Power Metal Resources plc said the grant of licences was imminent for its rare earth element-uranium Selta project in the Northern Territory, Australia.
LICENCES
Selta is held within URE Metals Pty Ltd, an Australian private company and wholly owned subsidiary of First Development Resources Ltd (FDR) in which Power Metal currently holds a 96.15% interest.
Power Metal said that URE had received notification from the Northern Territory Government of their intention to grant all Selta exploration licences EL 32737, EL 32738 and EL 32755 covering a total 1,574.92 km2.
FDR has started an in-depth review of all available geological, geophysical and geochemical data associated with the project to identify priority targets for further investigation.
SELTA
The Selta project is located in Australia’s Northern Territory within the prospective but largely under-explored central Aileron Province, between the Georgia and Ngalia Basins.
The Northern Territory Government has declared the area prospective for uranium mineralisation.