Australian Gold Joint Venture - Operational Update

RNS Number : 4332S

Red Rock Resources plc

08 July 2020

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Australia Gold JV - Operational Progress Update

8 July 2020

Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and other minerals, is pleased to announce an update on its joint venture subsidiary Red Rock Australasia Pty Ltd ("JV" and "RRAL").

Highlights:

•   OreTeck Mining Solutions of Melbourne, Victoria are currently finalising a "Geological Review and Development of Exploration Strategy" on the exploration license areas.

· Caracle Creek Chile SpA has been appointed to produce a National Instrument 43-101 Technical Report in respect of the gold tenements comprising eleven licence applications by RRAL covering 1,839 sq km in the Victoria Goldfields, Australia (the 'Project').

• RRAL has applied for a further small 4 sq km gold exploration license, EL007385, to be named the Sardinia prospect, filling a gap adjacent to EL007282. 

· RRAL has set up a Technical Advisory Board including Victoria-based geologists to advise and co-ordinate on technical matters in connection with a possible listing and has appointed initial members.

Red Rock Chairman Andrew Bell comments :

"RRAL is progressing its understanding of the gold tenements in Victoria Australia and the appointments of OreTeck and Caracle Creek Chile SpA, and the formation of a Technical Advisory Board, are important steps in that process.

The NI 43-101 report is an essential precursor of any decision to list the RRAL assets.

RRAL is gathering data into a historical exploration database across the application areas  and the full report will be reported when received".

Further Information:

Sardinia Project is located 15 km north-west of Daylesford and covers an area of 4 sq km. It adjoins EL007282, the Blue Sky Project, also applied for by RRAL.

Historic reports available on the Geovic database (principally Highlake Exploration Ltd report on EL 3461, Nov 1994) note discovery of the Sardinia Reef in 1860, and report that 50 oz per ton was obtained from the first crushing, and that five nuggets of 124 oz to 750 oz discovered locally are thought to be from the alluvial or possibly eluvial workings on the license. The report states that the reef does not appear to have been worked below the water table at approximately 27m.

Although RRAL recently announced that it did not expect to lodge further ground applications, this small area contiguous to and on trend from existing RRAL applications became available and is of exploration interest.   

RRAL is a joint venture company 50.1% owned by Red Rock and 49.9% by POW. Paul Johnson, CEO of POW, and Andrew Bell, Red Rock and POW Chairman, are directors of RRAL.

The JV license application areas of RRAL in Victoria cover 1,839 sq km in the Goldfields area.

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.

For further information, please contact:

Andrew Bell 0207 747 9990                                                          Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990                                                           Director 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

 

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