Tertiary Minerals #TYM – Half-Year Report



Tertiary Minerals plc announces its unaudited interim results for the six-month period ended 31 March 2022.

Operational highlights:

Tertiary continued to develop its project portfolio, focused on copper opportunities in Zambia and Nevada. Most notably activities included:

· Completing environmental permitting for the Jacks Copper Project in Zambia, collecting historic data and completing additional surface geochemical studies in order to bring the project to drill-ready status;

· Planning a first phase of core drilling at Jacks comprising an orientation programme designed to establish copper grades and an improved understanding of the geometry of mineralised zones identified by historic work;

· Expanding Option & JV agreements with local partners covering four further licences which gives the Company access to over 1,200 km2 across the Central African Copperbelt (the “Copperbelt”) and over an area 20 km east of the past-producing high-grade Kalengwa copper mine;

· Continuing to evaluate additional opportunities across the Copperbelt in Zambia and elsewhere; and

· Completing permitting for the next phase of exploration at the Brunton Pass Copper Project in Nevada which will commence in the coming months.


Tertiary has begun field operations in Zambia. The Company planned a first phase of core drilling at the Jacks Copper Project during the period and drilling has since commenced. Historic exploration results at Jacks indicate a 16km long open-ended soil geochemical anomaly associated with rocks of the Lower Roan Subgroup. The Lower Roan Subgroup is typically associated with many of the stratiform copper deposits of the Copperbelt in Zambia. At Jacks, a large-scale fold and a series of folding events and faulting/shearing is in evidence from historic work. This first phase of drilling is the first step to gathering improved spatial data on the location and geometry of known mineralisation and an understanding of the associated structural setting.

The historic core and reverse circulation drilling at Jacks targeted just two small areas where soil anomalies were most pronounced. Historic intersections include an interval of 23.95m grading at 1.26% copper (including 1.88m grading at 2.93% copper).

In addition to Jacks, additional agreements are now in place with the Company’s existing Zambian partner, Mwashia Resources Limited, giving the Company the right to earn up to 90% of four other licences located across the Copperbelt and in the North-Western Province. As with Jacks, the Lubuila, Mukai and Konkola West projects all target the Lower Roan Subgroup. The Mushima North project lies westwards of the past-producing Kalengwa copper mine, believed to be one of the highest grade copper deposits to have been mined in Zambia. Work is underway to provide the necessary supporting materials for the submission of environmental project briefs with the Zambia Environmental Management Agency for permitting of exploration activities on these licences. The process is most advanced for the Lubuila project and is expected to be concluded in the coming months with the others to follow later in the year. In the meantime, desktop studies and the acquisition of historic data has begun.


A first phase of reverse circulation drilling at the Pyramid Silver-Gold Project in Nevada has not demonstrated mineralisation at depth. The continuity of grade at surface and the evidence of significant underground workings suggested a compelling drill target. The limited reverse circulation programme was conducted on schedule and below budget. Apart from rehabilitation, no further expenditure is planned at Pyramid and cumulative exploration costs of £361,379 have been impaired.

A permit for the next phase of exploration at the Brunton Pass Copper Project was issued in mid-April and the planned trenching programme across the main copper anomaly will commence shortly, alongside further investigation into the potential for gold and silver mineralisation on the property. Initial reconnaissance sampling resulted in multiple samples grading higher than 1% copper as well as a 2.44m channel sample grading 4.66% copper. The trenching programme will test for mineralisation at the primary target in the south of the project which is intrusion-related skarn copper mineralisation overprinted by a later mineralising episode which may represent the high levels of an epithermal system prospective for gold and silver. Trenching is also planned to investigate secondary targets in the northern area of the project.



· Operating Loss of £604,213 comprises:

 Revenue of £89,906; less Administration costs of £305,933 (which includes non-cash share-based payments of £29,237).


 Pre-licence and reconnaissance exploration costs totalling £26,807.


 Impairment of deferred exploration asset of £361,379 relating to Pyramid project in Nevada, US. This project was fully impaired following a series of phases of exploration across the property, most recently drilling at North Ruth. 

· Total Group Loss of £604,193 is after crediting interest income of £20.

· Project expenditure of £222,876 was capitalised during the six-month period.

Funding and Cash Position: 

· In January 2022, the Company completed a fundraising with Peterhouse Capital Limited raising £600,000 before expenses. 

