Power Metal Resources plc has reduced its shareholding from 43.44% to 33% in its Australia spin-out First Development Resources plc. The sale on 31 October results in Power Metal holding 45,987,594 votes in FDR and, as at 6 November, Power Metal remained the largest single shareholder. FDR is exploring for base and precious metals, lithium […]
Tag: Selta – Northern Territory – Australia
First Development raises £1m
First Development Resources plc has raised £1 million through an over-subscribed discounted placing of 33,333,333 new ordinary shares of one pence each in the company. TVRs The issue price of three pence per placing share is an 8% discount from the middle close market price of 3.25p as at the close of business on 24 […]
First Development plans gold surveys at Selta
First Development Resources plc plans airborne and ground surveys on “multiple prospective gold targets” at its Selta project in the Aileron Province of Northern Territory, Australia. DRILLING The company said that the gold targets, identified from historical reports and data, were associated with the continuation of the “regionally significant” Stafford gold trend, hosting gold and […]
First Development begins trading
First Development Resources plc, a spin-out of Power Metal Resources plc, began trading today on AIM. INTERESTS On admission, Power Metal will hold 43.44% of the Australian-focused company’s issued share capital. First Development owns three prospective copper-gold projects of Wallal, Ripon Hills & Braeside West in the Paterson Province, Western Australia. The company also holds the Selta […]
Power Metal’s Australia subsidiary nears listing
Power Metal Resources plc expects to complete the listing in the coming weeks of its 2021 Australia acquisition held in First Development Resources plc. ASSETS FDR owns three prospective copper-gold projects of Wallal, Ripon Hills & Braeside West in the Paterson Province, Western Australia. The company also holds the Selta uranium and rare earth elements project in […]
Power Metal expands lithium-REE targets at Selta
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 […]