Australian Gold Joint Venture Update

RNS Number : 7426E

Red Rock Resources plc

10 November 2020

 

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Australian Gold Joint Venture Update

10 November 2020

Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and base metals, announces 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 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

· RRAL has been notified that a further seven of its license applications have been accepted and have been given highest ranking, following the notification in respect of the first three applications received in early July.

· RRAL will now advertise the seven applications in newspapers with statewide and local circulation, and after a three week exposure period, the Department of Jobs, Precincts and Regions of the State of Victoria will begin the application assessment process.  

· Applications EL007282, EL007294, EL007301, EL007327, EL007328, EL007329, and EL007385 RRAL are those now being advertised.

Red Rock Chairman Andrew Bell commented :

"We continue to monitor closely the process of grant and are pleased to see steady progress as the authorities tackle the backlog of work that has built up.

This second batch comprises the largest part of our applications. One of Red Rock's key principles is the cultivation of good relationships with local stakeholders, and the JV has already put in place a team on the ground that will be actively communicating our plans and activities to those living and working in the license areas."

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.

Applications

RRAL has lodged applications for sixteen new gold exploration license areas covering approximately 2,336 km² in the Victoria Goldfields of Australia as follows:

License Application Number	Project Name	Area (km2)
EL007271	Blue Whale	133
EL007281	Blue Chip	74
EL007282	Blue Sky	489
EL007285	Blue Ribbon	8
EL007294	Red Queen	130
EL007301	Mt Bute	85
EL007327	Blue Stocking	60
EL007328	Blue Yonder	168
EL007329	Evergreen	486
EL007330	Blue Angel	202
EL007385	Sardinia	4
EL007460	Kilmore West	349
State land within EL007271 EL007505 EL007506 EL007507		[9 9 8]
EL007540 (3 competing applications)#	Outer Ballarat	148
Total		c 2,336

# 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.

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     Joint Broker Pello Capital Limited  

Jason Robertson/David Cockbill 0 20 7330 1883   Joint Broker First Equity Limited

 

END

 

 

NRAFLFITLRLAIII