· The closing cash (and cash equivalent) position at the end of the period was £620,626.

Power Metal Resources #POW – Exercise of Warrants


Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exercise of warrants.

Warrant Exercise

The Company has received a notice to exercise warrants over 2,500,000 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”) at an exercise price of 0.75p per Warrant Share and raising an additional £18,750 for the Company. 


Application will be made for the 2,500,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 31 May 2022 (“Admission”). The Warrant Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company’s issued share capital will comprise 1,472,167,740 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

ECR Minerals #ECR – CEO Andrew Haythorpe talks to Andrew Scott

Andrew Haythorpe talks to Andrew Scott in his first interview since taking the helm as CEO. Andrew gives his first impressions of Bailieston and Creswick following a site visit with geologist Adam Jones. He discusses the infrastructure, his own ideas for developing the business and the potential he sees in the company.

Open Orphan #ORPH – Notice of results


Open Orphan plc (AIM: ORPH), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials , announces that it will release its full year results for the year ended 31 December 2021 on Tuesday 7 June 2022. 

Investor Presentation 

Yamin ‘Mo’ Khan, Chief Executive Officer, and Leo Toole, Chief Financial Officer, will be hosting a live online presentation relating to the final results via the Investor Meet Company platform at 6pm on Tuesday 7 June 2022. The presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and register for the presentation here.

Investors who already follow Open Orphan on the Investor Meet Company platform will automatically be invited.

Questions can be submitted pre-event via your IMC dashboard or in real time during the presentation, via the “Ask a Question” function. Whilst the Company may not be in a position to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market through regulatory notifications. A recording of the presentation and a PDF of the slides used will be available on the Investor Meet Company platform and the Company’s website afterwards.


Power Metal Resources – Victorian Gold Fields – Grant of Key Licences


Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to its joint-venture subsidiary New Ballarat Gold Corporation plc (“NBGC”), which is focused in the prolific Victorian Goldfields of Australia.

NBGC is a joint-venture held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources plc (50.1%).  NBGC has a 100% interest in Red Rock Australasia Pty Ltd (“RRAL”).


· Three further exploration licences, EL007330 (202km2), EL007294 (325km2) and EL007507 (9km2), have now been granted, bringing NBGC’s combined footprint in the Victoria Goldfields to 1,832km2.

· New license grants include EL007330 located northeast of Ballarat, Australia. Significantly, this newly granted licence covers the historical Ajax gold mine which historically produced 312,789oz gold at an average grade of 14.8g/t Au in the 1920s.1

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

“The grant of EL007330 is a considerable step forward bringing the historical Ajax gold mine into the RRAL portfolio. This mine produced 312,789 ounces of gold at an average grade of nearly half an ounce per tonne.

Whilst the RRAL land footprint is considerable, with over 1,800k m2of now granted exploration licences, without question the grant of EL007330 including Ajax is highly significant.

In our view the RRAL business holds great potential, however, what is important is what we do to maximise that value through further exploration and corporate activities.

I expect it will be an interesting few months ahead for this project package within the Power Metal business.” 

Highlights: EL007330 – Including Ajax Mine:

The historical Ajax gold mine comprises numerous shafts and workings found over several kilometres of combined strike length, which was historically mined to a vertical depth of approximately 400m. The down dip and along strike extensions of the main ore zones remain virtually untested by drilling.  A small drilling programme completed in the 1990s by Continent Resources intersected multiple lode structures with highlight results up to 15.24g/t Au over 5.2m from 120.9m downhole – demonstrating the continuity of mineralised lode structure and associated high gold grades.  The main mine shaft itself has since been backfilled and is currently not accessible.

A more detailed description of the historical Ajax gold mine is contained in the paper previously published on RRAL’s website with the file name: ‘Licence Report: EL007330 – Daylesford (Blue Angel)’ found below at:


Work is currently under way to digitise the old mine workings into a 3D computer model in advance of a planned diamond drilling campaign which is expected to commence in late 2022 -targeting the along strike and down dip extensions of the Ajax mine’s main ore zones.

New Ballarat Gold Corporation:

NBGC holds a strong land position comprising fourteen (14) granted exploration licences for a total of 1,832km2, located entirely within the prolific gold fields of Victoria, Australia – principally surrounding the mining centre of Ballarat, Australia. Five (5) licences for a total of 493km2 are still in the application stage.

