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Power Metal define Selta potential

17 March 2022
LON: POW
Jack Baker

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).

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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