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Pin to quick picksPower Metal Share News (POW)

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Red Rock Resources And Power Metal Get Reports For Goldfield Targets

Wed, 19th Aug 2020 14:02

(Alliance News) - Red Rock Resources PLC on Wednesday said its Red Rock Australasia Pty Ltd subsidiary has received historical reports and targeting assessments for its 11 Central Victoria Goldfield license applications.

Red Rock Australasia is a joint venture with Power Metal Resources PLC, with Power Metal holding a 49.9% interest.

Red Rock Resources shares were down 8.3% at 0.76 pence each on Wednesday afternoon in London. Power Metal Resources shares were up 2.0% at 1.25p.

Records show a historical production of 112,085 ounces of gold in total with good production coming from the EL007271 area, which lies next to tenements containing the producing Ballarat Gold mine and contains the historical mining centres of Buninyong and Durham Lead, the company said.

The reports will be used to inform the preparation of the NI 43-101 report and develop exploration programmes.

Red Rock Chair Andrew Bell said: "A number of exploration targets, including some for conventional Ballarat East and Ballarat West style mineralisation, exist within the tenements, which lie adjacent to the Ballarat gold mine operated by Liongold Corporation. Among these are some sufficiently advanced that they have already been identified as early targets for drilling."

The natural resource development company said that, with regards to the exploration, it needs to map, take geochemical samples, analyse seismic data and start off with a three-hole drilling program at the Shepherd's Flat area of EL007271.

Power Metal Resources Chief Executive Paul Johnson said: "The quartz mines of the Ballarat West goldfield have produced a recorded 800,000 ounces of gold at an average grade of approximately 14 grams per tonne. A further 6 million ounces of gold is estimated to have been won from the ancient river channels that cross the field."

He added: "The work undertaken thus far has materially advanced our knowledge base and that is being fed into our exploration planning and I look forward to reporting further developments to the market in due course."

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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