Power Metal Resources PLC (LON:POW) says an upsurge in interest in the Victoria Goldfields area has prompted its joint venture with Red Rock Resources to speed up its plans in the region.
Paul Johnson, Power Metal’s chief executive, said: "The pace at which the Victoria Goldfields JV is progressing is somewhat dramatic.
"Whilst we have been working in the background on this opportunity for some time, the increasing interest in the Victoria Goldfields region in Q1 2020 necessitated an expediting of effort.
The work undertaken and that expedited effort has seen the JV secure applications for one of the largest strategic land packages in the region.
"As such, it is advisable for us to consider all options for its future development as expeditiously as possible"
Red Rock Australasia (RRAL), the joint venture, has applied for ten licences covering up to 1,835 sq km in the region but said the grant process has been disrupted by coronavirus.
As a result, RRAL said it will not apply for any more licences at this time as each of the ten tenements contains valid exploration targets but will instead prioritise the current applications.
The joint venture will also consider acquiring granted licences where immediate ground exploration is possible.
A detailed review is underway of historical exploration, previously recorded production and known deposits across all ten licence application areas.
From that, RRAL said it expects to commission a technical report that meets the requirements for public release and covering the Victoria land package.
Power said RRAL is also exploring other strategic options to move forward, including bringing in external joint venture partners or third party financiers.
Another possible option is for RRAL to list on a North American stock exchange, it said.
RRAL is 49.9% owned by POW and 50.1% by Red Rock Resources PLC (LON:RRR).
