Power Metal Resources plc and Red Rock Resources plc plan a London listing for their joint venture focused on the Victoria gold fields, Australia.
LISTING
Red Rock Australiasia Pty Ltd (RRAL) is 50.1% owned by Red Rock and 49.9% owned by Power Metal.
Paul Johnson, CEO of Power Metal and Andrew Bell chairman of Power Metal are directors of RRAL.
The JV had previously considered a North America-based listing and still might do so at a later stage.
Power Metal chief executive Paul Johnson said that the technical competent person’s report was ready for the listing process.
DRILLING
Work at the site continues with the three prospects of Golden Reefs/Dereel, Mt Bute/Pitfield and O’Laughlins ready for proposed drilling in late 2021.
Drilling is expected in early 2022 at the Kilmore prospect pending results of ongoing geological investigations.
Soil sampling, mapping and 3-D modelling currently underway is targeting the possible southern extension of the Ballarat mines.
Research continues into “known and overlooked” historical mines on the tenements while working on the eastern licence group with a “little-known high grade” gold field already identified.
RRAL has seven granted exploration licences with nine licence applications covering approximately 1,458km2 under process.
“The joint venture controls a substantial licence footprint in the Victorian gold fields and we are intending to cover all areas held with systematic exploration,” said Mr Johnson.
“We believe there is good potential for major new gold discoveries within areas which have historic gold mines and known gold occurrences but which remain untested using modern exploration technologies.”