Red Rock Resources plc Australian Gold Joint Venture Update (5609E)
07 November 2020 - 5:41AM
UK Regulatory
TIDMRRR
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 km(2) in the Victoria
Goldfields of Australia as follows:
License Application Project Name Area (km(2)
Number )
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 [9
EL007507 9
8]
EL007540 Outer Ballarat 148
(3 competing
applications)*
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 0 20 7330 1883 Joint Broker First
Equity Limited
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END
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