Australia Gold Joint Venture – Further Expansion

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce an update from its Australian gold joint venture (“JV”) company Red Rock Australasia Pty Ltd (“RRAL”) in which POW has a 49.9% interest.

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

“After many months of background work and a recent acceleration of effort POW shareholders now have exposure to a strategic gold JV of substance, positioned in the heart of the Victoria Goldfields.

With the new license applications announced today the JV has achieved critical mass in Victoria with a broad spread of targets through which it is looking to bring brownfields projects back into production and the discovery of new mines.
I look forward to the coming weeks and months, when we will be providing further information to the market outlining the prospectivity of each project within the JV portfolio.”

HIGHLIGHTS:

  • RRAL has now lodged applications for EL 007294 and EL007301, two new gold exploration license areas covering an additional 215 sq km in the Victoria Goldfields of Australia;
  • In total the JV license application areas of RRAL in Victoria now cover 919 sq km which gives it a significant presence in the Goldfields area:
License Application Number Project Name Area (sq km)
EL007271 Blue Whale 133
EL007281 Blue Chip 74
EL007282 Blue Sky 489
EL007285 Blue Ribbon 8
EL007294 Red Queen 130
EL007301 Mt Bute 85
Total   919
  • The license applications are focussed on the Ballarat area and the two recent applications, EL007301 west of Ballarat, and EL007294 further off to the north-north-west near Avoca, are close to and along the north-south structural corridor marking the boundary between the Bendigo Zone and the Stawell Zone.
  • All license application areas have extensive evidence of gold mineralisation and in many cases recorded production and historical drilling;
  • Analysis of historical exploration and geophysical data continues, and further updates will be provided in due course.

ONLINE MAP

Readers wishing to view the current application footprint may do so through the following link to the POW website: www.powermetalresources.com/p/204/rrraustralasia-gold-project-footprint

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

Download the full RNS release (PDF)

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19 May 2020

 
 
 

Power Metal Resources plc
201 Temple Chambers
3-7 Temple Avenue
London EC4Y 0DT
United Kingdom

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