Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of natural resource development firm Red Rock Resources (LON: RRR) are rising after announcing that its drill programme is to start at its copper-cobalt prospect in the Democratic Republic of Congo.
The company's 80% owned Luanshimba License in the DRC contains copper and cobalt targets with the drilling programme carried out by the supervision of Minerals Exploration Associates SARL. Pre-drilling phases have been completed or are near completion.
Red Rock sad 70.72 line-kilometres of magnetic data was collected in December by a ground survey conducted on north-south lines with a 100m line spacing. Ronacher McKenzie Geoscience of Sudbury, Ontario, processed and interpreted the ground magnetic data during January.
An IP and resistivity programme across the target areas has been completed and analysed with the construction of a camp, water well and security office nearing completion. Red Rock also said work is beginning on preparing drill access and drill pads.
The AIM-listed company has now engaged Rubaco SARL to carry out a 2,000m reverse circulation drill programme comprising 20 holes, with an option to extend to 3,000m.
Red Rock Chairman Andrew Bell said: “Rubaco, have the experience and reputation we were looking for in a drilling partner in Katanga, and we look forward to working with them.
“This programme is designed to penetrate below the normal water table and detect any supergene enrichment, and in June we expect to encounter suitable ground conditions and achieve good drilling recoveries.
“The results from the geochemical and geophysical work we have carried out, and our interpretation of structure, mean that we approach this drilling with high expectations.”
Red Rock Resources' share price is currently trading at 0.9512p, up 2.72%.
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