Power Metal Resources plc announced it had established a new UK private company for its pending acquisition of copper-gold interests in the eastern Pilbara region of Western Australia.
PROJECTS
The special acquisition vehicle, FDR UK, will acquire outright First Development Resources (Pty) Ltd (FDR Australia) in the Paterson Province, subject to conditions.
The transaction covers FDR Australia’s five exploration projects including one granted exploration licence (Ripon Hills) and four licence applications (the Wallal, Wallal West 1, Wallal West 2 and Braeside West Projects).
STUDIES
Plans are underway to explore the Ripon Hills project and, subject to the grant of an exploration licence, the Wallal project.
Consulting firm Resource Potentials has conducted a detailed geophysical desktop study on behalf of Power Metal.
This was followed by the collection, analysis and interpretation of several geophysical datasets including airborne magnetics, ground gravity, 2D seismic, and airborne EM over the property.
Following full analysis of these datasets and subject to a licence being granted, Power Metal will plan and execute Phase I of a work programme.
This could include additional geophysical surveys as well as a deep drilling programme targeting two coincident kilometre-scale magnetic, EM and gravity high bullseye anomalies located near the edge of the Wallal platform.
LISTING
Power Metal chief executive Paul Johnson said that good progress was being made on the FDR Australia acquisition.
“It is evident from our initial work that there are large exploration targets in the transaction licence areas and we are keen to move ahead with ground exploration.
“The work also continues to pursue a potential listing for FDR UK following the planned acquisition of FDR Australia.”