Red Rock Resources - update potentially very significant says HotStockRockets...

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Red Rock Resources (RRR) has updated investors with news on Australia; “movement between States restricted, with isolation imposed in Melbourne and parts of Victoria”, Kenya; “a daily curfew is in place from 9 pm to 4 am”, Congo; “no international flights or internal flights to and from Kinshasa are yet permitted, but international flights are beginning to operate from 15^th August” and “the recorded cases in South Africa are nearly 12 times the level in the next worst affected African country, Nigeria” amidst various COVID-19 stats… but what’s the real company-specific import of its latest announcement?...

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For Australia it notes state agencies “have been affected by the lockdowns but continue to provide a service”, for Kenya “the effect on the company has been to cause some delays but has otherwise been minimal”, for Congo its “ability to operate efficiently has been affected by the inability to meet face to face with its partners and stakeholders, and to plan for travel. It is expected that this situation will improve in the coming month” and for South Africa that investee company Jupiter Mines Ltd now “has put in place strict safety protocols for its workforce and has been able to achieve targets and remained profitable and cash positive”.

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Additionally, “further to the announcements of 31 March 2020 and 19 September 2019, the anticipated renewals of Prospecting Licenses PL/2018/0202 and PL/2018/0203 (formerly SPLs 122 and 202) have now been received for a period of three years from 2 August 2020”. Those are the gold licences in Kenya we noted on initial recommendation we looked for restoration of and it then quite possible that it could sell them for an amount greater than the current market cap. That was then circa £3.5 million, with a then 0.60p share price to buy. The shares are now at 0.725p and a £5.1 million market cap – so this is still a potentially very material development, particularly with the current bullish gold sector.

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It is also with we noting last month particularly also similar potential from both Jupiter Mines and the currently hot Australia gold exposure – it also now updating that geologists “have been available locally in the Victoria Goldfields and have been able to access the license areas without difficulty or delay” and overall that “operations have been able to continue with little interruption and there are signs that the epidemic has in many countries passed its peak”. The diversified potential catalysts see us consider a 1p+ share price very possible in a matter of weeks, possibly sooner if there is news on an Aussie spin off and IPO and our stance remains buy. In bearcast Tom said he would eat his hat if the shares - which he owns - were not 1.27p by Christmas and explained why HERE

This article first appeared on HotStockRockets - to catch the latest red hot share tip from the HotStockRockets team out just last Friday afternoon for just £5.50 click HERE

Filed under: Red Rock Resources, Kefi, Advanced Oncotherapy, Kingspan, Horizonte Minerals

2020-08-21 11:50:56

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