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(Alliance News) - Power Metal Resources PLC on Tuesday said it has expanded its Australian gold joint venture company through the application for two new licences in the Victoria Goldfields of Queensland, Australia.
Power Metal holds a 50% stake in Red Rock Resources PLC subsidiary Red Rock Australasia Pty Ltd.
The joint venture announced earlier in May has been expanded to include applications for licences EL007294 and EL007301. The licenses are focused on the Ballarat area and cover an additional 215 square kilometres in the Victoria Goldfields, bringing the the total licence application areas to 919 kilometres.
There is "extensive evidence of gold mineralisation" in all licence areas, Power Metal noted, as well as historical recorded production in most areas.
"After many months of background work and a recent acceleration of effort Power Metal shareholders now have exposure to a strategic gold joint venture of substance, positioned in the heart of the Victoria Goldfields. 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," said Chief Executive Paul Johnson.
Shares in Power Metal Resources closed 7.1% higher at 0.38 pence each on Tuesday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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