Red Rock Resources - Australian Joint Venture
("Red Rock" or the "Company")
Australian Joint Venture
The Company through RRAL has applied for EL 007271, a 130 sq km exploration license area in the Victoria Goldfield of
Red Rock Chairman
"Red Rock's origins lay in Australian exploration from 2005 on and now we are going back.
The Company's Australian subsidiary
The introduction of an exciting opportunity in the Victoria Goldfields came at the same time as -POW, which has no Australian subsidiary, expressed a desire to enter the Australian exploration market, and Red Rock agreed to make RRA available as the application vehicle for the two companies and to explore the license as a joint venture.
By sharing their energies and the risks and costs of exploration, the partners can maximise their effectiveness without needing to take on additional staff or overhead.
There is an increasing momentum of exploration at the Victoria Goldfields following the remarkable discoveries at Fosterville, where in Q1 2020
· POW to pay the license application expenses, currently
· RRAL to be renamed to reflect the new business identity and may acquire further exploration tenements in
· RRAL has commenced gold exploration project acquisition with the submission of an application for a circa 130 sq km exploration licence area, EL 007271, in
· The new licence application to be called the
· The current application follows approximately the boundary of the former EL 4996 tenement, an area which has historically produced 112,055 oz gold (102,641 oz alluvial, 9,444 oz hard rock from shallow mining); 1
· Liongold's adjacent Ballarat mine has been producing 40,000 oz a year at an average grade of 5.6g/t Au from underground mining and has historically produced over 13 million ounces of gold mainly derived from alluvial mines;
· The broader Ballarat area produced over 160t of gold between 1851 and 1917 (88t alluvial and 72t hard rock); within this, within that Ballarat East produced 47 t at 10 g/t between 1857 and 1917; 2
· Ballarat East mining took place along a 16km 800m wide NNE trend from Black Hill in the North to Buningong in the South, and the application covers the southern extension along strike of this trend, including Buningong.
1. Open File Report for Navarre Discovery No.1
2. Finlay I.S. and Douglas P.M. 1992, Ballarat 1:100,000 mines and deep lead map geological report,
RRAL has 1000 shares of
All references to $ in this announcement are to Australian dollars.
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.
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