Red Rock Resources PLC (LON:RRR) and Power Metal Resources PLC (LON:POW) have updated on progress at the Blue Ribbon license in Victoria, Australia, which is owned by their joint venture, Red Rock Australasia (RRAL).
The firms said RRAL has commissioned historical reports and targeting assessments of its 11 license applications and that first of these concerning Blue Ribbon have been received.
The report revealed 19th-century data records showing historical production of 70,000 ounces (oz) of gold over two kilometres of the Dead Horse Lead within the Blue Ribbon project area, while six gold nuggets between 10 oz and 85 oz have been recorded from workings by the Ballarat Extension Company at the site.
Further data showed that the only work carried out on the tenement since the 19th-century has been data reviews and target generation, with the primary exploration target now the northern extension of the Ballarat West goldfield, assumed to be the source of the palaeoplacer gold.
As a result of the data, Blue Ribbon is now a priority target for RRAL, with next exploration steps including the finalisation of drill targets and the implementation of a three-hole, 1000 metre drill program.
"Blue Ribbon was until this week by far the smallest of our licenses at 8 sq km. It is however a highly prospective one, lying between and contiguous to the Ballarat and Creswick goldfields, and with the prolific Dead Horse Lead running through it. We expect to be able to define drill targets at this Project soon after grant", said Red Rock chairman Andrew Bell in a statement.
Power Metal chief executive Paul Johnson added: "I am pleased to launch the first report from the review of historical exploration data, in this case in respect of the Blue Ribbon project. Despite being one of the smaller projects, the historical review has highlighted some significant findings ranging across 70,000 ounces of historical gold production, gold nuggets up to 85 ounces and pre planned drill targets from earlier exploration work conducted by previous license holders”.
We are particularly excited by this project … and the prospect after license grant of the finalisation of drill targets", Johnson added.
Shares in Red Rock were 4.5% higher at 0.4p in mid-afternoon trading on Thursday, while Power Metal was up 8.7% at 0.62p.