Power Metal Resources plc announced it had identified a bullseye magnetic anomaly on its conditional copper-gold acquisition projects in the Paterson Region of Western Australia.
LICENCES
The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include the Wallal, Braeside West and the Ripon Hills projects.
In April 2021 Power Metal announced a conditional acquisition of FDR Australia.
TARGETS
The target, measuring circa 1km x 1km, was identified at the eastern border of the licence.
Approximately 70% falls within the licence application area held by FDR Australia and 30% within the adjacent Rio Tinto licence area.
Power Metal has now identified three major magnetic anomalies (Western, Eastern and Border anomalies).
The company added that the initial targets for drilling could be the Eastern and Border anomalies.
A Phase I work programme is being finalised which will include reprocessing of three historic 2D-seismic lines, as well a passive seismic survey of the Eastern and Border anomalies.
LISTING
FDR Australia has finalised a Heritage Agreement expects a grant for the Wallal licence application within the next few weeks, which will allow the conditional acquisition to be completed.
Power Metal continues preparatory steps for listing of planned UK holding company FDR UK, which will hold 100% of FDR Australia on completion.
HIGH RISK
“The identification of a further geophysical anomaly is another material step forward as we continue our work to define drill targets in the highly prospective Paterson Province,” said chief executive Paul Johnson.
“Deep targets under cover certainly represent high-risk exploration, but as we have seen with Greatland Gold’s discovery at their Havieron project, the Paterson offers great upside potential should a discovery be achieved.”