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Red Rock Resources, Power Metal Resources update on Australian gold joint venture

The pair have applied for an additional 148 square kilometres of ground surrounded on all sides by their existing licence applications

Red Rock Resources PLC - Red Rock Resources, Power Metal Resources update on Australian gold joint venture

Red Rock Resources PLC (LON:RRR) and Power Metal Resources PLC (LON:POW) have updated investors on their Australian gold joint venture Red Rock Australasia (RRAL).

The two developers own 50.1% and 49.9% of the project respectively.

READ: Red Rock, Power Metals' Australian gold venture brings in veteran as exploration manager

The pair said they have applied for an additional 148 square kilometres of ground that forms a close-fitting inner ring around the Ballarat mine and which became available on Monday.

The new application covers ground surrounded on all sides by RRAL's existing licence applications, which amount to 2,336 square kilometre of ground in the Victoria Gold Fields.

Three other parties have also applied for licenses covering the ground, which the miners said demonstrates the strategic significance of this area.

RRAL has received several approaches from third parties to acquire interests in, joint venture or earn-in to the RRAL license package, in whole or part.

Alongside the intention to list some or all of RRAL on a North American stock exchange RRAL is working with potential partners to assess external proposals, it added.

The firms continue work on equipping and staffing its headquarters office in Ballarat, in Australia, and on technical planning for anticipated exploration and drilling programmes.

“As a Ballarat-based company with its focus on Ballarat, we consider that this ground would be a logical fit with our holdings in the area and enable us to further our mission of becoming a Ballarat specialist,” Red Rock’s chairman Andrew Bell commented in a release.

“There is an intense level of activity around RRAL demonstrating a commitment to building a rapidly growing Australian gold company focused on the Victoria Gold Fields,” Power Metal’s chief executive Paul Johnson said in a separate announcement.

Quick facts: Red Rock Resources PLC

Price: 1.185 GBX

AIM:RRR
Market: AIM
Market Cap: £11.53 m
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