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Power Metal JV wastes no time starting exploration at Ballarat


Power Metal Resources PLC (LON:POW) said its Australian joint venture Red Rock Australasia (RRAL) has started ground work on its tenements near Ballarat in the Victoria Goldfields.

RRAL was granted exploration permits at three licences earlier this week covering 215 sq km in its central to south Ballarat project area. 

These tenements (along with current applications) surround and overlie the existing Ballarat West and Ballarat East mineralized lode systems, Power Metal said.

Work initially will be to evaluate previously identified areas of interest within all tenements. 

Paul Johnson, Power Metal’s chief executive, said:  “As promised with the grant of licences as announced yesterday RRAL has moved quickly to launch ground exploration.

“Given over 12 million ounces of mined gold in the Ballarat West and Ballarat East mining camp, we are particularly eager to expedite exploration as RRAL targets a major gold discovery in the Victoria Goldfields, Australia.”

Power Metal has a 49.9% interest in RRAL, with Red Rock Resources (LON:RRR)  holding a 50.1% interest.

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