Business
Acquisition of Historic Berringa Gold Mine
Acquisition of Historic Berringa Gold Mine.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n 6 July 2022\n \n \n \n Power Metal Resources PLC\n \n \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n \n \n Acquisition of Historic Berringa Gold Mine - Victoria, Australia\n \n \n \n \n \n \n Power Metal Resources plc (LON:POW), \n the London listed exploration company seeking large-scale metal discoveries across its global project portfolio\n announces an update in relation to its joint venture (\"JV\") subsidiary New Ballarat Gold Corporation Plc (\"NBGC\"), which is focused on the prolific Victorian Goldfields of Australia.\n The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources plc (50.1%). \n \n \n Red Rock Australasia Pty Ltd (\"RRAL\"), the 100% owned Australian operating subsidiary of NBGC, has entered an agreement (\"Agreement\") to acquire the exploration licence EL5535 covering the historic Berringa Mine (\"Berringa\" or the \"Project\") from Balmaine Gold Pty Ltd (\"Vendor\").\n \n \n A map highlighting the location of the Project may be seen on the Company's website through the following link:\n \n \n \n https://www.powermetalresources.com/berringa-map-2/\n \n \n \n \n HIGHLIGHTS:\n \n \n \n ·\n RRAL has signed an agreement to acquire EL5535, a 288-hectare exploration licence located approximately 25km southwest of Ballarat, Australia. EL5535 covers the Berringa Gold Mine which has historical production of 293,250 ounces of gold from 1898-1952, at an average grade of 8.3g/t.1\n \n \n \n \n \n ·\n A 30 tonne bulk sample extracted in the mid-1970s from a 116m deep central shaft returned an impressive grade of 9.8g/t.1\n \n \n \n \n \n ·\n Drill targets identified from an analysis of previous exploration will enable RRAL to move rapidly to drilling.1,2\n \n \n \n \n \n ·\n 2004 and 2014 technical reports calculated possible exploration target ranges down to 1000m of 0.91 to 3.89million*,** and 0.70 to 2.91million*,** ounces of gold respectively at Berringa.1,2 Further details in respect of these exploration targets are provided below.\n \n \n \n \n \n ·\n NBGC is in discussions with the Vendor, regarding the possibility of processing ore at their nearby Ballarat Gold Mine should NBGC discover and develop an economic deposit - located approximately 25km away. This would dramatically reduce both mine build-out time horizons and...