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).
· RRAL has applied for an additional 148 sq km of ground (EL007540) that forms a close-fitting inner ring around the Ballarat mine and which became available on Monday. [See Fig 1]
· The new application covers ground surrounded on all sides by RRAL’s existing licence applications.
· Three other parties have also applied for licenses covering the ground demonstrating the strategic significance of this area.
· In total RRAL now has c 2,336 sq km of ground under application in the Victoria Gold Fields.
· 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.
· RRAL continues work on equipping and staffing its headquarters office in Ballarat, and on technical planning for anticipated exploration and drilling programmes.
Red Rock Chairman Andrew Bell commented :
“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.
We anticipate further updates to the market in respect of RRAL in the near term.”
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.
RRAL has lodged applications for sixteen new gold exploration license areas covering approximately 2,336 km2 in the Victoria Goldfields of Australia as follows:
· Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.
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