Power Metal Resources plc is closer to acquiring First Development Resources Australia (FDR Australia) with its two copper-gold Wallal exploration licences in the Paterson Province of Western Australia.
LICENCES
The news follows the granting of licences E45/5816 – Wallal Main and E45/5880 – Wallal West 2 to FDR Australia.
The Wallal Main licence hosts two magnetic bullseye anomalies (eastern anomaly and border anomaly) which are currently the highest priority exploration targets for a planned future deep drilling campaign.
Power Metal said that the third licence application for Wallal West 1 (E45/5853), which includes the third magnetic bullseye western anomaly, is expected to be granted shortly.
KEY
The granting of the Wallal Main licence is key to the Power Metal’s acquisition of FDR Australia by First Development Resources Limited (FDR UK) in which Power Metal will hold a 75% interest.
The company will also accelerate preparations to list FDR UK in the London capital markets.
Chief executive Paul Johnson said that one of the company’s most exciting projects had taken a great leap forward.