Power Metal Resources plc has completed its 100% acquisition of First Development Resources Pty Ltd (FDR) which holds gold-copper interests in the Paterson Region of Western Australia.
DRILLING
The Paterson interests are held by First Development Resources Ltd (FDR) which now owns local Australian operating company First Development Resources Pty Ltd (FDR Australia).
Power Metal has an 83.33% interest in FDR, with a 16.67% interest held by the shareholders of URE Metals Pty Ltd (URE) which was acquired outright by FDR in an all share purchase announced last week.
The company has also been granted the Braeside West licence application (E45/5854), which covers 137km2.
Power Metal said that heritage agreements with native title holders had been signed across the Paterson Region properties.
Planning continues for deep drill programmes at the Wallal project, which comprises three granted licences and is focused on three magnetic bullseye targets.
Chief executive Paul Johnson added that technical work continued in parallel to defining drill targets.