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Power Metal Resources PLC on Friday said its subsidiary First Development Resources has ‘identified compositionally similar granites over both the Nolan's Bore deposit and the Selta project.’
The project in Australia is said to be located in an area considered to be highly-prospective for uranium and rare earth element mineralisation.
The First Development Resources' geological team said that underlying geology within the Selta Project is comparable to the Nolans Bore deposit.
Power Metal said ‘the Nolans Bore REE-phosphate-uranium-thorium deposit is one of the largest of its kind globally with a JORC compliant Mineral Resource of 56 million tonnes at an average grade of 2.6% total rare-earth oxides and 11% phosphate.’
First Development Resources' Chief Executive Tristan Pottas said: ‘We are continuing to build our information database, and to date the in-country team and our technical advisors in the UK have been doing some incredible work that we believe has added considerable value to the Selta Project.’
Shares in Power Metal closed 0.7% higher at 1.38 pence in London on Friday.