REG - Red Rock Resources - Australian Gold - Joint Venture Update

Red Rock ResourcesAnnouncement

03/06/2020 07:01

RNS Number : 7458O
  
Red Rock Resources plc
  
03 June 2020
  
 

Red Rock Resources PLC
("Red Rock" or the "Company")
 
Australian Gold - Joint Venture Update  
 
3 June 2020 
 
Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and minerals, is pleased to announce an update on its joint venture subsidiary Red Rock Australasia Pty Ltd ("RRAL"). 
Highlights:
●     The Company through RRAL has applied for four additional gold exploration license areas totalling 916 sq km in the Central Victoria Goldfields of Australia. 
 
●     The applications double RRAL's landholding position to 1,835 sq km and will make it one of the largest tenement holders in the Goldfields.
 
●     The combined applications now cover a 100 km North-South stretch of contiguous tenements centred on the great mining town of Ballarat following historic mining centres and extensive evidence of gold mineralisation throughout.
 
●     The applications also cover ground to the West along the structural boundary between the Bendigo Zone and the Stawell Zone further West, including ground near another old mining centre, Avoca.
 
●     Finally the applications now cover a conceptual target area along the structural boundary between the Bendigo Zone and the Melbourne Zone to its East where RRAL has as its near neighbour on both sides the recently listed Canadian explorer Fosterville South (TSX-V:FSX).
 
Red Rock Chairman Andrew Bell comments:
With 1,835 sq km now under application RRAL's interests cover areas of exceptional prospectivity and areas with a long mining history. 
RRAL is working to examine the past production record in each license area, and identify our first targets, and as this information is verified and becomes available, by project, we look forward to updating the market."     
FURTHER INFORMATION:
●     RRAL is a joint venture company 50.1% owned by Red Rock and 49.9% by Power Metal Resources plc (AIM:POW)("POW"). Paul Johnson, CEO of POW, has joined the board of RRAL. Andrew Bell, Red Rock and POW Chairman, is a director of RRAL. 
●     RRAL has now lodged applications for EL007327, EL007328, EL007329, and EL007330, four new gold exploration license areas covering an additional 916 sq km in the Victoria Goldfields of Australia.
 
●     In total the JV license application areas of RRAL in Victoria now cover 1,835 sq km which gives it a significant presence in the Goldfields area:
 
⮚     EL007271 Blue Whale           133 sq km
⮚     EL007281 Blue Chip              74 sq km
⮚     EL007282 Blue Sky                 499 sq km       
⮚     EL007285 Blue Ribbon          8 sq km
⮚     EL007294 Red Queen          130 sq km
⮚     EL007301 Mt Bute                 85 sq km
⮚     EL007327 Blue Stocking       60 sq km
⮚     EL007328 Blue Yonder         168 sq km
⮚     EL007329 Evergreen             486 sq km
⮚     EL007330 Blue Angel             202 sq km


http://www.rns-pdf.londonstockexchange.com/rns/7458O_1-2020-6-2.pdf

Fig 1: EL Applications by RRAL
 
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
 
 


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