Red Rock Resources plc and Power Metal Resources plc have applied for an additional licence that forms a close inner circle around the Ballarat mine in the Victoria gold fields, Australia.
LICENCES
The licence area covers 148km2 (EL007540)) and is surrounded by existing applications from the joint venture partners under Red Rock Australasia Pty Ltd (RRAL).
The total area under licence application is now 2,336km2.
The company has also received several approaches from third parties over acquiring interests, joint ventures or earn-ins to the company’s licence package.
Power Metal said that three other parties had also applied for licences covering the ground “demonstrating the strategic significance of this area.”
SPECIALIST
RRAL plans to appoint a CEO and is currently equipping and staffing its headquarters in Ballarat as well as working on technical planning in readiness for exploration and drilling programmes.
“As a Ballarat-based company with its focus on Ballarat, we consider that this ground would be a logical fit with our holdings in the area and enable us to further our mission of becoming a Ballarat specialist,” said Red Rock chairman Andrew Bell.
Power Metal chief executive Paul Johnson added that there was an intense level of activity around RRAL.
“The work continues at pace with the developing Australia gold JV and whilst awaiting licence grants to come through RRAL have completed project technical reports across the land package and finalised a NI 43-101 technical report across eight projects.”