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FDR approved for drilling

27 October 2022 14:18
First Development Resources survey the landscape

First Development Resources have received final approval and can proceed with phase one diamond core drilling of its flagship Wallal project in Western Australia’s Paterson province after completing the Heritage Clearance Survey.

Drilling for a large-scale gold-copper discovery is set to begin shortly after FDR list on the bustling London capital markets.

The Power Metal Resources subsidiary has raised its Wallal flagship in one of the nation’s most prospective regions for world-class gold-copper discoveries, sharing an extensive border with Rio Tinto exploration near the 503Mt at 0.45 per cent copper equivalent North Winu resource.

FDR said the survey’s completion was a pivotal moment in its history.

“I would personally like to thank all the key stakeholders and consultants who have helped us get to this decisive point in the evolution of FDR, particularly the Nyangumarta people and Yamatji Marlpa Aboriginal Corporation,” chief executive Tristan Pottas said.

Power Metal said it expected a public listing would not change its subsidiary’s industrious attitude.

“Without question this is an exciting time for the Power Metal and FDR teams as we close in on listing,” chief executive Paul Johnson said.

“From day one to date, FDR have demonstrated their intention to deploy capital immediately into the ground to improve the understanding of the various targets across their project portfolio.”

The plan now is to get to drilling as soon as possible after listing.

POW’s London Stock Exchange-listed share price was trading at 1.32 British pence today (2.16 pm UTC+ 8 hours).

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