Last checked at 10 Nov 2020 07:00
10 November 2020
Power Metal Resources plc ("Power Metal" or the "Company")
Australia Gold Joint Venture Update
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update from Red Rock Australasia Pty Ltd ("RRAL"), the Australian gold joint venture ("JV") company in which POW has a 49.9% interest. RRAL has gold exploration interests near the historic mining centre of Ballarat in the Gold Fields of Victoria, Australia.
Key points
· RRAL has been notified that a further seven of its license applications have been accepted and have been given highest ranking, following the notification in respect of the first three applications received in early July.
· RRAL will now advertise the seven applications in newspapers with statewide and local circulation, and after a three-week exposure period, the Department of Jobs, Precincts and Regions of the State of Victoria will begin the application assessment process.
· Applications EL007282, EL007294, EL007301, EL007327, EL007328, EL007329, and EL007385 RRAL are those now being advertised.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
"I am pleased to announce further progress from RRAL with regard to the license application progress and notably that a further 7 license applications have been formally accepted and given the highest ranking.
RRAL is making great progress in the application process and is investing now in building its technical and managerial team, local to Ballarat, in readiness for an investment in field exploration work when licenses are granted allowing ground operations to commence in earnest.
The greatest return on exploration spend is through effective preparation and RRAL has built a considerable data bank allowing increasingly refined exploration planning with a focus on utilising local team members to undertake exploration programmes."
FURTHER JOINT VENTURE INFORMATION:
Joint Venture Company - RRAL
RRAL is a joint venture company 49.9% owned by POW and 50.1% by Red Rock Resources plc (LON:RRR). Paul Johnson, CEO of POW and Andrew Bell, Chairman of RRR and POW, are directors of RRAL.
RRAL has lodged applications for thirteen new gold exploration licence areas covering circa 2,336 km2 in the Victoria Goldfields of Australia as follows:
Licence Application Number | Project Name | Report Name (See reports link below) | Area (km2) |
EL007271 | Blue Whale | South Ballarat | 133 |
EL007281 | Blue Chip | Ross Creek | 74 |
EL007282 | Blue Sky | Dunnstown - Yandoit | 489 |
EL007285 | Blue Ribbon | Ballarat North | 8 |
EL007294 | Red Queen | Talbot | 130 |
EL007301 | Mt Bute | Pitfield | 85 |
EL007327 | Blue Stocking | Dereel | 60 |
EL007328 | Blue Yonder | Elaine | 168 |
EL007329 | Evergreen | Kilmore | 486 |
EL007330 | Blue Angel | Daylesford | 202 |
EL007385 | Sardinia |
| 4 |
EL007460 | Kilmore West | Lancefield | 349 |
EL007540 (3 competing applications)(*)
| Outer Ballarat |
| 148 |
State land within EL007271
EL007505 EL007506 EL007507
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(9) (9) (8) |
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Total |
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| 2,336 |
* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.
Further information in respect of the Australia gold JV, including historical reports and targeting assessments prepared for each project, may be viewed through the following link to the Power Metal website: https://www.powermetalresources.com/s/52/australia
In addition, an online map of the current application footprint may be viewed through the following link: https://www.powermetalresources.com/p/207/rrraustralasia-gold-project-footprint
The recently finalised National Instrument 43-101 Technical Report covering eight of the above licence applications (collectively the BMV Gold Project) may be viewed through the following link: https://www.powermetalresources.com/p/222/bmv-gold-project-ni-43-101
CONTACT INFORMATION
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) | +44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson | +44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
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NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.