Power Metal Resources PLC (AIM:POW) said Australian arm First Development Resources has been granted three exploration licences at the Selta uranium project.
The formal grant of the licences triggers the issue of FDR stock to the vendors of URE, which sold the Northern Territory-based project to the Power Metal subsidiary in November.
Tristan Pottas, FDR’s chief executive, 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.”