Red Rock Resources - Australia Gold - Joint Venture Update
("Red Rock" or the "Company")
Australia Gold - Joint Venture Update
Update on licence applications:
RRAL's applications are shown on the tenement map for
RRAL expects that it will be able to prioritise the grant of certain key application areas, but its planning including planning for a possible listing does not rely on assumptions about the timeframes for grant.
RRAL's licence applications cover areas with different targets and target types. Although these may be described as RRAL's strategic footprint in the Victoria Goldfields region, the ten licences covering up to 1,835 sq km in one of the most sought after gold exploration territories are not expected to be granted and explored on the same timeframe, and the assumption is that the sequential grant of these licenses will create an exploration pipeline.
It is considered unlikely that RRAL will lodge any further applications for additional licences at this time, as each of the ten tenements applied for contains valid exploration targets.
However, RRAL is also considering potential corporate transactions to acquire granted licences where immediate ground exploration is possible, which would complement the application portfolio.
Historical Exploration Database and Exploration Planning:
RRAL is working with geological advisors based in the Victoria Goldfields area who are undertaking a review of historical exploration, previous recorded production and known deposits across all ten licence application areas.
The information gathered is being collated into a geological database to provide the basis for additional target generation and detailed exploration planning.
Compliant Technical Report:
RRAL expects to commission the production of a technical report meeting the requirements for public release and covering the
RRAL has various strategic options for corporate and operational development of its Victoria Goldfields interests. The baseline route would be to secure licence grants and for RRAL to explore and develop each licence internally with its own work programme.
Other options include RRAL securing external joint venture partners and as the licence applications cover several target types and areas it would be possible to take separate approaches with individual exploration licenses.
Prior to any strategic decisions being taken it is important to maximise our understanding of each licence and its prospectivity to enable the correct approach to be taken for each and if relevant to enable RRAL to structure suitable corporate transactions. As a result early completion of the historical exploration database is very important.
It is however recognised that alongside internal exploration and development by RRAL, involvement of third parties could enhance project level financing and so support an accelerated timetable for activity on the ground as licence applications are granted and exploration approvals obtained.
One further option being considered by RRAL is a possible initial public offering ("IPO") for RRAL on a
Red Rock Chairman
"The Company is considering with its partner Power Metal Resources and with its advisors in
Developments will be reported as they occur."
RRAL is a joint venture company 50.1% owned by Red Rock and 49.9% by POW.
The JV license application areas of RRAL in
Ø EL007281 Blue Chip 74 sq km
Ø EL007282 Blue Sky 499 sq km
Ø EL007285 Blue Ribbon 8 sq km
Ø EL007294 Red Queen 130 sq km
Ø EL007301 Mt Bute 85 sq km
Ø EL007327 Blue Stocking 60 sq km
Ø EL007328 Blue Yonder 168 sq km
Ø EL007329 Evergreen 486 sq km
Ø EL007330 Blue Angel 202 sq km
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 contact:
Scott Kaintz 0207 747 9990 Director
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD
Mark Treharne 0203 700 2500 Broker
This information is provided by RNS, the news service of the
Quick facts: Red Rock Resources PLC
Market Cap: £3.73 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE