Richmond Hill Resources Plc - Further re Martello Gold Project& Consultancy Agreement
PR Newswire
LONDON, United Kingdom, February 05
Richmond Hill Resources PLC
("Richmond Hill" or the "Company")
Further re Martello Gold Project
& Consultancy Agreement
Richmond Hill Resources PLC (AIM: RHR) announces that, further to the announcement on 5 January 2026, Critical Discoveries has now completed historic data compilation and digitisation to define high-priority drill targets for a maiden drill programme at the Martello Gold Project.
The Company intends to drill a total of seven drill holes, comprising approximately 1,100 metres. The current proposed drill plan is preliminary and will continue to be refined as the drilling program advances and additional geological information is obtained from the initial drill holes. Further details are expected in the coming weeks over timing of the drill programme which at this stage is expected to commence in Q1 2026.
The Company has also appointed a third-party contractor for a DRONE-MAG survey on the Martello Gold Project. The survey will be conducted using a DRONE-MAG system, consisting of a Blacksquare Hercules X4 drone, a GEM Systems GSMP-35U potassium vapor magnetometer, and GEM Systems GSM-19 Overhauser base stations. This survey is expected to commence shortly.
Consultancy Agreement
In addition, the Company has entered into a consultancy agreement with James Ikin ("Consultancy Agreement"). Under the terms of the Consultancy Agreement, James Ikin will provide strategic, advisory, and other consultancy services as may be reasonably requested by the Company from time to time, for a fee of £30,000 per annum.
Related Party Transaction
James Ikin is a substantial shareholder in the Company, therefore the entering into the Consultancy Agreement by the Company is a "related party transaction" for the purposes of Rule 13 of the AIM Rules (the "Transaction"). The directors of the Company, all being independent of the Transaction, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider that the terms of the Transaction are fair and reasonable in so far as the Company's shareholders are concerned.
Hamish Harris, CEO of Richmond Hill, commented: " With the data compilation complete, the contracting of a third party for a MAG survey and drilling on the near horizon, the Board is enthused about the momentum gained since listing. We look forward to providing updates to shareholders in the coming weeks and months regarding the upcoming drill programme at the exciting Martello Gold Project."
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
For further information, please contact:
Richmond Hill Resources Hamish Harris
| Tel: +44 (0)787958 4153 |
Cairn Financial Advisers LLP (Nominated Adviser) Ludovico Lazzaretti / James Western
| Tel: +44 (0)20 7213 0880 |
Clear Capital Limited (Broker) Bob Roberts
| Tel: +44 (0) 20 3869 6080 |
