Red Rock Resources plc and Power Metal Resources plc joint venture has been granted three further exploration licences in the Victoria gold fields of Australia.
EXPLORATION
Red Rock Resources Australasia Pty Ltd (RRAL)’s subsidiary is New Ballarat Gold Corporation plc (NBGC).
Red Rock holds 50.1% and Power Metal owns 49.9% in NBGC which now has 14 exploration licences for a total 1,832km2, principally surrounding the mining centre of Ballarat.
Five licences for a total of 493km2 are still under application.
The new licences comprise EL007330 (202km2), EL007294 (325km2) and EL007507 (9km2), taking NBGC’s combined footprint in the Victoria gold fields to 1,832km2.
Power Metal said that EL007330, located northeast of Ballarat, covers the historical Ajax gold mine which during the 1920s produced 312,789oz gold at an average grade of 14.8g/t Au.
Chief executive Paul Johnson added that the JV was currently digitising the old mine workings into a 3D computer model before diamond drilling begins in late 2022.
The programme will target the along strike and down dip extensions of the Ajax mine’s main ore zones.
“In our view the RRAL business holds great potential, however, what is important is what we do to maximise that value through further exploration and corporate activities.”
The JV has also applied for two exploration licences in Western Australia.