07:00 Mon 01 Mar 2021
Red Rock Resources - Australian Joint Venture - Update
Red Rock Resources PLC
("Red Rock" or the "Company")
Australian JV - Start of IPO Process and Update
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
Key points
· Canadian IPO process begins with appointment of legal counsel in
· Following grant of first three licenses announced on 2nd
· New application made for 227 sq km EL 45/5859 in
Red Rock Chairman
"With three key licenses now granted, and better visibility on the processing pipeline on the remaining applications, we have initiated the process which we intend to lead to a listing of certain core assets by IPO on the Canadian capital markets.
This decision is a milestone for the Company and for its partner, Power Metal Resources plc. Three months of intensive work now begins to advance this process.
The opportunity arose to apply for ground in
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").
Granted Licenses
RRAL has been granted the three licenses nearest to the regional centre of Ballarat, namely EL007271 ("Blue Whale"), EL007281 ("Blue Chip"), and EL007285 ("Blue Ribbon").
These licenses cover 215 sq km west, south, east and west of Ballarat and cover high priority areas where RRAL has early drill targets that it is developing.
Applications
RRAL has lodged applications for sixteen new gold exploration license areas covering approximately 2,336 km2 in the Victoria Goldfields of
License Application Number |
Project Name |
Area (km2) |
EL007271 (granted) |
Blue Whale |
133 |
EL007281 (granted) |
Blue Chip |
74 |
EL007282
|
Blue Sky |
489 |
EL007285 (granted) |
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 |
|
4 |
EL007460 |
Kilmore West |
349 |
State land within EL007271
[EL007505 EL007506 EL007507]
|
|
[9 9 8] |
EL007540* (3 competing applications)
|
Outer Ballarat |
148 |
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.
The following application has been made in
EL45/5859 (One competing application) |
Pilbara |
227 |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
For further information, please contact:
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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