SYDNEY: Power Metal Resources (POW), a metals exploration and development company, announced the commencement of a new joint venture (JV) with Red Rock Resources Plc to build a strategic gold exploration portfolio in Australia.

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented: “This strategic move into Australian gold exploration is an important step for POW, complementing our African base metal interests and providing portfolio diversification by commodity and jurisdiction.

Australian gold exploration and development projects are attracting considerable interest especially in the Victorian goldfields following the remarkable discoveries at depth at the Fosterville mine, where in Q1 2020 Kirkland Lake produced 159,864 oz Au at 42.4g/t.

Historic mining in the Victoria Goldfields has been alluvial or at shallow depths and they have been underexplored in modern times. I am delighted that, simultaneously with the launch of this Joint Venture, we have been able to lodge an application for an exploration licence forming the Blue Whale project near to the producing Ballarat gold mine in Victoria.

The Blue Whale project is the Company’s first project in Australia, and opens the door for the potential establishment of an Australian gold portfolio. In this regard, we expect to provide further updates on Blue Whale and additional opportunities in the near future.”