New Ballarat Gold Corporation plc has completed the acquisition of the historic Berringa gold mine in the Victoria gold fields in Australia.
LICENCE
The joint venture subsidiary is between Red Rock Resources plc (50.1%) and Power Metal Resources plc (49.9%).
The subsidiary’s holding company Red Rock Resources Australasia plc (RRAL) initially signed the agreement in July to buy exploration licence EL5535 covering Berringa.
EXPLORATION
RRAL is completing a detailed exploration plan for the period up to and following the five-year renewal being applied for to the licence which expires on 16 November 2022.
The JV will design a “highly refined drilling programme” based on abundant historical exploration data.
Planned drilling will test for extensions of known gold mineralisation at Berringa.
RRAL continues talks the possibility of processing ore at the vendor’s nearby Ballarat gold mine, in the event of discovering an economic deposit.