Red Rock and Power Metal Resources both have considerable experience in mining exploration
Red Rock Resources Australasia, a joint venture between PLC () and () has applied for new licences in the Victoria Goldfields of Queensland, Australia.
The ground under application covers 215 square kilometres, bringing the total licence area under application by Red Rock Australasia to 919 square kilometres.
“After many months of background work and a recent acceleration of effort POW shareholders now have exposure to a strategic gold JV of substance, positioned in the heart of the Victoria Goldfields,” said Power Metal’s chief executive Paul Johnson.
“With the new license applications announced today the JV has achieved critical mass in Victoria with a broad spread of targets through which it is looking to bring brownfields projects back into production and the discovery of new mines.”
Power Metal has a 49.9% interest in the joint venture.
Red Rock chairman Andrew Bell added: “With these new applications RRAL achieves its objective of building a significant position with target diversity in its area of focus around the historic mining centre of Ballarat, and stretching up towards Avoca and Castlemaine. The area includes potential structural targets, extensions along strike of existing mines, old gold mines abandoned when they hit the water table, undrilled drill targets where previous explorers ran out of time or funding, and areas all but untouched since the nineteenth century.”
