Power Metal Resources plc said it was preparing for the most effective way to develop target areas in its gold, rare earth element (REE) and uranium projects in Australia.
WALLAL-BRAESIDE WEST-RIPON HILLS
The company owns 83.33% of local company First Development Resources Ltd (FDR), which plans to list on the London capital markets in Q3 2022.
FDR recently completed a management site visit to the Wallal and Braeside West projects in the Paterson Province of Western Australia and the Selta project in the Northern Territory.
Power Metal added that the comprehensive geophysical desktop study for the flagship Wallal project was now complete.
Work continues ahead of a planned Phase I diamond drilling programme.
The in-depth review of all historical geological, geophysical and geochemical data associated with the Ripon Hills and Braeside West projects is nearing completion.
SELTA
The in-depth data review for the Selta project identified multiple separate uranium and REE targets, the potential for lithium, gold and base-metal mineralisation and the possibility of tin-tantalum-tungsten rich pegmatites.
Power Metal said that “significant outcrop” was accessible across the project area and that FDR was delineating prospective targets.
FDR has also met several prospective investors in Perth, legal and accounting advisors, and the Government of Western Australian Department of Mines, Industry Regulation and Safety and the Northern Territory Geological Survey.