The company has carefully assembled its property portfolio to comprise a broad range from robust exploration targets to near term resource potential – all of which remain largely untested by modern explorers. 

With the first tenement within the portfolio granted only in 2021, NBGC has already conducted detailed exploration on multiple targets to date. This includes diamond drill programmes designed to test the O’Loughlin’s (520m) and Mt. Bute (340m) prospects, which commenced December 2021. The final results from these drill programmes are still pending.


Technology Minerals #TM1 – Recyclus awarded Lithium-ion EA Permit at Wolverhampton plant

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that the Environment Agency (“EA”) has awarded its 49% owned battery recycling business, Recyclus Group Ltd (“Recyclus”), an environmental permit for its recycling plant in Wolverhampton, West Midlands. 

The EA permit at its Wolverhampton plant will provide the critical legal foundation from which Recyclus can receive the variation of licence required to enable the Wolverhampton site to be fully operational. This variation of licence is required due to the novelty of recycling lithium-ion batteries within the UK.   

Further, the EA has prioritised the determination of Recyclus’ application to transfer its permits across its lithium-ion Wolverhampton plant and lead-acid Tipton plant. This priority status has been given to Recyclus as the EA is satisfied that the development of the company will help maintain national resilience, national infrastructure and/or is critical for environmental protection. 

Once the site is fully operational, the Wolverhampton plant will be the first in the UK with the capacity to recycle lithium-ion batteries on an industrial scale and will be a key foundation of Recyclus’ ambition to increase its lithium-ion battery recycling capacity from an estimated 8,300 tonnes in the first full year of operations, to circa 41,500 tonnes by 2027. 

This is the second EA permit Recyclus has been awarded in two weeks following the environmental permit obtained for its Tipton recycling facility earlier this month. 

Robin Brundle, Chairman of Technology Minerals, said: “Receiving the EA permit for our Wolverhampton plant is a critical step for the recycling facility to become fully operational which, for the first time, will bring industrial scale recycling capability for lithium-ion batteries in the UK. To be awarded priority status and be categorised as an organisation critical for environmental protection is fantastic. This high-level of recognition from the EA is reflective of the importance of Recyclus’ ambition to recycle batteries and establish a circular economy for battery metals in the UK. With the increasing demand for critical battery metals, we are pleased to be seen as integral to ensuring a domestic supply through recycling.”


Technology Minerals Plc

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

+44 20 7618 9100

Arden Partners Plc

Ruari McGirr, George Morgan

+44 207 614 5900

Luther Pendragon

Harry Chathli, Alexis Gore, John Bick

+44 20 7618 9100

Technology Minerals Plc   

Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk    

Recyclus Group Ltd   

The demand for the raw materials used in battery manufacturing is anticipated to substantially increase. Recyclus Group provides a national recycling initiative that supports the transition to carbon neutrality. Recyclus Group’s battery recycling capacity will prove essential in the shift from fossil fuels to electric transportation. Through its strategic support, Recyclus is an integral component to the recycling of lithium-ion and lead-acid batteries and is a significant contributor towards the circular economy of battery metals. Further information on Recyclus Group is available at www.recyclusgroup.com    

#POLB Poolbeg Pharma – TR-1: Notification of major interest in shares


TR-1: S tandard form for notification of major holdings


NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Poolbeg Pharma PLC

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights


An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv


Schroders PLC

City and country of registered office (if applicable)

London , United Kingdom

4. Full name of shareholder(s) (if different from 3.) v


City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :


6. Date on which issuer notified (DD/MM/YYYY):


7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer vii

Resulting situation on the date on which threshold was crossed or reached




Position of previous notification (if


Below Reportable Threshold

Below Reportable Threshold




8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of

ISIN code (if possible)

Number of voting rights ix

% of voting rights















B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument


Conversion Period

Number of voting rights that may be acquired if the instrument is


% of voting rights


B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument


Conversion Period

Physical or cash

settlement xii

Number of voting rights

% of voting rights



9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
 xiv (please add additional rows as necessary)


Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Schroders PLC

Schroder Administration Limited

Schroder Wealth Holdings Limited

Schroder & Co. Limited

Schroders PLC

Schroder Administration Limited

Schroder International Holdings Limited

Schroder Investment Management Limited


10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion


Date of completion


Quoted Micro 23 May 2022


Nigeria-focused oil company Lekoil Ltd (LEK) made the switch from AIM to Aquis on 18 May. Trading in the shares will remain suspended until audited accounts are published. Lekoil is in dispute with Lekoil Nigeria, where it has a major interest, and former chief executive Mr Olaekan Akinyanmi, who is being funded by Lekoil Nigeria. The board wanted shareholders to have a trading facility, while the litigation is being pursued. The main source of assets will be the recovery of intercompany debts and there is likely to be little value in the oil and gas operations.

