Power Metal Resources subsidiary First Development said studies on its Selta project in Australia’s Northern Territory had identified areas of interest in gold copper and iron as well as rare earths and lithium.
An exploration strategy is now being developed to systematically test the identified targets.
Tristan Pottas, FDR chief executive, said: "Our updated mineral target inventory has been significantly boosted with the findings announced today, including notably gold and base metals in historical drilling, along with the realisation that the province is also prospective for IOCG and ISCG targets.
"At Wallal, we are drill ready and eagerly looking to commence deep drilling on high-priority gold targets at the earliest opportunity, commencing with the magnetic bullseye Eastern Anomaly target which we believe bears striking geophysical similarity to the Havieron discovery made by Greatland Gold in the same Paterson province."
Sean Wade, Power Metal chief executive, added: “Our intended IPO for FDR is taking longer than anticipated due to stagnant market conditions for capital raisings.
“To keep the IPO process moving forward, FDR brought forward the study on Selta which was previously planned to be completed post-IPO.
Power Metal holds a 58.59% interest in FDR.