Power Metal Resources plc said it had identified multiple rare earth element (REE)-uranium targets with additional tin and lithium prospectivity at its Selta project in the Northern Territory, Australia.
DATA REVIEW
The company’s 83.33%-owned subsidiary First Development Resources Ltd (FDR) holds the project.
Consultants for FDR have now completed an in-depth review of all publicly available geological, geophysical and geochemical data for Selta.
The review has identified four high-priority areas with the potential for uranium mineralisation and three areas with potential for REE mineralisation.
Power Metal added that there was potential for lithium, gold and base metal mineralisation as well as the possibility of tin-tantalum-tungsten-rich pegmatites within the Selta project.
RECONNAISANCE
FDR will visit two high-priority target areas in the coming weeks as part of its planned reconnaissance.
The company will also begin meeting landholders, assess access and track conditions, review logistics for future work programmes and take preliminary rock samples where appropriate.
Power Metal said that there had been limited historical exploration on the project and FDR would be the first company to carry out systematic, project-wide exploration.
WORLD CLASS
Chief executive Paul Johnson added recent volatile metal prices had highlighted the need to identify and develop new mineral deposits to secure critical metals.
“We believe the Selta project is located in a tier one mining jurisdiction in an area known to contain world-class deposits such as Arafura Resources’ Nolan’s Bore REE-phosphate-uranium-thorium deposit.”
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