Power Metal Resources plc has increased its uranium and rare earth elements portfolio by acquiring 100% of the Selta project in the Northern Territory, Australia.
SELTA
The deal is through the company’s subsidiary, First Development Resources Ltd (FDR), in an all-FDR share transaction to acquire Australian company URE Metals Pty Ltd which owns the project.
FDR will start exploration work at the project in preparation for the licences to be granted.
Selta comprises three exploration licence applications covering a total 1,574.92km2, including EL 32737 – 780.85km2, EL 32738 – 312.17km2 and EL 32755 – 481.90km2.
TRANSFORMATIONAL
Power Metal set up FDR as a vehicle for a planned listing on the London capital markets in Q1 2022.
FDR is in late-stage discussions to expand its project portfolio further in preparation for listing, including additional precious, base and strategic-metal opportunities.
Power Metal chief executive Paul Johnson said that FDR now had four distinct projects of copper and gold Wallal in Paterson Province of Western Australia; and uranium and REEs with Selta.
“We intend to create a unique vehicle with a number of high-impact interests in top-tier mining jurisdictions, which on listing, will launch into multiple active exploration programmes where the results of such exploration may be transformational for shareholders.”
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