Power Metal Resources plc said it had completed its 100% acquisition of First Development Resources Pty Ltd (FDR) which holds gold-copper interests in the Paterson Region of Western Australia.
ACQUISITION
The Paterson interests are held by First Development Resources Limited (FDR) which now has a 100% interest in local Australian operating company First Development Resources Pty Ltd (FDR Australia).
Power Metal has an effective interest of 83.33% in FDR, with a 16.67% effective interest held by the shareholders of URE Metals Pty Ltd (URE) which was acquired outright by FDR in an all share purchase announced last week.
LICENCES
The company also reported that the Braeside West licence application (E45/5854), covering 137km2 had now been granted.
Heritage agreements with native title holders have been signed across the Paterson Region properties.
Planning continues for deep drill programmes at the Wallal project, encompassing three granted licences, focused on magnetic bullseye targets.
Power Metal chief executive Paul Johnson said that technical work continued in parallel to define drill targets.