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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