Drilling starts in Victoria, Grant of New Licence

RNS Number : 6623V

Red Rock Resources plc

15 December 2021

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Drilling Starts in Victoria

Grant of New Licence

15 December 2021

Red Rock Resources Plc ("Red Rock" or "the Company"), the natural resource development company with interests in gold, manganese and copper, announces an exploration update, further to that of 7 December 2021, from its joint venture subsidiary New Ballarat Gold Corporation PLC ("NBGC") which is undertaking gold exploration at its granted licences in the Victoria Goldfields in Australia.

Highlights

· NBGC's first diamond drill programme begins at O'Loughlin's prospect south of Buninyong

· Grant of new 489 km² exploration licence EL007282 in Victoria, Australia, with 8 licences now granted covering 1,501 km²

Red Rock Chairman Andrew Bell comments: " NBGC reports the start of diamond drilling to test a mineralised trend that hosted historic mining activity.

This maiden drill campaign for NBGC follows months of ground research and testing of the area.

With the grant of a further licence, adjacent to that being drilled, our exploration holdings, which a few days ago were under 1,000 km²   , now exceed 1,500 km², and over half our application acreage is now granted.

The new licence contains much of the old Yandoit goldfield in the north, where the last known work on the Pioneer reef was in 1867, and extensions to the old 700,000 oz Mt Egerton mine and the Gordon mine in the south.

This grant and the start of drilling mark important milestones in the life of New Ballarat Gold Corporation and are a testament to the hard work of its management."

New Ballarat Gold Corporation PLC 

NBGC is a joint venture company owned as to 50.1% by Red Rock and as to 49.9% by Power Metals Resources PLC (AIM:POW). 

NBGC holds a strong land position of 1,501 sq km in the rich gold fields of Victoria, Australia, principally around the mining centre of Ballarat, as the result of a focused exploration strategy targeting high grade quartz hosted gold veins systems in a region where the exploration models and targets are well understood. The company has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.

With the first tenements granted only in 2021 NBGC is already at an advanced stage of discovery with 3 promising gold prospects slated for diamond drilling starting in December 2021. Still able to actively operate in the current global pandemic, the company has exploration geologists and field crews active in the field. This is coupled with a technical team holding an in-depth knowledge of Victorian geology including extensive underground experience gained from working in currently operating mines in the area.

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

Jason Robertson 020 7374 2212                                                                  Broker First Equity Limited

 

END

 

 

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