(Alliance News) -Â Red Rock Resources PLC and Power Metal Resources PLC on Tuesday said joint venture company Red Rock Australasia Pty Ltd has received three formal license grants.
Red Rock owns 50.1% of RRAL, with the remaining 49.9% being owned by Power Metal.
The grants are for the "Blue Whale" license south and east of Ballarat, the "Blue Chip" license west and south of Ballarat, and the "Blue Ribbon" license north of Ballarat. These licenses cover 215 square kilometres west, south, east and west of Ballarat, Australia and cover "high priority areas" where RRAL has early drill targets that it is developing.
All three licenses are granted for a period of five years and RRAL is to launch an "expeditious" exploration programme.
"The grant to RRAL of these priority licenses is another milestone in our progress, and the one that opens RRAL's pathway to the future. We thank Earth Resources Regulation of Victoria for their diligence and responsiveness, in the difficult circumstances created by long lockdowns and a flood of new license applications last year," said Red Rock Chair Andrew Bell.
Shares in Power Metal were up 4.7% at 2.7 pence in London on Tuesday, while Red Rock shares were down 4.6% at 1.02p.
By Lucy Heming;Â lucyheming@alliancenews.com
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Red Rock Resources (RRR)
Power Metal (POW)