RCS - Red Rock Resources - Australian Gold Joint Venture Update

Red Rock ResourcesAnnouncement

10/11/2020 07:00

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RNS Number : 7426E  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 Number    Project Name    Area (km(2))

 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 020 7330
1883                        Joint Broker First Equity
Limited

 

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