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Power Metal Resources and Red Rock aim to double footprint in Central Victoria Goldfields

The joint venture has secured one of the largest strategic footprints in one of the most sought-after gold exploration territories, highlights Power Metal's Paul Johnson

Power Metal Resources - Power Metal Resources and Red Rock aim to double footprint in Central Victoria Goldfields

Power Metal Resources PLC (LON:POW) and its partner Red Rock Resources PLC (LON:RRR) have launched efforts to expand the footprint for their gold exploration venture in Australia.

The Red Rock Australasia Pty Ltd (RRAL) vehicle has now applied for four additional gold exploration license areas, spanning 916 square kilometres in the Central Victoria Goldfields region.

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It promises to double RRAL’s landholding position and will make it one of the largest tenement holders in the goldfields, the partners said in separate statements.

"The JV company RRAL has secured one of the largest strategic footprints in one of the most sought-after gold exploration territories,” said Paul Johnson, Power Metal Resources chief executive.

“This has been achieved partly through longstanding preparations in the background that yielded the early licence applications and then by proactive search and expedient action when new opportunities were identified.

“At this stage, RRAL needs to formally document and analyse in detail the historical gold production and evidence of gold mineralisation across the licence areas.  Further updates will be provided detailing the outcome of this work, by property, in the near future."

Andrew Bell, Red Rock chairman, meanwhile, added: “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."

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Price: 0.6 GBX

AIM:POW
Market: AIM
Market Cap: £3.32 m
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