Power Metal Resources plc’s subsidiary plans mapping and surface sampling of prospective lithium targets at its Selta uranium-rare earth project in the Northern Territory, Australia.
BUSINESS STRUCTURE
First Development Resources Ltd (FDR), 82.78% owned by Power Metal, conducted a specific review on lithium following a recent in-depth data review covering the licence area.
Selta is held within URE Metals Pty Ltd, an Australian private company and wholly owned subsidiary of FDR .
LITHIUM TARGETS
Power Metal said that the review specifically focused on the potential for pegmatite geology across the Selta project and its capacity to host lithium mineralisation.
The desktop work included a review of lithium specific publicly available data, along with a review of satellite imagery and hyperspectral analysis to identify high-priority targets for further field investigation.
Power Metal added that the multi-layered approach had identified “several hundred coincident anomalies potentially indicative of pegmatite geology”.
A total of 65 initial primary and secondary targets have been selected to test whether the identified targets host lithium bearing mineralisation.
FDR’s field investigation team is due to arrive on site in the coming days to conduct mapping and surface sampling of identified prospective targets.
EXPLORATION
Power Metal chief executive Paul Johnson said that the recent £1,125,000 pre-IPO financing for the planning and listing process would also help fund FDR’s exploration.
“Our confidence in the prospectivity of Selta has grown considerably in recent months, from uranium, rare earth and now lithium potential.
“Therefore, as the largest shareholder in FDR, Power Metal is eager to see the results from the field exploration programme which is now commencing.”