Mining groups Red Rock Resources and Power Metal Resources said their joint venture had been granted its first three mineral licences near Ballarat in Australia.
Red Rock Resources held 50.1% of the venture and Power Metals 49.9%.
The licenses had been granted for a period of five years.
(LON:POW) share price was 0p at 1.9p
(LON:RRR) Red Rock Resources PLC share price was 0p at 0.8p