The Selta project in Northern Territory is made up of exploration licences EL 32737, which spans 780.85km2, the 312.1km2 EL 32738, and EL 32755, which is spread over an area of 481.9km2
UK-based Power Metal Resources said that it has secured all the three licences that make up the Selta project, a prospective uranium and rare earth element asset in the Northern Territory, Australia.
The uranium and rare earth element project is owned by URE Metals, a 100% subsidiary of First Development Resources (FDR). Currently, Power Metal Resources has an 83.33% stake in FDR following a deal executed in November 2021.
According to Power Metal Resources, the Northern Territory Government Department of Industry, Tourism and Trade has granted the three mineral exploration licences to URE Metals.
The licences are valid for a term of six years up to 15 February 2028.
Power Metal Resources CEO Paul Johnson said: “The grant of the Selta licences provides a real boost to FDR, as the company seeks a listing in London in the coming months.
“Today’s news is also a significant step forward for Power Metal, providing our shareholders with exposure to another uranium exploration opportunity and complementing the wholly owned uranium projects surrounding the Athabasca basin in Saskatchewan, Canada.”
The Selta project includes exploration licences EL 32737, which spans 780.85km2, the 312.1km2 EL 32738, and EL 32755, which is spread over an area of 481.9km2.
FDR is said to have started an in-depth study of all the available geological, geophysical, and geochemical data pertaining to the Selta project as well as the adjacent ground.
The review aims to identify priority targets for carrying out further investigation.
The Selta project has a 65km long contiguous border with Prodigy Gold’s Reynolds Range gold-copper project.
First Development Resources CEO Tristan Pottas said: “Our work to date in respect of the Selta Project has highlighted considerable geological potential, notably focused on uranium and Rare Earth Elements.
“An in-depth review of the Project is now underway and this couldn’t be more timely with the announcement today that all licences have been granted.”