Valereum (VLRM) is still going through the regulatory process to acquire 90% of the Gibraltar Stock Exchange. There is a government review of the Gibraltar financial services community.

Quantum Exponential (QBIT) is investing £450,000 in Brighton-based Universal Quantum Ltd, which is trying to build the first million quantum bit quantum computers. The cash will help to develop the processing unit. The investment is via an advanced subscription agreement, and this will be converted into shares after one year or if there is a fundraising of at least £10m.

Hemp and CBD wellness products company Yooma Wellness Inc (YOOM) generated revenues of $10.2m in 2021, while the loss was $35.7m, including $22.5m of asset write-downs and £1m of listing costs. The company’s products are being rolled out in additional high street and online stores. The US operations are being rationalised and the focus moved to other markets.

SuperSeed Capital Ltd (WWW) made two investments in the first quarter of 2022. Investors in the company’s fund during January have already made a 43% gain. There was seed capital provided to the two investments. Ai Build is a software developer for 3D printing additive manufacturing, which will enable the 3D printing of larger objects. ThingTrax is developing technology that will help manufacturers to monitor and automate production.

RentGuarantor Holdings (RGG) has obtained a non-exclusive to use the Propertymark trademark in the UK. Propertymark has 18,000 of property letting and sales businesses. Propertymark will promote RentGuarantor rent guarantees for tenants.

Major shareholder Neo London Capital is providing a lending facility to Black Sea Property (BSP) to finance the exploration of property development opportunities.

Wishbone Gold (WSBN) has completed the survey of additional targets at the Red Setter project in Australia. The first phase of drilling at Red Setter is 3,000 meters.

Ace Liberty and Stone (ALSP) has sold a flat in Chelsea for £2.185m, which is above the book value of £2.1m.

Oscillate (MUSH) has a stake in Psych Capital, which is joining Aquis on 25 May.

The incoming finance director Robert Smith has bought 500,000 Chapel Down (CDGP) at 42.5p each.


Fishing tackle retailer Angling Direct (ANG) managed to beat previously upgraded forecasts for the year to January 2022. Revenues increased from £67.6m to £72.5m even though online sales fell. UK online sales increased but European online sales because of difficulties with prompt delivery. The new Netherlands distribution centre will help. There was £16.6m in cash at the end of January 2022. Pre-tax profit jumped from £2.7m to £4m, but this is not expected to be maintained. Singer forecasts a pre-tax profit of £2.8m on revenues of £82m in 2022-23.

Compliance and energy saving services provider Sureserve (SUR) continues to grow and it is set to supplement this growth with acquisitions in the energy efficiency and renewables sectors. Interim revenues from continuing operations increased by 24% to £126.2m, while pre-tax profit was one-third higher at £4.3m. The non-core fire and lift businesses are profitable, and they made a slightly higher pre-tax profit of £1.24m on revenues of £17.3m, which is not included under continuing operations. Those non-core businesses have net assets of £13.1m. Assuming Sureserve receives a similar amount when they are sold this would boost the cash position. There was £8.86m in the bank at the end of March 2022.

Designer and supplier of automotive interior components CT Automotive (CTA) reported its maiden full year results as an AIM company. There was a strong recovery in the first half, but component shortages have reduced the demand from car manufacturers in the second half. Even so, full year revenues recovered from $109.9m to $132.9m, although the company remained loss making. There is a strong order book, but revenues are still likely to be hit by lack of demand due to component shortages. These problems could last for most of this year with automotive volumes set to recover in 2023. A new factory in Mexico should be open in July.

Vela Technologies (VELA) invested £750,000 in convertible loan notes in EnSilica, which is about to join AIM. This investment should convert into 1.75 million shares, which is a 2.3% stake in the integrated circuits designer and supplier.

