Business
FDR Australia - Grant of Wallal Licences
FDR Australia - Grant of Wallal Licences.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5965N\n Power Metal Resources PLC\n 30 September 2021\n \n \n \n \n 30 September 2021\n \n \n Power Metal Resources plc \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n FDR Australia - Grant of Wallal Licences\n \n \n Two Wallal Exploration Licences Granted in the Paterson Region of Western Australia - Enabling Completion of Transaction including the Acquisition of First Development Resources Australia \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 Power Metal now confirms that two licence applications have now been granted. The granted licences are:\n - E45/5816 - Wallal Main\n - E45/5880 - Wallal West 2\n The Wallal Main licence is host to two magnetic bullseye anomalies (Eastern Anomaly and Border Anomaly) which are currently the highest priority exploration targets for a planned future deep drilling campaign. The third licence application forming the Wallal Project, Wallal West 1 (E45/5853) is expected to be granted shortly. This licence application includes the third magnetic bullseye Western Anomaly.\n The grant of the Wallal Main licence was a key event which now allows for completion of the acquisition of First Development Resources Pty Ltd (FDR Australia) by First Development Resources Limited (FDR UK) in which, post acquisition, Power Metal will hold a 75% interest. \n \n Power Metal will now move to undertake transaction completion and a further announcement will be made in this regard shortly. In addition, preparations to seek a listing of FDR UK in the London capital markets will now accelerate.\n \n Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:\n \"With the grant of licences announced today, one of our most exciting projects takes a great leap forward. Power Metal shareholders now have exposure to a major gold-copper exploration project in the Paterson region of Western Australia.\n We are seeking major gold-copper discoveries and I would ask investors to review our recent exploration update linked below, to see the potential the W...