Red Rock Resources plc and Power Metal Resources plc announced a new business structure ahead of a drill programme in their Victoria gold fields joint venture, Australia.
ADDITIONAL LICENCE
Red Rock has exchanged shares in its JV Red Rock Australasia Pty Ltd for 50.1% of the newly formed New Ballarat Gold Corporation (NBGC) plc.
Power Metal holds the remaining 49.9%.
NBGC is a UK public company which now owns 100% of RRAL and will be the vehicle for a possible listing in London.
Red Rock chairman Andrew Bell said that the new business structure would enable the project to advance more quickly, access outside capital more easily and act more independently.
Red Rock has also been granted new 164 km2 exploration licence EL007328 in Victoria, taking the total to eight covering 1,012 km2.
Progress continues on the remaining licence applications.
ANOMALIES DRILLING
Portable X-ray Fluorescence (pXRF) tested 1,091 soil samples and confirmed regional correlation of arsenic anomalism with gold workings and gold-bearing structures.
At Buninyong (EL7271) a new 1km long north-south arsenic anomaly with a parallel 400m structure.
The company plans a diamond drill programme in December on 1km long structures south of Buninyong at O’Loughlins.
Pitfield (EL7301) showed strong anomalism identified surrounding known gold mineralisation at Mt. Bute.
A drill programme is planned for Pitfield in early 2022, with further targets identified for proposed drilling in February 2022.
Soil sampling results at Dereel (EL7327) highlighted an anomalism along the southern extension of the Golden Reefs/DeReel mine.
Drilling down dip and along strike of the historic mines is planned early in 2022.
Two other anomalies were also identified on the tenement and further infill soil sampling is planned.