Chariot Ltd (CHAR) has raised £20.4m ($25.5m) at 18p a share and more could come via an open offer. This will help Chariot to make progress with the Anchois gas development in Morocco. Some of the cash will go on renewables projects.

Begbies Traynor (BEG) says 2021-22 results will be comfortably ahead of expectations and insolvencies are increasing.

Digital coupons and loyalty technology provider Eagle Eye (EYE) says that the roll out of services to a US retailer has helped 2021-22 EBITDA to potentially be 10% higher than expected.


Standard list shell BSF Enterprise (BSFA) completed the reverse takeover of Newcastle-upon-Tyne-based tissue engineering 3D Bio-Tissues Ltd for £2.5m in shares. There was £1.75m raised in a placing at 7.37p a share, which is the same price at which the 33.9m consideration shares were issued. That valued the company at £6.32m on readmission. The share price ended the week at 9p. There are three main types of technology that are being developed. City-mix is a serum-free media for culturing muscle and fat cells in an animal-free process that can be used to grow meat and leather in a laboratory. There is less variation between batches than for some rivals and it could cost less. Another technology is based on Lipopeptide Etsyl, which helps to increase collagen production in human skin cells, and it can be used dermatological products. This will be sold as an ingredient to skincare product manufacturers. The third technology is tissue templating. This includes the original substitute cornea technology, as well as other uses.

In the year to February 2021, Braemar Shipping Services (BMS) expects an underlying operating profit of £9.8m, up from £7.7m. The annual dividend will be two fifths higher at 7p a share. The operating profit expectations for 2022-23 have been upgraded from £10m to £12m.

Macfarlane Group (MACF) is buying German protective packaging distributor PackMann. This is a profitable business, and it will help Macfarlane to expand in northern Europe.

Nanoco (NANO) has received an official decision that its 47 disputed patent claims are valid. This is an important step in the legal proceedings against Samsung, which used its quantum dot technology without agreement. There is still some way to go, but a settlement could generate more than £100m for Nanoco, even after the litigation funder gets its payment.

Net Zero Infrastructure (NZI) is in talks to acquire specialist equipment hire company Taylor Construction Plant and Solar Highways. Trading in the shares has been suspended.

Andrew Hore

Research Talks Special Live from the UK Investor Show in London

In a research talks special streamed from the The UK Investor Show Alan Green and Mark Fairbairn discuss MetalNRG Plc #MNRG Kavango Resources PLC #KAV Technology Minerals #TM1 and the sum of the parts valuation case for Power Metal Resources #POW

#research #gold #copper #nickel #investor #RareEarth #circulareconomy #batteryrecycling #BatteryMetals #mining #exploration #mineralexploration Rolf A Gerritsen Ben Turney Brett Grist Robin Brundle Alex Stanbury Emily Steward Harry Chathli John Bick Paul Johnson Tristan Pottas Oliver Friesen

#POW Power Metal Resources – First Development Resources – Selta Project Update

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, provides an update to shareholders in respect of the Selta Project (“Selta” or the “Project”).

Selta is 100% owned by Power Metal’s 82.78% owned subsidiary First Development Resources Limited (“FDR”).

FDR is planning to list on the London capital markets in Q3 2022 (the “IPO”) and is focussed on district-scale exploration opportunities in Australia.

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

“Some 70km south-east of the Selta Project lies Nolans Bore, a significant rare-earth element deposit held by ASX listed Arafura Resources Limited. We secured the Selta Project with a view, in part, to investigating the rare-earth element potential of Selta and its considerable 1,575km2 licence footprint.

It’s too early to be definitive, though our findings on rare-earth element prospectivity have been encouraging, and today have moved forward considerably.

This is exciting for us as we make plans to demonstrate the potential of Selta through disciplined and intensive exploration. The work we outline below demonstrates the importance of extremely valuable desktop work where, for very little cost, creative explorers can often access the findings of work undertaken and funded by others historically.” 

Tristan Pottas Chief Executive Officer of First Development Resources Ltd commented:

“Our work has identified compositionally similar granites over both the Nolan’s Bore deposit and the Selta Project. The stream sediment sample results we have outlined below, and which cover the southern target in the map provided, are extremely high which could mean the granites over Selta are also enriched in rare-earth elements. 

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.”



