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FDR - Paterson Region Update
FDR - Paterson Region Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1599T\n Power Metal Resources PLC\n 22 November 2021\n \n \n \n \n 22 November 2021\n \n \n Power Metal Resources plc \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n FDR - Paterson Region Update \n \n \n Power Metal Completes Paterson Region Acquisitions and All Exploration Licences Now Granted with Braeside West Licence Grant Confirmed Today\n \n \n Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, provides an update to shareholders in respect of its interests in the Paterson Region of Western Australia (the \"Paterson Interests\").\n The Paterson Interests are held by First Development Resources Limited (\"FDR\") which now has a 100% interest in local Australian operating company First Development Resources Pty Limited (\"FDR Australia\"). FDR Australia's licence interests are outlined below.\n Power Metal has an effective interest of 83.33% in FDR, with a 16.67% effective interest held by the shareholders of URE Metals Pty Limited (\"URE\") which was acquired outright by FDR in an all share purchase announced on 19 November 2021. Further details of the acquisition of URE and its uranium and rare earths interests may be viewed in the Company's announcement:\n \n https://www.londonstockexchange.com/news-article/POW/uranium-rare-earths-acquisition-australia/15219001\n \n \n HIGHLIGHTS\n \n \n - Completion of the 100% acquisition of FDR Australia, the Australian operating company with the Paterson Region interests.\n \n \n \n \n \n - Braeside West Licence application (E45/5854), covering 137km2 of strategic ground neighbouring Rumble Resources, now granted.\n \n \n \n \n - Heritage Agreements with Native Title Holders signed across Paterson Region properties.\n \n \n \n \n \n - Planning for deep drill programmes progressing well at the Wallal Project focused on magnetic bullseye targets.\n \n \n Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:\n \n \n \"We now hold granted licences across all Paterson Region properties and have fully completed the acquisition of the local operating company. Combined, the five granted licences represent a significant opportunity for a major discovery.\n \n \n Our technical work cont...