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Red Rock Resources - Australian Gold Joint Venture Update

RNS Number : 5609E
Red Rock Resources plc
06 November 2020
 

 

Red Rock Resources PLC

("Red Rock" or the "Company")

 

Australian Gold Joint Venture Update

 

6 November 2020

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

·    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."

 

FIGURE ONE http://www.rns-pdf.londonstockexchange.com/rns/5609E_1-2020-11-6.pdf

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.

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:

 

License Application Number

Project Name

Area (km2)

 

EL007271

Blue Whale

133

EL007281

Blue Chip

74

EL007282

Blue Sky

489

EL007285

Blue Ribbon

8

EL007294

Red Queen

130

EL007301

Mt Bute

85

EL007327

Blue Stocking

60

EL007328

Blue Yonder

168

EL007329

Evergreen

486

EL007330

Blue Angel

202

EL007385

Sardinia

                   4

EL007460

Kilmore West

349

State land within EL007271

 

EL007505

EL007506

EL007507

 

 

 

 

 

 
 

[9

9

8]

EL007540

(3 competing applications)*

 

Outer Ballarat

148

Total

 

c 2,336

 

·    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.

For further information, please contact:

 

Andrew Bell 0207 747 9990                                                        Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396        NOMAD Beaumont Cornish Limited

Mark Treharne 0203 700 2500                                                    Joint Broker Pello Capital Limited      

Jason Robertson/David Cockbill 020 7330 1883                     Joint Broker First Equity Limited

 

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