Business
Australia Joint Venture - Further Expansion
Australia Joint Venture - Further Expansion.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 3224N\n Power Metal Resources PLC\n 19 May 2020\n \n \n \n \n 19 May 2020\n \n \n Power Metal Resources plc (\"POW\" or the \"Company\")\n \n \n Australia Gold Joint Venture - Further Expansion\n \n \n Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to\n announce an update from its Australian gold joint venture (\"JV\") company Red Rock Australasia Pty Ltd (\"RRAL\") in which POW has a 49.9% interest.\n \n Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:\n \"After many months of background work and a recent acceleration of effort POW shareholders now have exposure to a strategic gold JV of substance, positioned in the heart of the Victoria Goldfields.\n With the new license applications announced today the JV has achieved critical mass in Victoria with a broad spread of targets through which it is looking to bring brownfields projects back into production and the discovery of new mines.\n I look forward to the coming weeks and months, when we will be providing further information to the market outlining the prospectivity of each project within the JV portfolio.\"\n \n HIGHLIGHTS:\n \n \n · RRAL has now lodged applications for EL 007294 and EL007301, two new gold exploration license areas covering an additional 215 sq km in the Victoria Goldfields of Australia;\n \n \n · In total the JV license application areas of RRAL in Victoria now cover 919 sq km which gives it a significant presence in the Goldfields area:\n \n \n \n \n License Application Number\n \n \n Project Name\n \n \n Area (sq km)\n \n \n \n \n EL007271\n \n \n Blue Whale\n \n \n 133\n \n \n \n \n EL007281\n \n \n Blue Chip\n \n \n 74\n \n \n \n \n EL007282\n \n \n Blue Sky\n \n \n 489\n \n \n \n \n EL007285\n \n \n Blue Ribbon\n \n \n 8\n \n \n \n \n EL007294\n \n \n Red Queen\n \n \n 130\n \n \n \n \n EL007301\n \n \n Mt Bute\n \n \n 85\n \n \n \n \n Total\n \n \n \n \n \n 919\n \n \n \n \n \n \n · The license applications are focussed on the Ballarat area and the two recent applications, EL007301 west of Ballarat, and EL007294 further off to the north-north-west near Avoca, are close to and along the north-south structural corridor marking the boundary between the Bendigo Zone and the Stawell Zone.\n \n \n · All licen...