Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce 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 (“Red Rock”)(LON:RRR) holding a 50.1% interest.
(1) A copy of the NI 43-101 technical report may be viewed on the Power Metal website through the following link: https://www.powermetalresources.com/Uploads/2020-09-21-0078-Caracle-KineticsRM_RedRock_NI43-101_Sept21_2020_F_complete.pdf
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“Today’s news marks a key point in the development of RRAL with the grant of the Evergreen tenement which is one of the larger licence applications and sits in an area of particular interest as demonstrated by increasing investment by peer companies in project acquisition and exploration.
Grant of the two licences moves the IPO process front and centre. We believe that the core interests of RRAL forming the basis for an IPO on the Canadian capital markets represents one of the most comprehensive investment opportunities in the Victoria Goldfields for Canadian and international investors.
RRAL are therefore moving forward at pace with both project exploration and corporate listing developments.”
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. Paul Johnson, CEO of Power Metal and Andrew Bell, Chairman of Power Metal and Red Rock, are directors of RRAL.
RRAL has seven granted licences over an area of 848 km2 and covering high priority areas where RRAL has early drill targets that it is developing.
|License Number||Project Name||Area (sq km)|
RRAL has licence applications in process for nine other new gold exploration licence areas covering approximately 1,488 km² in the Victoria Goldfields of Australia as follows:
|License Application Number||Project Name||Area (sq km)|
(3 competing applications) (*)
|State land within EL007271|
* 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.
In addition to the Victoria Goldfields above RRAL has also made exploration licence applications in Western Australia as included in the table below. Please note where indicated below and there is another applicant the application will be subject to a ballot.
(One competing application)
(One competing application)
29 April 2021