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RNS Number : 7426E Red Rock Resources plc 10 November 2020
Red Rock Resources PLC
("Red Rock" or the "Company")
Australian Gold Joint Venture Update
10 November 2020
Red Rock Resources Plc, the natural resource development company with
interests in gold, manganese and base metals, announces an update in respect
of Red Rock Australasia Pty Ltd ("RRAL") a joint venture company with gold
exploration interests near the historic mining centre of Ballarat in the Gold
Fields of Victoria. Red Rock owns 50.1% of RRAL, with 49.9% being owned by
Power Metal Resources plc (AIM:POW).
Key points
· RRAL has been notified that a further seven of its license
applications have been accepted and have been given highest ranking, following
the notification in respect of the first three applications received in early
July.
· RRAL will now advertise the seven applications in newspapers with
statewide and local circulation, and after a three week exposure period, the
Department of Jobs, Precincts and Regions of the State of Victoria will begin
the application assessment process.
· Applications EL007282, EL007294, EL007301, EL007327, EL007328,
EL007329, and EL007385 RRAL are those now being advertised.
Red Rock Chairman Andrew Bell commented:
"We continue to monitor closely the process of grant and are pleased to see
steady progress as the authorities tackle the backlog of work that has built
up.
This second batch comprises the largest part of our applications. One of Red
Rock's key principles is the cultivation of good relationships with local
stakeholders, and the JV has already put in place a team on the ground that
will be actively communicating our plans and activities to those living and
working in the license areas."
FURTHER INFORMATION
Joint Venture Company - RRAL
RRAL is a joint venture company 50.1% owned by Red Rock and 49.9% owned by
Power Metal Resources plc ("POW"). Paul Johnson, CEO of POW and Andrew Bell
are directors of RRAL.
Applications
RRAL has lodged applications for sixteen new gold exploration license areas
covering approximately 2,336 km(2) in the Victoria Goldfields of Australia as
follows:
License Application Number Project Name Area (km(2))
EL007271 Blue Whale 133
EL007281 Blue Chip 74
EL007282 Blue Sky 489
EL007285 Blue Ribbon 8
EL007294 Red Queen 130
EL007301 Mt Bute 85
EL007327 Blue Stocking 60
EL007328 Blue Yonder 168
EL007329 Evergreen 486
EL007330 Blue Angel 202
EL007385 Sardinia 4
EL007460 Kilmore West 349
State land within EL007271
EL007505
EL007506 [9
EL007507 9
8]
EL007540 Outer Ballarat 148
(3 competing applications)#
Total c 2,336
# Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty
Ltd have put in competing applications the same day as RRAL for the ground
covered by EL007540. The application considered to have greatest merit will
eventually be given priority.
For further information, please contact:
Andrew Bell 0207 747 9990
Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD
Beaumont Cornish Limited
Mark Treharne 0203 700
2500
Joint Broker Pello Capital Limited
Jason Robertson/David Cockbill 020 7330
1883 Joint Broker First Equity
Limited
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