Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce a further operational update in respect of its Australian gold joint venture (“JV”) company Red Rock Australasia Pty Ltd (“RRAL”) in which POW has a 49.9% interest.
RRAL commissioned and has received final historical reports and targeting assessments (the “Reports”) for all license applications in the Victoria goldfields, with the exception of recently acquired EL007460 (“Kilmore West” project) and EL007385 (“Sardinia” project). The Reports have been used to inform the preparation of a NI 43-101 technical report in respect of eight of the license applications and develop exploration programmes.
To date four Reports have been uploaded to the Power Metal website, namely:
The Company has now uploaded six further Reports to the Power Metal website, namely:
All the above Reports are available through the following link:
An initial summary report in respect of recently acquired license application EL007460 (“Kilmore West”) has also been uploaded to the website and an initial summary report on EL007385 (Sardinia project) which was also recently acquired, will be uploaded when finalised for publication.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“A key priority for RRAL is finalisation of the NI 43-101 technical report, which now provides coverage of the recently acquired Kilmore West license application.
The project Reports provide extensive evidence of gold mineralisation throughout the licence application ground and demonstrates multiple initial targets for exploration work.
RRAL is working with Earth Resources Victoria and RRAL’s land management partners with regard to grant of licenses which will, with appropriate approvals and permits, enable exploration to commence.
RRAL continues to work with advisers with regard to the potential listing of some or all of RRAL interests on a North American stock exchange, and also with third parties seeking to earn-in or joint venture with RRAL with regard to certain of its business interests.”
FURTHER JV INFORMATION:
Joint Venture Company - RRAL
RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.
RRAL has lodged applications for twelve new gold exploration license areas covering 2,188 km2 in the Victoria Goldfields of Australia as follows:
|License Application Number||Project Name||Area (sq km)|
Readers wishing to view the current application footprint may do so through the following link to the POW website: https://www.powermetalresources.com/p/207/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.
16 September 2020