RRAL granted three licences in Victoria gold fields

Red Rock Resources Australasia Pty Ltd (RRAL) said it had been awarded its first licences for a period five years in the gold fields of Victoria, Australia.

LICENCES

The licences include 133 km² Blue Whale, south and east of Ballarat (EL007271); 74 km² Blue Chip, west and south of Ballarat (EL007281); and 8 km² Blue Ribbon, north of Ballarat (EL007285).

RRAL said that the licences covered high priority areas where it was developing early drill targets to start exploration immediately.

The joint venture company is 50.1% owned by Red Rock and 49.9% owned by Power Metal Resources plc.

Paul Johnson, chief executive of Power Metal and Andrew Bell, chairman of Power Metal and chief executive of Red Rock Resources, are directors of RRAL.

COMPETITION

RRAL said it was one of four applicants for the 148 km² tenement EL007540 compulsorily surrendered by the owners of the Ballarat mine.    

“We now have 215 sq km of granted tenements, forming an outer ring around Ballarat and along the Ballarat trend,” said Andrew Bell.

“The ground that the Ballarat Mine has not been permitted to renew and that forms a close-fitting inner ring around their mine, became available and we immediately applied for it, as did three other parties.

“This ground is surrounded on all sides by our granted tenements and if granted would link them.

UNIQUE

Paul Johnson added that the JV team in Ballarat had been preparing exploration plans for a number of months.

“Importantly, Power Metal is particularly well funded and is able to immediately invest in gold exploration programmes to build what we believe will be considerable value in this unique and significant opportunity.”