First Development Resources Australia, a subsidiary of London-listed Power Metals Resources, will undertake highly anticipated drilling following government support for its innovative program at the Wallal gold and copper project in Western Australia’s prolific Paterson province.
The Western Australian government incentive will cover up to $AU165,000 for the company’s up-and-coming multi-hole drilling campaign awarded for innovative exploration projects undertaken with the state.
Power Metal is currently working on completing the conditional acquisition of the project covering more than 572 square kilometres, including the prospective Wallal Main, Wallal West 1 and Wallal West licence areas.
FDR will focus on deep drilling at Wallal Main, explicitly targeting the eastern and border anomalies sharing many geological similarities with the Havieron deposit nearby.
“In 2021, we have applied resources to build our knowledge of the Wallal Project and refine our understanding of the three large scale magnetic bullseye anomalies,” Power Metals chief executive Paul Johnson said.
“That work has continuously yielded positive outcomes, and we are particularly excited at the discovery potential the Wallal Project offers.
“Securing government co-funding for the Project further enhances our confidence.
“Aside from the benefit of co-funding to mitigate financial outlay, the co-funding further demonstrates the validity of our exploration plans in respect of this potential company transforming opportunity.”
The company is completing seismic surveys of the site and plans to update the market with results.
POW’s London Stock Exchange-listed shares have risen .29 per cent, trading at 1.75 British pence today (7:48 am GMT+ 8 hours).