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Power Metal - Australia Gold Joint Venture - Operational Update

RNS Number : 7452O
Power Metal Resources PLC
03 June 2020
 

3 June 2020

Power Metal Resources plc ("POW" or the "Company")

Australia Gold Joint Venture - Operational Update

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update from its Australian gold joint venture ("JV") company Red Rock Australasia Pty Ltd ("RRAL") in which POW has a 49.9% interest.

HIGHLIGHTS:

·    RRAL has applied for four additional gold exploration license areas totalling 916 sq km in the Central Victoria Goldfields of Australia.

 

·    The applications double RRAL's landholding position to 1,835 sq km and will make it one of the largest tenement holders in the Goldfields.

 

·    The combined applications now cover a 100 km North-South stretch of contiguous tenements centred on the great mining town of Ballarat following historic mining centres and extensive evidence of gold mineralisation throughout.

 

·    The applications also cover ground to the West along the structural boundary between the Bendigo Zone and the Stawell Zone further West, including ground near another old mining centre, Avoca.

 

·    Finally the applications now cover a conceptual target area along the structural boundary between the Bendigo Zone and the Melbourne Zone to its East where RRAL has as its near neighbour on both sides the recently listed Canadian explorer Fosterville South Exploration Limited (TSX-V:FSX).

 

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

"The JV company RRAL has secured one of the largest strategic footprints in one of the most sought-after gold exploration territories.  This has been achieved partly through longstanding preparations in the background that yielded the early licence applications and then by proactive search and expedient action when new opportunities were identified.

At this stage, RRAL needs to formally document and analyse in detail the historical gold production and evidence of gold mineralisation across the licence areas.  Further updates will be provided detailing the outcome of this work, by property, in the near future."

FURTHER INFORMATION:

RRAL has now lodged applications for EL007327, EL007328, EL007329, and EL007330, four new gold exploration license areas covering an additional 916 sq km in the Victoria Goldfields of Australia.

In total the JV license application areas of RRAL in Victoria now cover 1,835 sq km which gives it a significant presence in the Goldfields area:

 

License Application Number

Project Name

Area (sq km)

EL007271

Blue Whale

133

EL007281

Blue Chip

74

EL007282

Blue Sky

489

EL007285

Blue Ribbon

8

EL007294

Red Queen

130

EL007301

Mt Bute

85

EL007327

Blue Stocking

60

EL007328

Blue Yonder

168

EL007329

Evergreen

486

EL007330

Blue Angel

202

 

 

 

Total

 

1,835

               

 

ONLINE MAP

Readers wishing to view the current application footprint may do so through the following link to the POW website: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint

 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc


Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617



SP Angel Corporate Finance (Nomad and Joint Broker)


Ewan Leggat

+44 (0) 20 3470 0470



SI Capital Limited (Joint Broker)


Nick Emerson                                                                                                           

+44 (0) 1483 413 500



First Equity Limited (Joint Broker)


David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 


 

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company exploring for the key metals used in power generation, transmission, storage and utilisation. The Board and team of advisors, who have proven expertise in exploration, mining and project generation, have identified an opportunity to utilise the Company's position to become a leader in the London market for investors to gain exposure to the power metal commodity suite, particularly cobalt, lithium, copper and nickel. 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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