TIDMPOW
RNS Number : 1178X
Power Metal Resources PLC
29 April 2021
29 April 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Australia Gold Joint Venture - Update
Two further licences granted with the JV now holding seven
granted licences
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to announce an
update in respect of Red Rock Australasia Pty Ltd ("RRAL") a joint
venture company with gold exploration interests near the historic
mining centre of Ballarat in the Victoria Goldfields.
Power Metal has a 49.9% interest in RRAL, with Red Rock
Resources plc ("Red Rock")(LON:RRR) holding a 50.1% interest.
Highlights:
-- Following grant to RRAL of its first five gold exploration
licences in Victoria, announced on 2 February 2021 and 17 March
2021, a further two licences have now been granted:
o EL007329 (Evergreen) covering 484 sq km
o EL007301 (Mt Bute), covering 85 sq km.
-- The seven granted licences in Victoria now cover an
exploration area of 848 sq km, including numerous old mines and
workings and identified geological targets.
-- With the bulk of the ground covered by the previously
prepared NI 43-101 technical report (1) now at granted status, the
IPO process for RRAL will accelerate.
(1) A copy of the NI 43-101 technical report may be viewed on
the Power Metal website through the following link:
https://www.powermetalresources.com/Uploads/2020-09-21-0078-Caracle-KineticsRM_RedRock_NI43-101_Sept21_2020_F_complete.pdf
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented :
"Today's news marks a key point in the development of RRAL with
the grant of the Evergreen tenement which is one of the larger
licence applications and sits in an area of particular interest as
demonstrated by increasing investment by peer companies in project
acquisition and exploration.
Grant of the two licences moves the IPO process front and
centre. We believe that the core interests of RRAL forming the
basis for an IPO on the Canadian capital markets represents one of
the most comprehensive investment opportunities in the Victoria
Goldfields for Canadian and international investors.
RRAL are therefore moving forward at pace with both project
exploration and corporate listing developments."
FURTHER INFORMATION
Joint Venture Company - RRAL
RRAL is a joint venture company 50.1% owned by Red Rock and
49.9% owned by Power Metal Resources plc. Paul Johnson, CEO of
Power Metal and Andrew Bell, Chairman of Power Metal and Red Rock,
are directors of RRAL.
Granted Licences
RRAL has seven granted licences over an area of 848 km(2) and
covering high priority areas where RRAL has early drill targets
that it is developing.
Licence Number Project Name Area (km(2)
)
EL007271 Blue Whale 133
--------------- --------------------
EL007281 Blue Chip 74
--------------- --------------------
EL007285 Blue Ribbon 8
--------------- --------------------
EL007301 Mt Bute 85
--------------- --------------------
EL007327 Blue Stocking 60
--------------- --------------------
EL007329 Evergreen 484
--------------- --------------------
EL007385 Sardinia 4
--------------- --------------------
Total 848
--------------------
Applications
RRAL has licence applications in process for nine other new gold
exploration licence areas covering approximately 1,488 km(2) in the
Victoria Goldfields of Australia as follows:
Licence Application Project Name Area (km(2)
Number )
EL007282 Blue Sky 489
---------------- ------------
EL007294 Red Queen 130
---------------- ------------
EL007328 Blue Yonder 168
---------------- ------------
EL007330 Blue Angel 202
---------------- ------------
EL007460 Kilmore West 349
---------------- ------------
State land
within EL007271
(EL007505
EL007506 (9)
EL007507) (9)
(8)
-------------------------------------- ------------
EL007540*
(3 competing
applications) Outer Ballarat 148
---------------- ------------
Total c 1,486
------------
* 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.
In addition to the Victoria Goldfields above RRAL has also made
exploration licence applications in Western Australia as included
in the table below. Please note where indicated below and there is
another applicant the application will be subject to a ballot.
EL45/5859 Paterson 227
(One competing application)
EL45/5885 Pilbara/Paterson 70
------------------ ----
EL45/5881 Pilbara/Paterson 33
(One competing application)
----
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
Notes to Editors:
P ower 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 metals exploration in North America and
Australia together with base and strategic metal 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.
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