Red Rock Resources Australasia Pty Ltd (RRAL) said it expected exploration would confirm “significant mineralisation” ahead of drilling later this year at its new licences in the Victoria gold fields, Australia.
The joint venture company, owned by Red Rock Resources plc (50.1%) and Power Metal Resources plc (49.9%), said it was fast tracking exploration efforts with an initial focus on identified “high priority” prospects of O’Laughlin, Scotsburn and Enfield.
Licences EL007271, EL7281 and EL7285, which were awarded yesterday (3 February), lie near the historic mining centre of Ballarat in central Victoria.
The granted tenements comprise approximately 215km2 and, along with RRAL’s current applications, surround and overlie the existing Ballarat West and Ballarat East mineralised lode systems.
This was home to a mining camp reported to have produced more than 12 million ounces. Modern production continues today at the Ballarat East mine.
EXPLORATION
RRAL’s initial targeted programme of exploration is based on coincident geochemical and radiometric anomalies from early work, along with historical reconnaissance mapping and sampling.
This has already identified several prospects to the south of Ballarat, which are considered as possible southern extensions to the main lode systems of Ballarat.
Red Rock has initiated a comprehensive soil sampling programme over the areas in conjunction with detailed field mapping.
Discrete sampling will be undertaken of quartz veins both within workings and newly identified at surface.
“It is anticipated that the outcomes of the first phase of exploration will lead to confirmation that significant mineralisation is present and will allow drilling to commence later in the year,” said RRAL.
BALLARAT
The Ballarat region has been explored since gold was discovered in the 1850s.
Mining began with surface alluvial mining before progressing to deep lead mining and then some hard rock mining over a period of 80 years.
From the 1980s onwards, interest in the area renewed with minor exploration drilling focused largely upon the Ballarat East and West lodes.
RRAL said that much of the region remained underexplored.