Australia update

RNS Number : 4804S

Red Rock Resources plc

17 March 2021

 

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Update: Australia

17 March 2021

Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and base metals, announces an update in respect of its interest in Jupiter Mines Ltd (ASX:JMS)("Jupiter") and its spin-off plans, and 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

· Jupiter has announced a delay to May in the expected IPO of Juno Minerals Ltd ("Juno"), its iron ore spin-out, to allow for the calling of a General Meeting to approve the removal of certain conditions precedent

· Following grant to RRAL of its first three gold exploration licenses in Victoria, announced on 2^nd February 2021, a further two licenses have now been granted (EL007327 and EL007385), with others in process of application

· Appointment of David Holden as a Director of RRAL

· IPO process for RRAL continues

Red Rock Chairman Andrew Bell commented :

"Jupiter had to alter its listing timetable for Juno due to a compliance issue with one overseas shareholder in relation to its obligations under the Foreign Acquisitions and Takeovers Act 1975 of Australia and its implementing regulations. Jupiter has sought guidance and taken appropriate advice and is able to proceed with the transaction, with minimal delay.

At Red Rock Australasia, our joint venture with Power Metal Resources plc, we have seen the grant of a further two licenses and understand that several more are in the last stage of processing. This is an encouraging background to our continuing work on the planned IPO of the business.

Exploration work continues on the ground under the direction of Dave Holden and his team in Ballarat. Further to our announcement of 25 September 2020 announcing his appointment as Exploration Manager, we now welcome him onto the RRAL board. Jack McInerney, with four years of regional experience at the Ballarat Gold Mine, also joins RRAL as an Exploration Geologist.  

Dave's extensive geological and public company experience, at both CTO and CEO level, and his enthusiasm and local knowledge, make him valuable to our team as RRAL develops its presence and activity, and prepares for life as a public company." 

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.

Granted Licenses

RRAL has been granted licenses over the three appplications nearest to the regional centre of Ballarat, namely EL007271 ("Blue Whale"), EL007281 ("Blue Chip"), and EL007285 ("Blue Ribbon"), a license further south EL007327 ("Blue Stocking"), and one north of Daylesford EL007385 ("Sardinia").

These licenses cover 279 sq km and cover high priority areas where RRAL has early drill targets that it is developing.

License Application Number	Project Name	Area (km2)
EL007271	Blue Whale	133
EL007281	Blue Chip	74
EL007285	Blue Ribbon	8
EL007327	Blue Stocking	60
EL007385	Sardinia	4
Total		279

Applications

RRAL has applications in process for eleven other new gold exploration license areas covering approximately 2,057 km² in the Victoria Goldfields of Australia as follows:

License Application Number	Project Name	Area (km2)
EL007282	Blue Sky	489
EL007294	Red Queen	130
EL007301	Mt Bute	85
EL007328	Blue Yonder	168
EL007329	Evergreen	486
EL007330	Blue Angel	202
EL007460	Kilmore West	349
State land within EL007271 [EL007505 EL007506 EL007507]		[9 9 8]
EL007540* (3 competing applications)	Outer Ballarat	148
Total		c 2,057

* 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.

The following application has been made in Western Australia:

EL45/5859 (One competing application)

Pilbara

227

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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                                                    Broker Pello Capital Limited

 

END

 

 

UPDKQLFFFXLBBBX