Red Rock Australasia
- RRAL has been an explorer in Australia since 2008
- 51.1% owned JV with Power Metal Resources Plc (AIM:POW) in April 2020
- JV applies for 1835 sq km of gold exploration acreage at Ballarat
- Major position in heart of Victoria Goldfields
- Growing exploration interest in area
Red Rock Australasia Pty Ltd has applied for 1835 sq km of licenses in the Ballarat region, one of the two great mining centres of the Victoria Gold Rush of the 1850s. Recent deeper discoveries in the Goldfields are sparkling a new interest in this underexplored area nearly 100 years after the old mines closed.
The discovery of gold at Ballarat in 1851 set off a gold rush in Victoria, in which an estimated 6,000 diggers arrived each week. In the 1850s, a third of the world's gold production came from Victoria. The greatest part of that production was alluvial gold, with some from near surface leads or shallow reefs.
Victoria, Australia's smallest state, has produced over 2,400 tons of gold, which is 32% of all the gold mined in Australia.
By the 1920s, the mines in the greatest Goldfields centres of Bendigo and Ballarat had ceased production, and there was a sixty year hiatus, with gold production in 1972 dropping to 10kg or 320 oz for the entire state. Even by 1986 it was only 32,000 oz.
In 2005 commercial mining began at Fosterville east of Bendigo, and by 2016 a million ounces had been mined. Since Kirkland Lake Gold took over in 2016 the pace has accelerated, with depth grade increased, and in the first quarter of 2020 production was 175,000 oz at 41 g/t, making this site world's highest grade gold mine. Since then new discoveries have been made at depth under cover north along strike from Bendigo.
As the Geological Survey of Victoria puts it, "the brownfields can contain worldclass deposts", and intense interest in the area is developing.
RRAL's license areas cover ground adjacent to, around and along the faults from the Ballarat Mine, the only currently producing mine besides Fosterville, and the Creswick workings, as well as other prospective ground including old leads and mines where only shallow mining in the oxides has taken place and known prospects are untested by recent drilling.
Source of historic map: State Library of Victoria.