Red Rock Australasia - New License Application

RNS Number : 3373X

Red Rock Resources plc

27 August 2020

 

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Red Rock Australasia - Update - New License Application

27 August 2020

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

Based on RRAL's research, including the results of proprietary geophysical analysis conducted by RRAL, targets were identified across the western and southern boundaries of EL007329, one of the joint venture's eleven application areas in the Central Victoria Goldfields, and an application has therefore been submitted for a further tenement, EL007460 ("Kilmore West")

KEY POINTS

· New application has an area of 349 sq km, giving RRAL a contiguous block in the Kilmore area of 835 sq km;

· Total RRAL tenement areas in the Central Victoria Goldfields now 2,188 sq km;

· Kilmore West contains numerous former mine workings and mineral occurrences and includes the old Donnybrook goldfield to the south of the license;

· Analysis of the area continues but the historical summary prepared for EL007329 (Evergreen) is posted on the Company's website.

Red Rock Chairman Andrew Bell comments :

"Our research confirms the production history and gold-bearing potential of these licenses and their under-exploration historically. The degree of faulting, folding, and shearing in parts of the licenses make this an exciting area to explore at a time when structural understanding of the Goldfields is developing rapidly. The geophysics we conducted pointed to some new targets in areas just outside the Evergreen license, and we were particularly fortunate that they were still available."

Further Information  

Further information may be found on the company's website at https://www.rrrplc.com/projects-and-investments/gold/red-rock-australasia/  where the full text of historical reports is given.

RRAL is a joint venture company 49.9% owned by Power Metal Resources PLC (AIM:POW)("POW") and 50.1% by Red Rock. Paul Johnson, CEO of POW and RED Rock Chairman Andrew Bell are directors of RRAL.

RRAL has lodged applications for twelve new gold exploration license areas covering 2,188 sq km in the Victoria Goldfields of Australia.

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

Ø EL007327 Blue Stocking  60 sq km

Ø EL007328 Blue Yonder  168 sq km

Ø EL007329 Evergreen             486 sq km

Ø EL007330 Blue Angel            202 sq km

Ø EL007385 Sardinia  4 sq km

Ø EL007460 Kilmore West  349 sq km

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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