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London’s Power Metal moves to list Aussie gold project

9 August 2021 20:01
LON: POW

London-listed Power Metal Resources is preparing to list its part-owned Australian gold project on the London market as accelerating ground exploration hones in on target at its project in the original gold rush town of Ballarat.

Through a 49.9 per cent project stake in partnership with majority holder Red Rock Australasia Pty Ltd (RRAL), plans to list  Red Rock Resources on the London Stock Exchange are rapidly advancing, with preparations for the exploration of nearly 850 square kilometres of the historic Victorian gold country simultaneously unfolding.

Veteran campaigner Dave Holden, bringing with him a resume including Jundee and Nimary gold discoveries in Western Australia and Mt. Todd and Brocks Creek in the Northern Territory,  will lead a team sniffing out opportunities in the rubble of old mines and other identified locations.

“Today’s news marks a key point in the development of RRAL with the grant of the Evergreen tenement which is one of the larger licence applications and sits in an area of particular interest as demonstrated by increasing investment by peer companies in project acquisition and exploration,” chief executive Paul Johnson said.

“Grant of the two licences moves the IPO process front and centre. We believe that the core interests of RRAL forming the basis for an IPO on the Canadian capital markets represents one of the most comprehensive investment opportunities in the Victoria Goldfields for Canadian and international investors.”

Several ground-based programmes across the tenement package are underway, including an extensive soil sampling programme targeting the possible southern extension of the Ballarat Mines.

The company’s London Stock Exchange-listed shares were unchanged at writing,  trading at 2.14 British Pounds (6:09 pm GMT+ 8 hours).

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