First Development Resources, a Power Metal Resources subsidiary company, identified four uranium and three rare earth zones at the Selta project 230 kilometres northwest of Alice Springs in Australia’s Northern Territory.
The finds unfold during a period of unprecedented demand for the commodities with FDR moving quickly on reconnaissance campaigns based on compelling historical data indicating the potential for lithium, gold, base metals and battery-rich pegmatites.
Global powers expand programs for both commodities in a desperate search for critical rare earths outside of China’s significant influence while using carbon-friendly uranium to meet emission targets.
The company said review provided further validation of Selta’s prospectivity.
“Recent volatility in metal prices has highlighted the need to secure future supply of critical metals which requires the identification and development of new mineral deposits,” chief executive Paul Johnson said
First Development Resources anticipate a London-listing next quarter while Power Metals continue its worldwide exploration on large-scale metal deposits.
POW’s London Stock Exchange-listed price was trading at 1.26p (8.23 am UTC+ 8 hours).