Australian Gold - Joint Venture Update

RNS Number : 7458O

Red Rock Resources plc

03 June 2020

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Australian Gold - Joint Venture Update 

3 June 2020

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

Highlights:

● The Company through RRAL has applied for four additional gold exploration license areas totalling 916 sq km in the Central Victoria Goldfields of Australia.

● The applications double RRAL's landholding position to 1,835 sq km and will make it one of the largest tenement holders in the Goldfields.

● The combined applications now cover a 100 km North-South stretch of contiguous tenements centred on the great mining town of Ballarat following historic mining centres and extensive evidence of gold mineralisation throughout.

● The applications also cover ground to the West along the structural boundary between the Bendigo Zone and the Stawell Zone further West, including ground near another old mining centre, Avoca.

● Finally the applications now cover a conceptual target area along the structural boundary between the Bendigo Zone and the Melbourne Zone to its East where RRAL has as its near neighbour on both sides the recently listed Canadian explorer Fosterville South (TSX-V:FSX).

Red Rock Chairman Andrew Bell comments :

With 1,835 sq km now under application RRAL's interests cover areas of exceptional prospectivity and areas with a long mining history.

RRAL is working to examine the past production record in each license area, and identify our first targets, and as this information is verified and becomes available, by project, we look forward to updating the market. " 

FURTHER INFORMATION:

● RRAL is a joint venture company 50.1% owned by Red Rock and 49.9% by Power Metal Resources plc (AIM:POW)("POW"). Paul Johnson, CEO of POW, has joined the board of RRAL. Andrew Bell, Red Rock and POW Chairman, is a director of RRAL.

● RRAL has now lodged applications for EL007327, EL007328, EL007329, and EL007330, four new gold exploration license areas covering an additional 916 sq km in the Victoria Goldfields of Australia.

● In total the JV license application areas of RRAL in Victoria now cover 1,835 sq km which gives it a significant presence in the Goldfields area:

⮚ EL007271 Blue Whale  133 sq km

⮚ EL007281 Blue Chip  74 sq km

⮚ EL007282 Blue Sky  499 sq km 

⮚ EL007285 Blue Ribbon  8 sq km

⮚ EL007294 Red Queen  130 sq km

⮚ EL007301 Mt Bute  85 sq km

⮚ EL007327 Blue Stocking  60 sq km

⮚ EL007328 Blue Yonder  168 sq km

⮚ EL007329 Evergreen        486 sq km

⮚ EL007330 Blue Angel         202 sq km

http://www.rns-pdf.londonstockexchange.com/rns/7458O_1-2020-6-2.pdf
Fig 1: EL Applications by RRAL

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

 

END

 

 

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