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FDR secures exploration greenlight for the NT

24 February 2022
LON: POW
Rueben Hale

Formal government approval has been granted to URE Metals Pty Limited, a subsidiary of First Development Resources and an indirect subsidiary of Power Metals, to explore highly prospective uranium and rare earth across three key tenements within the Selta project in Australia’s Northern Territory.

The approval triggers the issue of Power Metals First Development Resources stock to the vendors of URE – reflecting this Power Metal currently holds an 83.33 per cent interest in FDR.

FDR acquired URE in a transaction projected funded by Power Metal in 2021.

The project, considered by FDR to be prospective for uranium and rare-earth elements, s located within the prospective but largely under-explored central Aileron Province, between the future Georgia and Ngalia Basins.

FDR has commenced an in-depth review of all available geological, geophysical and geochemical data associated with the 1574 square kilometres of the licensed area, focusing on uranium and REE mineralisation.

The company said the review’s objective is to identify priority targets for further investigation.

“Our work to date in respect of the Selta Project has highlighted considerable geological potential, notably focused on uranium and rare earth elements,” FDR chief executive Tristan Pottas said.

“An in-depth review of the Project is now underway, and this couldn’t be more timely with the announcement today that all licences have been granted.

“The team considers the Selta Project to be a key FDR business interest, and the accumulating evidence from fellow licence holders in the vicinity of the Project supports this proposition.”

POW’s London Stock Exchange-listed share price has risen 1.11 per cent today, selling at 1.36 British Pounds (9:10 am UTC+ 8 hours).

COMPANY OVERVIEW

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery. The Company has a global portfolio of project interests including gold exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects. The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

COMPANY INFORMATION

LON: POW

Website

https://www.powermetalresources.com/
https://www.londonstockexchange.com/stock/POW/power-metal-resources-plc/company-page

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