New Ballarat Gold Corporation plc (NBGC) has started its inaugural diamond drill and added a new 489km2 exploration licence in the Victoria gold fields, Australia.
NEW LICENCE
The joint venture company is between Red Rock Resources plc (50.1%) and Power Metal Resources plc (49.9%).
New Ballarat owns 100% of local operating subsidiary Red Rock Australasia Pty Ltd which holds a 100% interest in all operating granted licences and licence applications.
The new drill programme at O’Loughlin’s prospect south of Buninyong follows months of ground research and testing.
Exploration licence EL007282, covering 1,501 km2, is the JV’s eighth in Victoria and marks half the acreage for which the JV applied.
Red Rock said that the new licence contained much of the old Yandoit gold field in the north and extensions to the old 700,000 oz Mt Egerton mine and the Gordon mine in the south.
Power Metal added that New Ballarat was at an “advanced stage of discovery” with three promising gold prospects slated for diamond drilling starting in December 2021.
The JV is still operating during the pandemic with exploration geologists and field crews active in the field.