Red Rock Resources PLC (LON:RRR) has begun the Canadian listing process for its joint venture with Power Metal Resources (LON:POW), Red Rock Australasia Pty Ltd.
Red Rock Australasia has gold exploration interests near the historic mining centre of Ballarat in the Gold Fields of Victoria.
Red Rock Resources owns 50.1% of Red Rock Australasia, with 49.9% owned by Power Metal Resources.
Legal counsel has now been appointed in Canada to get the listing process underway, following the grant of three licenses on 2 February 2021.
A further seven applications are at an advanced stage of processing.
"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,” said Red Rock chairman Andrew Bell.
“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 Western Australia in an area currently attracting a high level of exploration interest for gold and base metals when Rio Tinto dropped its application. The application is close to licenses with which Red Rock originally listed in London, when the target was manganese, so we have some knowledge of the area, which now goes to ballot between the two applicants.”