Business
Power Metal Acquires 100% of FDR Australia
Power Metal Acquires 100% of FDR Australia.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7735Q\n Power Metal Resources PLC\n 29 October 2021\n \n \n \n \n 29 October 2021\n \n \n Power Metal Resources plc \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n Power Metal Acquires 100% of FDR Australia\n \n \n Power Metal Signs Revised Agreement to Acquire 100% Ownership of First Development Resources Australia with Exploration Interests in the Paterson Region of Western 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 it has today signed a revised agreement (\"Agreement\") for the 100% acquisition of First Development Resources Pty Ltd (FDR Australia). This Agreement is unconditional and binding.\n \n HIGHLIGHTS\n \n \n About FDR Australia\n \n \n - FDR Australia holds exploration interests in the prolific Paterson region of Western Australia and is targeting major gold-copper discoveries.\n \n \n \n \n - The exploration work completed in 2021 to date has identified three magnetic bullseye targets hosted within the Wallal Project held by FDR Australia.\n \n \n \n \n \n - In Power Metal's view the Wallal Project offers potential for large scale gold-copper discoveries, supported by the geological and geophysical similarities to Greatland Gold's Havieron project, also located within the Paterson province.\n \n \n \n \n - 2D seismic reprocessing work and a passive seismic survey are underway, the results from which will further assist preparations for a planned drill programme for which co-funding has been secured of up to A$165,000 as part of the Western Australia Department of Mines, Industry Regulation and Safety's Exploration Incentive Scheme (EIS). The Company would like to formally acknowledge and thank the State government for their support. \n \n \n \n \n \n The Key Agreement Terms\n \n \n \n \n \n \n - With this acquisition Power Metal secures a 100% interest in FDR Australia. \n (Note: \n \n Power Metal previously announced a conditional acquisition agreement on 28.04.21 which on completion would have led to Power Metal holding a 75% effective interest in FDR Australia. This agreement has been superceded and Power Metal has now signed a revised agreement to acquire a 100% interest in FDR ...