Power Metal Resources plc reported a “sigificant” expansion in the lithium-rare earth element exploration target area, as well as new target areas, at Selta in the Northern Territory.
STRATEGY
The company’s 58.59% owned subsidiary First Development Resources plc commissioned a geophysical and geographical desktop study on the project’s mineral exploration potential and prospectivity.
Power Metal said that the results has set out “specific mineral exploration target areas” for orogenic gold and base metals, including”inferences” on the potential for iron-oxide copper-gold and iron-sulphide copper-gold mineralisation.
The findings have also provided prioritised target areas across “multiple minerals and metal styles”.
FDR, which is still due to be listed on the London markets, said it was developing an exploration strategy to test systematically the identified targets.
Power Metal chief executive Sean Wade added: “Our intended IPO for FDR is taking longer than anticipated due to stagnant market conditions for capital raisings.
“To keep the IPO process moving forward, FDR brought forward the study on Selta which was previously planned to be completed post-IPO.
“Working within the constraints of a tight budget, the team worked closely with experts in Australia to enhance our already compelling exploration case for the Selta project.”