Red Rock Resources PLC (LON:RRR) and Power Metal Resources PLC (LON:POW) said their joint venture Red Rock Australasia Pty Ltd (RRAL) was awarded two additional licences in the Victoria Goldfields.
RRAL was granted the 60 sq km "Blue Stocking" license to the south west of Ballarat, one of the two great mining centres of the Victoria Gold Rush of the 1850s, and the 4 sq km "Sardinia" license to the north of Daylesford. The licenses are for a period of five years.
RRAL already holds three gold exploration licenses in Victoria and is awaiting further license grants.
"We have seen the grant of a further two licenses and understand that several more are in the last stage of processing," said Red Rock Resources chairman Andrew Bell. "This is an encouraging background to our continuing work on the planned IPO of the business."
Bell also announced the appointment of David Holden as a director of RRAL.
"Further to our announcement of 25 September 2020 announcing his appointment as exploration manager, we now welcome him onto the RRAL board. Dave's extensive geological and public company experience, at both CTO and CEO level, and his enthusiasm and local knowledge, make him valuable to our team as RRAL develops its presence and activity, and prepares for life as a public company."
Earlier this month, Red Rock Resources announced it had initiated the process to list certain core assets of RRAL through an initial public offering in Canada.
In other IPO news, Red Rock Resources said today that Jupiter Mines Ltd (ASX:JMS), in which it holds a small stake, had been forced to delay its planned IPO in Australia of Juno Minerals Ltd, its iron ore spin-out.
"Jupiter had to alter its listing timetable for Juno due to a compliance issue with one overseas shareholder in relation to its obligations under the Foreign Acquisitions and Takeovers Act 1975 of Australia and its implementing regulations," said Bell. "Jupiter has sought guidance and taken appropriate advice and is able to proceed with the transaction, with minimal delay."
In a separate statement today, Power Metal Resources and its joint venture partner Kavango Resources PLC (LON:KAV) announced encouraging initial results from airborne electromagnetic (AEM) surveys flown over the Kalahari Copper Belt (KCB) in Botswana.