Power Metal Resources plc announced the start of ground reconnaisance at its gold-copper interests in the Wallal project in the Paterson Province, Western Australia.
DRILL LOCATIONS
The company’s assets are held through through First Development Resources Ltd (FDR).
The Wallal project, comprising E45/5816, E45/5853 and E45/5880, is one of FDR’s three Paterson region projects.
A reconnaissance team will survey and map all existing access tracks and proposed drill hole locations for a planned Phase I diamond core drilling programme targeting gold-copper mineralisation.
HERITAGE CLEARANCE SURVEY
Power Metal said the reconnaissance work would inform the extent of the heritage clearance survey.
This will be completed under the supervision of the Yamatji Marlpa Aboriginal Corporation (YMAC) if required by YMAC and the Nyangumarta people, prior to mobilisation for the drill programme.
YMAC is acting as an agent for the traditional owners of the Wallal tenements, NWAC.
Power Metal added that YMAC had agreed to allow the low-impact preparatory exploration works to proceed prior to completion of the heritage clearance survey.
LISTING
Preparations for the FDR initial public offering (IPO) listing process planned for Q2 2022 are progressing well including completion of the board and advisory team.
OWNERSHIP STRUCTURE
FDR holds a 100% interest in local Australian operating company First Development Resources Pty Ltd (FDR Australia).
FDR Australia holds the Wallal, Braeside West and Ripon Hills projects.
Power Metal has a current effective interest of 96.15% in FDR and an effective interest of 83.33% after the grant of three licences owned by URE Metals Pty Ltd which FDR acquired in an all-share purchase in November 2021.