Red Rock Resources PLC (AIM:RRR) has detailed potential for value creation at the formerly producing Ajax mine, via its 50.1% owned New Ballarat Gold Corporation (NBGC) joint venture in the Victoria Goldfields of Australia alongside fellow AIM-quoted explorer Power Metal Resources PLC (AIM:POW).
The venture has exposure to some 1,832 square kilometres of exploration ground, and, recent work has aimed at developing gold exploration targets.
An initial target has been envisaged at around 254,318 to 1.42mln tonnes, at a grade of 6.4 to 18.7 grams per tonne. The company noted that the targets remain conceptual in nature, and, only near-term targets have so far been defined.
"The initial targets for further exploration at the old Ajax mines, combined with those we recently announced at the old Berringa mines, show that at these two major historic mines we have immediate potential for additional ounces,” said chairman Andrew Bell.
“Treatment facilities with spare capacity are within easy distance."
Paul Johnson, chief executive of Power Metal which owns the other 49.9% stake in the venture, added: “Ajax is clearly a significant part of the strategic direction for the NBGC business, and sits strikingly well with the recently acquired EL005535, which covers the former producing Berringa mine.
“In a world where many of our exploration peers are seeking gold discoveries we are privileged to have within our footprint two high-grade former producing gold mines that the RRAL team consider to have been in the top tier of producing mines in Victoria.”