Power Metal Resources PLC (AIM:POW) has been granted all the licences it applied for at the Selta rare earths and uranium project in Northern Territory, Australia.
“Power Metal acquired the Selta project to secure a strategic positioning in this highly prospective REE and uranium area in the Northern Territory of Australia,” said Power’s chief executive Paul Johnson.
A Power Metals-created company, First Development Resources Limited, is also involved.
Selta is held within URE Metals Pty Limited, an Australian private company and wholly owned subsidiary of First Development Resources Limited which is planning to list in London in the second quarter of this year.
Power Metal currently holds a 96.15% interest in First Development.
First Development through URE has commenced an in-depth review of all historical geological, geophysical and geochemical data associated with the Selta project. The objective of the review is to identify targets for follow up investigation.