewater LLC of Sharidan, Wyoming (\"WhiteWater\") and La Société de Développement Industriel et Minier du Congo (\"SODIMICO\"), which currently owns the 20 carrés (17 sq km) of mining licence PE 102 containing the KCCP.\n \n \n SODIMICO is a parastatal mining company of the DRC. White Waterfall LLC is a private equity fund controlled by the American-Senegalese businessman and musician Mr Aliaune Thiam. \n \n \n \n Highlights\n \n \n \n ·\n \n KCCP has a history of limited scale, high grade, Cobalt production\n \n \n \n ·\n \n Prospective R2 Mines Subgroup lithologies identified in past drilling and trenching\n \n \n \n ·\n \n 11 grab samples tested by XRF with indicated Co grades of 0.63% to 1.8%\n \n \n \n ·\n \n Favourable geology with R2 beds open down dip and along strikes\n \n \n \n ·\n \n RRR has paid $50,000 for 58% of the KCCP\n \n \n \n ·\n \n Further payments of $25,000 per quarter until a total of $400,000 paid\n \n \n \n ·\n \n No further payment obligations\n \n \n \n ·\n \n Acceleration or temporary suspension of payments provided for in certain eventualities \n \n \n \n \n Red Rock Chairman Andrew Bell comments\n \n : \"Our thorough technical and legal due diligence on this project included the search for and collation of historic information, as well as sampling and mapping on site. We are delighted to have been able to arrive at acceptable terms for entry into this exciting and historically very high grade cobalt project.\n \n \n \n We look forward to working in close co-operation with Simaks to advance the p...