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Red Rock Resources' joint venture to expand gold acreage in Victoria

"With these new applications, the footprint of RRAL at 714 sq km becomes one of the largest in the Ballarat goldbelt."

Red Rock Resources PLC -
JV is 50.1% owned by Red Rock and 49.9% by Power Metal

Red Rock Resources PLC (LON:RRR) has applied to expand its gold acreage in Victoria, Australia with the acquisition of an additional 581sq km in the Ballarat Goldbelt.

Through Red Rock Australasia (RRAL), its joint venture with Power Metal Resources PLC (LON: POW), the AIM-listed firm has applied for three new gold exploration licence areas.

Two of the licences adjoin RRAL’s existing application to the south, east and north, ti said.  

Andrew Bell, Red Rock’s chairman, added: "With these new applications, the footprint of RRAL at 714 sq km becomes one of the largest in the Ballarat goldbelt.

“There is no area of the licenses that does not have evidence of gold mineralisation and in most cases recorded production from previous alluvial workings, leads, shafts or drilling. In certain areas the workings go down 100m or more.

“The ground held by the RRAL JV contains recognised high-quality prospects in the heart of the "Golden Triangle".

Paul Johnson, chief executive of Power Metal, added: "Our strategic move into Australian gold exploration is building momentum very rapidly and with the focus on the Victoria Goldfields we are targeting one of the gold districts most sought after by exploration companies.”

Quick facts: Red Rock Resources PLC

Price: 0.34 GBX

Market: AIM
Market Cap: £2.37 m

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Power Metal Resources to accelerate gold exploration work in Australia

Power Metal Resources PLC's (LON:POW) Paul Johnson says an upsurge in interest in the Victoria Goldfields area in Australia has encouraged its joint venture with Red Rock Resources to accelerate its plans in the region. Red Rock Australasia (RRAL), the joint venture, has applied for ten licences...

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