Business
Victoria Gold JV - Key Licence granted
Victoria Gold JV - Key Licence granted.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \n Red Rock Resources PLC\n \n \n (\"Red Rock\" or the \"Company\")\n \n \n \n \n Victoria Gold Joint Venture - Grant of Key Licence\n \n \n \n \n \n \n \n \n \n 24 May 2022\n \n \n \n Red Rock Resources Plc, (\"Red Rock\" or \"the Company\"), a natural resource development company with interests in gold and base metals, principally in Africa and Australia, announces an update in relation to the gold exploration programme being carried out by joint venture subsidiary New Ballarat Gold Corporation plc (\"NBGC\") in the Victoria Goldfields of Australia. Exploration is carried out by Red Rock Australasia Pty Ltd (\"RRAL\"), the 100% owned Australian operating subsidiary of NBGC.\n \n Highlights\n \n ·\n Three further exploration licences have been granted, bringing RRAL's footprint in the Victoria Goldfields to over 1,800 sq km.\n \n \n ·\n Grants now include the 202 sq km licence (EL 007330) North-East of Ballarat which includes the historical Ajax mine where in the 1920s the Ajax line recorded production of 312,789 ounces at 14.8 g/t.\n \n \n Red Rock Chairman Andrew Bell comments: \"The grants of EL 007330, EL 007294 and EL 007507 bring our total ground position in prospective areas north, south and east of Ballarat up to 1,832 sq km, covering the sites of a number of old mines and workings as well as fresh geological targets. The latest grant covering the old Ajax mine (EL7330) is a significant milestone for RRAL, as it includes the site of a former high grade near-surface mine that was mined a century ago at 14.8 g/t.\n In our view, this exploration asset enhances our exploration portfolio and makes our goal of achieving a listing of the RRAL business less sensitive to market conditions.\n Further detailed announcements, both on the Ajax project and on progress towards listing, will follow.\"\n \n EL 007330 Exploration Licence (including Ajax Mine)\n \n \n The Ajax mine comprise numerous former shafts and workings over a strike of several kilometres, which was historically mined to a vertical depth of approximately 400m. The possible down dip and along strike extensions to the main ore zones remain virtually untested. Minor diamond drilling completed in the 1990s by Continent Resources intersected multiple lode structures with the best intersection showing 5.3m at 15.2g/t Au from 120.9m downhole, demonstra...