Power Metal Resources plc has agreed to extend the sale date of its 49.9% interest in its Australian gold joint venture to partner Red Rock Resources plc because of a national public holiday.
EXPLORATION
Red Rock owns 50.1% of New Ballarat Gold Corporation plc, which wholly owns Red Rock Australasia Pty Ltd (RRAL), the local operator with interests in the Victoria gold fields and in South Australia.
The 8 March deal, for up to £1.5 million in cash, Red Rock shares and warrants, had to complete within 13 weeks but is now expected to finalise on 11 June.
New Ballarat holds the Berringa mine among 16 gold exploration licences in Victoria totalling 2,517km2, as well as a 560km2 licence in Southern Australia.
The two companies established the joint venture in 2021.
Red Rock today said that RRAL was immediately due to start a geochemistry programme on the Kilmore gold project tenements in Victoria.
The work is expected to confirm and map the continuation onto the company’s ground of the dyke being explored by Southern Cross Gold Ltd’s gold discovery, and to develop drill targets.