The 82.78%-owned subsidiary of Power Metal Resources PLC (AIM:POW), First Development Resources, has identified several hundred coincident anomalies potentially indicative of pegmatite geology on the Selta project in the Northern Territory of Australia.
Pegmatites are known for their capacity to host lithium mineralisation.
The target identification followed a review of lithium-specific publicly available data, along with a review of satellite imagery and hyperspectral analysis to identify high-priority targets for further field investigation.
Sixty-five initial primary and secondary targets have been selected for further investigation.
First Development Resources has now mobilised a field investigation team which will arrive on site in the coming days to conduct mapping and surface sampling of the prospective targets identified.
"During our recent site visit to the Northern Territory, pegmatite style outcrop was observed within the Selta project area, further adding weight to the findings from the original in-depth review of the project,” said Tristan Pottas, chief executive of First Development Resources Ltd.
“Given the potential for lithium mineralisation, we commissioned a remote sensing study to look at the pegmatite-specific potential and following the identification of 65 prospective targets we have expedited a field-based work programme to test whether the identified targets host lithium bearing mineralisation."
First Development recently raised £1.125mln in pre-IPO financing.
Selta is also prospective for uranium and rare earths.
The plan is to list First Development in London in the third quarter of 2022.