Red Rock Australasia - Update - Historical Reports

RNS Number : 6098W

Red Rock Resources plc

19 August 2020

 

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Red Rock Australasia - Update - Historical Reports

19 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").

RRAL has applied for a number of tenements in the Central Victoria Goldfield, the site of one of the greatest gold rushes in history from the early 1850s, where mining continued sporadically until the early 20^th century and where a series of recent discoveries has resulted in a renewed focus on the gold potential. RRAL has commissioned and received historical reports and targeting assessments of its 11 license applications, which are being used to inform the preparation of the NI 43-101 report and develop exploration programmes. 

In its announcement of 16^th July 2020 the Company set out information on one of these license areas, EL007285. Highlights of the information on EL007271 ("Blue Whale") and EL007281 ("Blue Chip") are set out below together with links to the reports relating to these areas on the Company's website.

KEY POINTS FROM REPORTS

· Records show historical production of 112,085 oz of gold, of which 102,641 oz alluvial and 9,444 oz from primary quartz¹ from the EL007271 area, which lies [adjacent] to tenements containing the producing Ballarat Gold mine and contains the historical mining centres of Buninyong and Durham Lead;

· Numerous other operations in EL007271 have no recorded production history;

· EL007281 has a history of deep lead mining, with recorded mining depths to  93m. Production records are not available despite numerous alluvial mines located on the tenement;

· EL007281 has had limited exploration due to the lack of bedrock exposure over most of the tenement, although modelling of gravity and a 2006 seismic line that traverses sections of the tenement gives potential for identification of Ballarat style targets under cover;

· Exploration recommended includes mapping, geochemical sampling, interrogation of seismic data, possible additional geophysics, and an initial three hole drilling programme at the Shepherd's Flat area of EL007271 [at an estimated aggregate cost of AUS $90,000 for EL007271 and AUS $42,000 for EL007281.

Red Rock Chairman Andrew Bell comments :

"A number of [exploration targets], including some for conventional Ballarat East and Ballarat West style mineralisation, exist within the tenements, which lie [adjacen]t to the Ballarat gold mine operated by Liongold Corporation. [Among these are some sufficiently advanced that they have already been identified as early targets for drilling.]

Despite local  restrictions connected with COVID-19, our geologists and those compiling the NI 43-101 report have been able to visit the license areas for planning and review purposes and a draft of the report is expected to be with the Company shortly. "

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 the 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 eleven new gold exploration license areas covering 1,839 sq km in the Victoria Goldfields of Australia.

Glossary:

Deep Lead: ancient alluvial deposits covered by non-gold bearing strata.

Lead: a gold-bearing alluvial deposit in a terrace or stream bed.

Notes:

¹   Dugdale, A.L 2010 Navarre Minerals Ltd-Leviathan Resources Ltd EL4996 Ballarat South Project. Joint Annual Technical Report for the period ending 31 December 2010.

²   GSV Database.

Competent Person Statement

The technical and related information in this report relates to exploration results based on information from third parties and data compiled by David Sharp, BAppSci, MAIG,  who is a member of the Australian Institute of Geoscientists. Mr Sharp has sufficient experience in the style of mineralisation and type of deposit under consideration. Mr. Sharp consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr Sharp is a Senior Geological Consultant at Oreteck Mining Solutions, Melbourne.

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

 

 

UPDGPURPRUPUGGB