Red Rock Resources plc and Power Metal Resources plc have appointed legal counsel to begin the IPO process in Canada for the joint venture partners’ gold interests in Australia.
LICENCES
Red Rock Resources Australasia plc (RRAL), split 50.1%-49.9%, has also submitted an application for another licence in the Ballarat region in the Victoria gold fields.
RRAL was granted the first three licences earlier this year and a further seven applications are at an advanced stage of being processed.
The new application is being made for 227km2 EL 45/5859 in Western Australia and will be subject to a ballot between the company and Rumble Resources Ltd.
| Licence Application Number | Project Name | Area (km2) |
| EL45/5859 (one competing application) | Pilbara | 227 |
OPPORTUNITY
Red Rock chairman Andrew Bell added that the decision to list the assets in Canada was a milestone for the JV.
“Three months of intensive work now begins to advance this process.
“The opportunity arose to apply for ground in Western Australia in an area currently attracting a high level of exploration interest for gold and base metals when Rio Tinto dropped its application.
“The application is close to licences with which Red Rock originally listed in London, when the target was manganese, so we have some knowledge of the area, which now goes to ballot between the two applicants.”