Business
Lithium Subsidiary Established, Assets Acquired
Lithium Subsidiary Established, Assets Acquired.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7609G\n Red Rock Resources plc\n 31 March 2022\n \n \n \n \n Red Rock Resources PLC\n \n \n (\"Red Rock\" or the \"Company\")\n \n \n Establishment of Lithium Subsidiary\n \n \n Acquisition of first Lithium Assets \n \n \n \n \n \n 31 March 2022 \n \n \n Red Rock Resources Plc, (\"Red Rock\" or \"the Company\"), a natural resource development company with interests in gold and base metals, principally in Africa and Australia, announces an update to the announcement of 24 March 2022, in relation to its interests in lithium in Zimbabwe. \n \n \n \n Highlights\n \n :\n \n \n Ø \n African Lithium Resources Pvt Ltd (\"ALR\") has been established as a 75% owned subsidiary in Zimbabwe with a local partner.\n \n \n Ø \n ALR has acquired 51 ha of lithium claims 29 km NW of Bikita in SE Zimbabwe at Tin Hill, and is in the process of transferring title.\n \n \n Ø \n Spodumene and petalite lithium mineralisation identified in 10m thick exposures averaging 1.43% Li2O (Geological Survey of Rhodesia 1975).\n \n \n Ø \n ALR has taken 7 samples in one area of the licence, with best grades received from an accredited laboratory at 2.07% Li2O, 1.082% Li2O, 0.87% Li2O, 0.62% Li2O \n \n \n Ø \n Consideration of $25,000, has been paid, with a further $10,000 retained by ALR until completion of transfer.\n \n \n Ø \n A new 125 ha application near Arcturus, a mining site 32km E of Harare in Zimbabwe has been approved for grant with a further application nearby in process \n \n \n Ø \n A 107 ha application near Bikita has been made and another property with high grades from our sampling has been identified for purchase.\n \n \n \n Red Rock Chairman Andrew Bell comments\n \n \n : \"Zimbabwe has long been the biggest lithium producer in Africa, and one of the largest in the world. Its pegmatites have a mineral endowment that has considerable expansion potential, and international investors have shown themselves willing to invest in lithium exploration and development in this traditional mining country that has been in disfavour for decades. \n \n \n \n Two key centres are Bikita, the site of the best known Zimbabwe producer, the Bikita mine, which is now 74% controlled by Sinomine group, and Arcturus, where Australian miner Prospect Resources Ltd (PSC:AX) announced the sale of its 87% interest in the Arcadi...