Red Rock Resources PLC - gold explorer in Kenya and Australia, copper-cobalt in DRC - Says subsidiary Red Rock Australasia Pty Ltd has been granted two further licences in the Victoria Goldfields in Australia. One licence, known as Evergreen covers 484 square kilometres, while the second, Mt Bute covers 85 square kilometres.
RRAL now holds seven granted licences, and cover an area of 848 square kilometres, and the IPO process should accelerate, due to the bulk of the ground covered by the NI 43-101 report being at granted status.
Red Rock holds a 50% stake in RRAL, and Power Metal Resources PLC the remaining 50%.
"IPO plans for the assets held in our Victoria gold joint venture, Red Rock Australasia Pty Ltd, can finally move up a gear with the grant of two more tenements with a combined area of 569 sq km, one of which is the geologically interesting Evergreen tenement, which lies in an area attracting increasing exploration spend by companies we see as our market comparators," says Red Rock Chair Andrew Bell.
Current stock price: 0.85 pence
Year-to-date change: down 19%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Red Rock Resources (RRR)
Power Metal (POW)