Business
FDR Australia - Government Co-Funded Drilling
FDR Australia - Government Co-Funded Drilling.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7067P\n Power Metal Resources PLC\n 20 October 2021\n \n \n \n \n 20 October 2021\n \n \n Power Metal Resources plc \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n FDR Australia - Government Co-Funded Drilling\n \n \n First Development Resources Australia Application for Government Co-Funded Exploration Drilling at the Wallal Project is Successful\n \n \n Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update from the Wallal Project (the \"Project\") located in the prolific Paterson Region of Western Australia where the Company is targeting major gold-copper discoveries.\n The Wallal Project is wholly owned by First Development Resources Pty Ltd (FDR Australia). Power Metal announced a conditional acquisition of FDR Australia on 28.04.21, further details of which are provided below. Power Metal is currently working to complete this acquisition and a further announcement in respect of this is expected in the near term.\n An application was submitted by FDR Australia to the Government of Western Australia Department of Mines, Industry Regulation and Safety (\"DMIRS\") for government co-funded exploration drilling at the FDR Australia's wholly owned Wallal Project (the \"Application\"). The funding is granted as part of Western Australia's Exploration Incentive Scheme (\"EIS\"). The EIS is a funding programme which offers up to a 50% refund (capped at A$150,000 for multi-hole drilling campaigns) for innovative exploration drilling projects undertaken within Western Australia.\n \n The Wallal Project (the \"Project\") covers 572km2 and includes three licence areas as follows:\n \n \n - E45/5816 - Wallal Main (390km2 granted licence)\n \n - E45/5853 - Wallal West 1 (96km2 application)\n \n - E45/5880 - Wallal West 2 (86km2 granted licence)\n The Application submitted sought co-funding for deep drilling at the Wallal Main licence area, specifically targeting the Eastern and Border anomalies identified from exploration to date. The Eastern and Border anomalies were originally identified following in-depth historical desktop analyses carried out by Power Metal over the entire Wallal Project. In particular, government airborne magnetic datasets identified mul...