Red Rock Australasia - License Applications

RNS Number : 3393N

Red Rock Resources plc

19 May 2020

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Red Rock Australasia - License Applications Build Critical Mass

19 May 2020

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

The Company through RRAL has applied for additional ground at EL007294, and EL007301, two new gold exploration license areas in the Victoria Goldfields of Australia.

Red Rock Chairman Andrew Bell comments :

"With these new applications RRAL achieves its objective of building a significant position with target diversity  in its area of focus around the historic mining centre of Ballarat, and stretching up towards Avoca and Castlemaine. The area includes potential structural targets, extensions along strike of existing mines, old gold mines abandoned when they hit the water table, undrilled drill targets where previous explorers ran out of time or funding, and areas all but untouched since the nineteenth century.

Each license contains evidence of gold mineralisation and historic gold workings, with in many cases recorded production from previous alluvial mining or underground drives. At a time when the Goldfields are attracting considerable new interest after a series of discoveries and the opening up of the high grade zones at the Fosterville mine, RRAL has made a strategic decision to become a regional specialist in the Victoria Goldfields with a twin focus on bringing brownfield projects back into production and discovering new mines.

Often it is by producing that one makes discoveries. "   

HIGHLIGHTS:

· RRAL has now lodged applications for EL 007294 and EL007301, two new gold exploration license areas covering an additional 215 sq km in the Victoria Goldfields of Australia;

· In total the JV license application areas of RRAL in Victoria now cover 919 sq km which gives it a significant presence in the Goldfields area:

Ø EL007271 Blue Whale  133 sq km

Ø EL007281 Blue Chip    74 sq km

Ø EL007282 Blue Sky    499 sq km 

Ø EL007285 Blue Ribbon  8 sq km

Ø EL007294 Red Queen  130 sq km

Ø EL007301 Mt Bute    85 sq km
 

http://www.rns-pdf.londonstockexchange.com/rns/3393N_1-2020-5-19.pdf

Fig 1: EL Applications in Victoria by RRAL

· The license applications are focussed on the Ballarat area and the two recent applications, EL007301 west of Ballarat, and EL007294 further off to the north-north-west near Avoca , are close to and along the north-south structural corridor between the Bendigo Zone and the Stawell Zone.

· All license application areas have [ evidence of gold mineralisation] and historical mining, and in many cases recorded production and drilling;

· Analysis of historical exploration and geophysical data continues, and further updates will be provided in due course.

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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