Power Metal Resources plc reported a “sigificant” expansion in the existing rare earth element and lithium exploration target area as well as new target areas at Selta in the Northern Territory.
PRIORITY
The company’s subsidiary (58.59%) First Development Resources plc (FDR) commissioned a high-level geophysical and geographical information system desktop study on the project’s mineral exploration potential and prospectivity.
Power Metal said that specific mineral exploration target areas had been established for orogenic gold and base metals, including”inferences” on the potential for iron-oxide copper-gold and iron-sulphide copper-gold mineralisation.
The study has also provided an inventory of prioritised target areas across multiple minerals and metal styles.
FDR, which is still due to be listed on the London markets, said it was developing an exploration strategy to test systematically the identified targets.
Power Metal chief executive Sean Wade added: “Our intended IPO for FDR is taking longer than anticipated due to stagnant market conditions for capital raisings.
“To keep the IPO process moving forward, FDR brought forward the study on Selta which was previously planned to be completed post-IPO.
“Working within the constraints of a tight budget, the team worked closely with experts in Australia to enhance our already compelling exploration case for the Selta project.”