Red Rock Resources plc Australian Gold Joint Venture Update
November 10 2020 - 2:00AM
RNS Non-Regulatory
TIDMRRR
Red Rock Resources plc
10 November 2020
Red Rock Resources PLC
("Red Rock" or the "Company")
Australian Gold Joint Venture Update
10 November 2020
Red Rock Resources Plc, the natural resource development company
with interests in gold, manganese and base metals, announces an
update in respect of Red Rock Australasia Pty Ltd ("RRAL") a joint
venture company with gold exploration interests near the historic
mining centre of Ballarat in the Gold Fields of Victoria. Red Rock
owns 50.1% of RRAL, with 49.9% being owned by Power Metal Resources
plc (AIM:POW).
Key points
-- RRAL has been notified that a further seven of its license
applications have been accepted and have been given highest
ranking, following the notification in respect of the first three
applications received in early July.
-- RRAL will now advertise the seven applications in newspapers
with statewide and local circulation, and after a three week
exposure period, the Department of Jobs, Precincts and Regions of
the State of Victoria will begin the application assessment
process.
-- Applications EL007282, EL007294, EL007301, EL007327,
EL007328, EL007329, and EL007385 RRAL are those now being
advertised.
Red Rock Chairman Andrew Bell commented :
"We continue to monitor closely the process of grant and are
pleased to see steady progress as the authorities tackle the
backlog of work that has built up.
This second batch comprises the largest part of our
applications. One of Red Rock's key principles is the cultivation
of good relationships with local stakeholders, and the JV has
already put in place a team on the ground that will be actively
communicating our plans and activities to those living and working
in the license areas."
FURTHER INFORMATION
Joint Venture Company - RRAL
RRAL is a joint venture company 50.1% owned by Red Rock and
49.9% owned by Power Metal Resources plc ("POW"). Paul Johnson, CEO
of POW and Andrew Bell are directors of RRAL.
Applications
RRAL has lodged applications for sixteen new gold exploration
license areas covering approximately 2,336 km(2) in the Victoria
Goldfields of Australia as follows:
License Application Project Name Area (km(2)
Number )
EL007271 Blue Whale 133
---------------- --------------------
EL007281 Blue Chip 74
---------------- --------------------
EL007282 Blue Sky 489
---------------- --------------------
EL007285 Blue Ribbon 8
---------------- --------------------
EL007294 Red Queen 130
---------------- --------------------
EL007301 Mt Bute 85
---------------- --------------------
EL007327 Blue Stocking 60
---------------- --------------------
EL007328 Blue Yonder 168
---------------- --------------------
EL007329 Evergreen 486
---------------- --------------------
EL007330 Blue Angel 202
---------------- --------------------
EL007385 Sardinia 4
---------------- --------------------
EL007460 Kilmore West 349
---------------- --------------------
State land
within EL007271
EL007505
EL007506 [9
EL007507 9
8]
---------------- --------------------
EL007540 Outer Ballarat 148
(3 competing
applications)#
--------------------
Total c 2,336
--------------------
# Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and
Loddon Gold Pty Ltd have put in competing applications the same day
as RRAL for the ground covered by EL007540. The application
considered to have greatest merit will eventually be given
priority.
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
Mark Treharne 0203 700 2500 Joint Broker Pello Capital
Limited
Jason Robertson/David Cockbill 0 20 7330 1883 Joint Broker First
Equity Limited
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END
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