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 Victoria Goldfields.
Power Metal has a 49.9% interest in RRAL, with Red Rock Resources plc (LON:RRR) holding a 50.1% interest.
Paul Johnson Chief Executive Victoria Officer of Power Metal Resources plc commented:
“The grant of three licenses marks a highly important moment for the Australia gold joint venture, enabling RRAL to move forward with active exploration in a highly prospective group of licenses in the Victoria Goldfields, centred on the historic mining centre of Ballarat.
We will be publishing early exploration plans shortly, something all parties have been preparing for over a number of months and utilising the RRAL Ballarat headquarters as the centre of the operational work.
In addition we continue to work on corporate activities surrounding the RRAL business, which given the level of interest shown in the Victoria Goldfields and now with the grant of the three licenses, becomes all the more relevant.
Importantly, Power Metal is particularly well funded and is able to immediately invest in gold exploration programmes to build what we believe will be considerable value in this unique and significant opportunity.”
Red Rock Chairman Andrew Bell commented :
“The grant to RRAL of these priority licenses is another milestone in our progress, and the one that opens RRAL’s pathway to the future. We thank Earth Resources Regulation of Victoria for their diligence and responsiveness, in the difficult circumstances created by long lockdowns and a flood of new license applications last year.
We now have 215 sq km of granted tenements, forming an outer ring around Ballarat and along the Ballarat trend. The ground that the Ballarat Mine has not been permitted to renew and that forms a close-fitting inner ring around their mine, became available and we immediately applied for it, as did three other parties. This ground is surrounded on all sides by our granted tenements and if granted would link them.
As a Ballarat-based company with its focus on Ballarat, we consider that this ground would be a logical fit with RRAL’s other holdings in the area and would enable it to further its mission of becoming a Ballarat exploration specialist.
We will now proceed with our plans for a listing of all or part of the RRAL assets.
Exploration will begin immediately and we anticipate further updates to the market in respect of RRAL in the near term.”
· RRAL has received formal license grants for three of its license applications as follows:
– The 133 sq km “Blue Whale” license south and east of Ballarat (EL007271)
– The 74 sq km “Blue Chip” license west and south of Ballarat (EL007281)
– The 8 sq km “Blue Ribbon” license north of Ballarat (EL007285)
· All three licenses are granted for a period of five years
·RRAL is to launch an expeditious exploration programme further details of which will be announced shortly.
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 Power Metal and Andrew Bell, Chairman of Power Metal are directors of RRAL.
RRAL has received notice that its applications for the three licenses where applications had been expedited have been successful, and that it has now 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 forming an outer ring around Ballarat, along the Ballarat trend and covering high priority areas where RRAL has early drill targets that it is developing.
RRAL is also one of four applicants for the 148 sq km tenement EL007540 compulsorily surrendered by the owners of the Ballarat mine which forms a close-fitting inner ring around the Ballarat Mine. The EL007540 ground is surrounded by RRAL’s now granted tenements and if granted to RRAL would link them.
In total RRAL has now lodged applications for an additional 13 new gold exploration license areas covering approximately 2,121 km2 in the Victoria Goldfields of Australia as follows
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