Paul Johnson, chief executive, added: “We have identified geological and geophysical features within our Wallal licence that bear similarities to two major and recently discovered deposits within the Paterson Region at Winu and Havieron, both of which are under development.
"Whilst awaiting licence grants at the Wallal Project we have continued to advance our review of all available existing data.
“We are now moving to the next stage with our own work programmes to generate new data and refine target information purposed specifically for a planned deep drilling programme.
In our view there is increasing potential for a major metal discovery at the Wallal Project, and as one would expect we are pushing ahead with some enthusiasm."
The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia), for which Power agreed a conditional deal to acquire in April.
Shares dropped 2.5% to 1.95p.