Power Metal Resources PLC (AIM:POW) said subsidiary First Development Resources (FDR) has completed a comprehensive geophysical desktop study for its flagship Wallal gold project in Australia.
The geometry and depth to the main Eastern Magnetic Bullseye anomaly has been constrained and work is progressing to facilitate the commencement of a planned Phase I diamond drilling programme, said the statement.
An in-depth data review for the Selta project in the Northern Territories, meanwhile, had identified multiple separate uranium and rare-earth element targets along with the potential for lithium, gold and base metal.
FDR, which is 83% owned by Power Metal, is planning to list in London in the third quarter of 2022.
Tristan Pottas, FDR's chief executive, said: "The recent management visit to FDR's projects in Western Australia and the Northern Territory was a great success.
"The main objective of the visit was to gain a better understanding of the nature of our interests in Australia from a geological and logistical perspective and crucially, to meet and spend time with the in-country teams working to realise our aim of making major mineral discoveries.
"What was particularly positive was the level of engagement and commitment clearly evident across the advisor and consultancy teams along with a high level of interest from prospective investors."
Paul Johnson, Power Metal's chief executive, added: "The rate at which work is progressing across the FDR portfolio is encouraging. What started out as a number of promising conceptual targets now includes a drill-ready target at Wallal and several defined areas for further investigation at the Selta Project.”