Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and base metals, announces an update in respect of Red Rock Australasia Pty Ltd (“RRAL”) a joint venture company with gold exploration interests near the historic mining centre of Ballarat in the Gold Fields of Victoria. Red Rock owns 50.1% of RRAL, with 49.9% being owned by Power Metal Resources plc (AIM:POW).
Key points
· Canadian IPO process begins with appointment of legal counsel in Canada
· Following grant of first three licenses announced on 2nd February 2021, a further seven applications are at an advanced stage of processing
· New application made for 227 sq km EL 45/5859 in Western Australia which will be subject to a ballot between RRAL and Rumble Resources Ltd
Red Rock Chairman Andrew Bell commented :
“With three key licenses now granted, and better visibility on the processing pipeline on the remaining applications, we have initiated the process which we intend to lead to a listing of certain core assets by IPO on the Canadian capital markets.
This decision is a milestone for the Company and for its partner, Power Metal Resources plc. Three months of intensive work now begins to advance this process.
The opportunity arose to apply for ground in Western Australia in an area currently attracting a high level of exploration interest for gold and base metals when Rio Tinto dropped its application. The application is close to licenses with which Red Rock originally listed in London, when the target was manganese, so we have some knowledge of the area, which now goes to ballot between the two applicants”.
FURTHER INFORMATION
Joint Venture Company – RRAL
RRAL is a joint venture company 50.1% owned by Red Rock and 49.9% owned by Power Metal Resources plc (“POW”). Paul Johnson, CEO of POW and Andrew Bell are directors of RRAL.
Granted Licenses
RRAL has been granted the three licenses nearest to the regional centre of Ballarat, namely EL007271 (“Blue Whale”), EL007281 (“Blue Chip”), and EL007285 (“Blue Ribbon”).
These licenses cover 215 sq km west, south, east and west of Ballarat and cover high priority areas where RRAL has early drill targets that it is developing.
Applications
RRAL has lodged applications for sixteen new gold exploration license areas covering approximately 2,336 km2 in the Victoria Goldfields of Australia as follows:
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
