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Red Rock Resources PLC - London-based natural resource development company with interests in Africa and Australia - Drilling results from hole MB22D001 at the Mt Bute prospect in Victoria, Australia, returning highly anomalous molybdenum and bismuth results, suggesting the possibility of intrusive gold mineralisation within the Victoria goldfields.
Three holes were drilled at the Mt Bute prospect, with the results from the second and third holes still being processed.
"This is only the first hole of our small programme on the property so to have encountered such widespread mineralization, including some good grades, was a very good outcome reflecting great credit on the RRAL technical team and their understanding of the regional geologies," said Chair Andrew Bell.
Power Metal Resources PLC notes the announcement, and gives its own update for the Selta project in Northern Territory, Australia. A lithium specific review has been undertaken to focus on the potential for pegmatite geology, with results identifying several hundred anomalies potentially indicative of pegmatite geology.
Of this, 65 primary and secondary targets have been selected for further investigation.
"Our confidence in the prospectivity of Selta has grown considerably in recent months, from uranium, rare earth and now lithium potential. Therefore, as the largest shareholder in FDR, Power Metal is eager to see the results from the field exploration programme which is now commencing," said Power Metal's CEO Paul Johnson.
Red Rock Resources' current stock price: 0.37 pence, down 7.5% on Monday
12-month change: down 55%
Power Metal's current stock price: 1.12 pence, down 6.8% on Monday
12-month change: down 53%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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