16th Feb 2023 16:16
(Alliance News) - Red Rock Resources PLC on Thursday said three holes have been completed in its inaugural drilling programme at the Berringa gold mine in its Victoria Goldfields joint venture in Australia.
The Africa and Australia-focused natural resource development company said all three of the completed holes, totalling 655.9 metres of a planned 1,000 metres, have intersected target geological formations and demonstrated visible gold within extensions of the Berringa mineralised lode.
The intersections include a 9-metre wide mineralised quartz vein in the BED23001 hole. The company noted that assay results for the first two holes are pending.
Red Rock holds a 50.1% majority stake in the Victoria Goldfields, in a joint venture with Power Metal Resources PLC. The company said it has successfully renewed its Berringa exploration licence for a five-year term until November 2027.
Chief Executive Officer Andrew Bell said: "We have successfully renewed the exploration licence covering the historic Berringa gold mine, where we are currently undertaking a diamond drill programme, which is a significant development for our Victoria Goldfields JV.
"The drilling is progressing well with three drill holes completed to date. Visible gold has been encountered in all three holes. This shows the accurate targeting of the structures by the geological team, and we look forward to receipt of detailed assay data as soon as possible."
Red Rock shares were down 1.9% trading at 0.31 pence per share on Thursday afternoon in London.
By Harvey Dorset, Alliance News reporter
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