Red Rock Resources said it had sold a 49.9% stake in its Australian unit to Power Metal Resources as it looks to develop the Blue Whale gold prospect in Victoria state. The company said it had applied for the related 130 square kilometre exploration license area, called EL 007271, which was south of Ballarat. Power Metal Resources would cover the license application expenses, currently $2,159, in exchange for its shareholding. 'This strategic move into Australian gold exploration is an important step for Power Metal, complementing our African base metal interests and providing portfolio diversification by commodity and jurisdiction,' Power Metal chief executive Paul Johnson said. At 9:24am: (LON:POW) share price was +0.11p at 0.38p (LON:RRR) Red Rock Resources PLC share price was +0.02p at 0.23p
Sign up to our
Subscribe to the latest investing news by entering your email address below
You can opt out at any time.
For five days a week you will get
- The latest company news
- Insight into investment trends
- Round-up of director's buys and sells
- Articles from Shares magazine
Plus more useful investment content and occasional promotional offers.
UK 350 Risers and Fallers
Tweets not available.