Red Rock Resources (RRR) has updated encouragingly on its Australia gold joint venture and Jupiter Mines interest. On the former it notes a ‘Geological Review and Development of Exploration Strategy’ on the exploration license areas is currently being finalised. However, confidence is shown in that:
“Caaracle Creek Chile SpA has been appointed to produce a National Instrument 43-101 Technical Report… Red Rock Australasia Pty Ltd has applied for a further small 4 sq km gold exploration license, EL007385, to be named the Sardinia prospect, filling a gap… has set up a Technical Advisory Board including Victoria-based geologists to advise and co-ordinate on technical matters in connection with a possible listing and has appointed initial members”. Gold is currently a hot space and the joint venture’s Victoria Goldfields focus in currently a hot area.
Meanwhile, on Jupiter Mines (ASX - JMS), Red Rock notes it “has a holding in Jupiter Mines valued currently at approximately AUD 4.35m (£2.41m). The company also has a 1.3% gross revenue royalty over the Mt Ida iron ore project”. The latter is a deposit of the Central Yilgarn iron ore project, on which a strategic review “has identified an Initial Public Offering… as a potential value crystallisation option. The board of Jupiter, after due consideration, has unanimously approved a detailed investigation of an IPO as a priority”. The potential of this is also with “Anglo-Pacific Group plc has an obligation to purchase 0.45% of this royalty interest from Red Rock for $8m upon the achievement by Jupiter of certain milestones, namely (a) a definitive feasibility study and decision to proceed, and (b) commercial production”.
There is also further potential here, but the shares - at 0.35p to buy - currently only capitalise this company, with also dividends from Jupiter having more than covered its administrative costs. With multiple potential catalysts, not least the noted spin-off potential, our stance remains buy. We continue to believe that, if gold continues to sizzle, these shares could easily trade at well over 1p.
Filed under: Red Rock Resources, Eqtec, Avacta, Ethernity Networks, Big Yellow Group, HotStockRockets
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