Red Rock jumps as Australian exploration starts

3rd Feb 2021 14:36

(Sharecast News) - Red Rock shares jumped after the company said its Australian joint venture had started exploration on its first three prospects in Central Victoria.
Red Rock owns 50.1% of Red Rock Australia (RRAL) and Power Metal Resources owns the remainder.

RRAL is starting work evaluating all three sites after it announced on 2 February that exploration licences had been granted, Red Rock said. The tenements comprise about 215 km and are an important part of RRAL's central to south Ballarat project group, Red Rock said.

"RRAL is beginning work immediately on evaluating previously identified areas of interest within all tenements," Red Rock said.

Red Rock said it had started a comprehensive soil sampling programme over the O'Laughlin, Scotsburn and Enfield prospects. It said it expected the first phase of exploration to show "significant mineralisation" so that drilling can begin later in 2021.

The company's shares rose 15.6% to 1.18p at 15:18 GMT. Power Metal's shares were down 5.9% to 2.54p at 15:05 GMT.