Business
Business Update - Red Rock Resources Australasia
Business Update - Red Rock Resources Australasia.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8369U\n Power Metal Resources PLC\n 07 December 2021\n \n \n \n 7 December 2021\n Power Metal Resources PLC\n (\"Power Metal\" or the \"Company\")\n Business Update - Red Rock Resources Australasia\n Red Rock Announces Licence Grant, New Geochemical Anomalies and the Planned Launch of Imminent Diamond Drilling\n \n Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces a business update by Red Rock Resources Australasia Pty Ltd (\"RRAL\").\n \n \n \n \n Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:\n \n \"Exploration on our licences within the Victoria Goldfields has been successful with recent soil sampling highlighting multiple high-priority gold targets across granted licences. Certain of these targets are now at the drill-ready stage and will be the subject of the planned upcoming drill programmes, showing great progression from RRAL's ground exploration to date. \n \n \n \n We believe there is potential for major gold discoveries in the granted licences we hold, something which is not surprising given the geological attractiveness of the region, and multiple large-scale discoveries made and gold mines built in the state of Victoria. Therefore the launch of inaugural diamond drilling is an important step forward and we will be eager to see what this drilling delivers.\"\n \n \n \n \n \n \n \n HIGHLIGHTS:\n \n \n Holding Transfer to Planned London Listing Company\n \n Power Metal previously held a direct 49.9% interest in RRAL which has a 100% interest in the various licences held within the state of Victoria and Western Australia, further details of which are provided below.\n A new UK plc has been formed, New Ballarat Gold Corporation PLC (\"New Ballarat\" or \"NBGC\"), which is the vehicle for the planned London listing. New Ballarat now holds a 100% interest in RRAL. \n The original shareholders of RRAL have transferred their holdings up to the vehicle New Ballarat in preparation for the planned listing. As a result, Power Metal now holds 49.9% of New Ballarat, and Red Rock Resources plc (\"RRRplc\") holds the remaining 50.1% interest.\n \n Grant of New Exploration Licence\n \n \n Exploration licence application EL007328 (164km2...