Power Metal Resources PLC (LON:POW) and Red Rock Resources PLC (LON:RRR) joint venture Red Rock Resources Australasia has applied for new licences in the Victoria Goldfields of Queensland, Australia.
The ground under application covers 215 square kilometres, bringing the total licence area under application by Red Rock Australasia to 919 square kilometres.
"After many months of background work and a recent acceleration of effort POW shareholders now have exposure to a strategic gold JV of substance, positioned in the heart of the Victoria Goldfields,” said Power Metal’s chief executive Paul Johnson in a statement.
“With the new license applications announced today the JV has achieved critical mass in Victoria with a broad spread of targets through which it is looking to bring brownfields projects back into production and the discovery of new mines,” he added
Power Metal has a 49.9% interest in the joint venture, with Red Rock owning 51.1%.
Red Rock chairman Andrew Bell commented: "With these new applications RRAL achieves its objective of building a significant position with target diversity in its area of focus around the historic mining centre of Ballarat, and stretching up towards Avoca and Castlemaine.
"The area includes potential structural targets, extensions along strike of existing mines, old gold mines abandoned when they hit the water table, undrilled drill targets where previous explorers ran out of time or funding, and areas all but untouched since the nineteenth century.”