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Red Rock and Power Metal weigh up options for Australian joint venture as NI43-101 report highlights excellent exploration potential

The joint venture holds a significant swathe of ground in a highly prospective area

Red Rock Resources PLC -

Rock Resources Australasia Ltd, a joint venture between Red Rock Resources PLC (LON:RRR) and Power Metal Resources (LON:POW), has released the results of an NI 43-101 technical report on the BMV gold project.

BMV comprises eight exploration licences out of the twelve for which the joint venture has applied, all of which are subject to pending licence applications. 

The report highlights several areas where the exploration potential is “excellent.”

"The completion of the NI 43-101 Report is a milestone on the progress of Red Rock Australasia Ltd towards our aim of a listing for the Australian business on a major public market,” Red Rock Resources chairman Andrew Bell said in a statement.

“Red Rock Australasia's footprint, represented by its pending licence applications in the Victoria Goldfields, compares well in size and quality with its peer group. RRAL is positioned to benefit from the boom in goldfields exploration and the deeper understanding that will develop, both through its control of a number of historic goldfields in the Bendigo Zone, as well as through its underexplored structural targets in the Melbourne Zone that is now receiving an unprecedented level of attention," he added.  

In a separate statement, Paul Johnson, the chief executive of Power Metal Resources, called the receipt of the report “a key moment.”

Quick facts: Red Rock Resources PLC

Price: 1.17 GBX

Market: AIM
Market Cap: £11.38 m

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