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Red Rock Resources raises £660,000 for Greenland work

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Red Rock Resources (LON:RRR) is to raise £660,000 via a placing to go towards Greenland related exploration costs, it said.

The cash call saw the firm issue around 38.8 million shares at 1.7 pence each.

Following the placing, North Atlantic Mining Associates (NAMA), which is Red Rock's joint venture partner in Greenland, will receive more than 35.2 million shares and hold 3.65 per cent of the company.

Last week, the explorer and mining investor announced that a drill programme has now been completed at the Melville Bugt project, Greenland.

The work was completed slightly ahead of schedule and comprised 4,601 metres in 27 holes across four areas.

Red Rock said that all holes that reached target depth encountered iron formation, and more than 40 per cent of all the recovered drill core is iron formation.

The company also told investors that some assays have now been received from the labs and detailed analysis is now underway.

It highlighted that based on comparisons to earlier exploration results an increase in grade can be expected in the drill results.

Maiden mineral resource estimates will be completed for the Havik North East and potentially the Havik North East prospects in due course, it added.

Shares in Red Rock were unchanged today, at 1.85 pence.

 

Quick facts: Red Rock Resources PLC

Price: 1.07 GBX

AIM:RRR
Market: AIM
Market Cap: £10.41 m
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