Red Rock Resources plc has dropped three gold licence applications in Côte d’Ivoire after regulatory changes limited the number of licences to four per applicant.
GUARDIAN METAL
The company holds two licences covering 725.44km2 and two applications for a total 1,404.86 km2 in an area around the capital Yamoussoukro.
The three abandoned applications are in the north of country.
Chairman Andrew Bell said that there had been little warning of the new regulations.
Red Rock has also entered into an agreement to help Nevada-focused Guardian Metal Resources plc in applying for licences and developing and managing exploration.
“We will be paid fees of up to £10,000 plus small additional amounts in respect of our services and will have an option over 25% of any licence granted,” added Mr Bell.
“This response to the regulatory change is a positive development, giving us cost-effective exposure to a wider range of projects, and opening the prospect of further discussions with Guardian.”
Power Metal Resources plc, which had an Australia joint venture with Red Rock, holds 45.3% of Guardian to which it sold its Nevada tungsten-copper-garnet portfolio.