RE: RNS Victoria Goldfields24 May 2022 08:23
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to its joint-venture subsidiary New Ballarat Gold Corporation plc ("NBGC"), which is focused in the prolific Victorian Goldfields of Australia.
NBGC is a joint-venture held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources plc (50.1%). NBGC has a 100% interest in Red Rock Australasia Pty Ltd ("RRAL").
Highlights:
· Three further exploration licences, EL007330 (202km2), EL007294 (325km2) and EL007507 (9km2), have now been granted, bringing NBGC's combined footprint in the Victoria Goldfields to 1,832km2.
· New license grants include EL007330 located northeast of Ballarat, Australia. Significantly, this newly granted licence covers the historical Ajax gold mine which historically produced 312,789oz gold at an average grade of 14.8g/t Au in the 1920s.1
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
"The grant of EL007330 is a considerable step forward bringing the historical Ajax gold mine into the RRAL portfolio. This mine produced 312,789 ounces of gold at an average grade of nearly half an ounce per tonne.
Whilst the RRAL land footprint is considerable, with over 1,800k m2of now granted exploration licences, without question the grant of EL007330 including Ajax is highly significant.
In our view the RRAL business holds great potential, however, what is important is what we do to maximise that value through further exploration and corporate activities.
Full text
https://www.investegate.co.uk/power-metal--pow-/rns/victorian-gold-fields---grant-of-key-licences/202205240700065147M/