Prospectivity for Uranium and Rare Earth Elements Confirmed Previously

The recently completed in-depth review (the “Review”) of all publicly available geological, geophysical and geochemical data for the Selta Project in Australia’s Northern Territory originally identified four uranium (“U”) and three rare-earth element (“REE”) targets within the Selta Project area, as well as the potential for lithium, gold and base-metal mineralisation.

The 16 March 2022 announcement in respect of this in-depth review may be viewed below through the following link:


New and Refined Prospectivity for REE’s Through Follow-on Work

Further desktop work has since been completed and an additional data set has been identified which has enabled FDR to: 1) delineate an additional REE target; 2) materially increase the prospectivity of the original three REE target areas; and 3) further refine the location and shape of the original three REE target areas at Selta.

The targets delineated are shown in the map linked below on the Company’s website:




· Historical stream sediment sample results within the Selta Project area collected by Crossland Uranium1 between 2014-2016 has enabled FDR’s geology team to delineate an additional REE target area at Selta – resulting in four prime target areas for REEs that materially boost the overall exploration potential.

· The Crossland data set includes several high-magnitude REE-in-steam results from all target areas, which has not only increased the overall prospectivity of the four targets but allowed FDR to further refine the shape and location of said targets.

· The Crossland data set combined with the previously completed Selta desktop review will enable a focussed approach to the next phase of exploration which will comprise a site visit to reconcile observations with historical data and identify preliminary targets for further investigation.


Overall, the FDR geology team analysed two separate datasets of Crossland stream sediment samples which included 103 stream sediment samples in total within the Selta Project which were analysed for 15 (out of 17) REEs including:  cerium (Ce), dysprosium (Dy), erbium (Er), europium (EU), gadolinium (Gd), holmium (Ho), lanthanum (La), lutetium (Lu), neodymium (Nd), praseodymium (Pr), samarium (Sm). terbium (Tb), thulium (Tm), yttrium (Y) and ytterbium (Yb). Sample analysis was completed by Genalysis Laboratory Services. The total of these 15 rare-earth element assays combined is referred to as the Total Rare-Earth Element (“TREE”). The results are summarised below:

Twelve samples were found to be highly anomalous (> 3800 ppm TREE – >90th percentile) for TREEs, of which eight samples were found to be extremely anomalous for TREEs (>7,000 ppm). Of the twelve highly anomalous samples, seven were also found to be anomalous for neodymium (>2217 ppm Nd) and  praseodymium (>557 ppm Pr). These results illustrate significant local elevations of critical REEs.

Other elements of note that returned anomalous results include:

· 5 samples had anomalous Zirconium >7,440 ppm with a peak result in one sample of 20,892 ppm .

· 8 samples had anomalous Thorium >1,215 ppm with a peak result in one sample of 3,213 ppm.

· 9 samples had anomalous Uranium >118 ppm with a peak result in one sample of 136 ppm.

· 6 samples had anomalous Tungsten >62 ppm with a peak result in one sample of 189 ppm.

· 4 samples had anomalous Phosphorus (> 1,100 ppm), up to 6,500 ppm in one sample.

Note: Lithium was not assayed for in the stream sediment samples .

These results, combined with the high TREE values listed above – including one sample of up to 16,743 ppm (1.6% TREE) – are suggestive of potentially strong bedrock REE mineralisation upstream of the sample sites.



The Selta Project borders Prodigy Gold NL (ASX:PRX), IGO Ltd (ASX: IGO) and Canadian listed Megawatt Lithium and Battery Metals Corp (CSE: MEGA); and is approximately 70 km northwest of Arafura Resources Limited (ASX: ARU) (“Arafura Resources”) high-grade, world-class Nolans Bore REE deposit.

The Nolans Bore REE-phosphate-uranium-thorium deposit is one of the largest of its kind globally with a JORC (2012) compliant Mineral Resource of 56 million tonnes at an average grade of 2.6% total rare-earth oxides and 11% phosphate (P2O5).2

Commercial production at the Nolans Bore REE deposit is targeted for late 2024, with the Feasibility Study considering a 4,440 tonne per annum Nd-Pr oxide producing open pit mining operation with a 38 year mine-life and an NPV8% of US$1.011B.3

Arafura Resources was recently awarded a grant for up to AU$30 million to contribute to the construction of their rare earths separation facility which is expected to cost in the region of AU$90.8 million. The grant was allocated from the Federal Government’s AU$1.3 billion Modern Manufacturing Initiative which has been established with the aim of developing Australia as a regional resources technology and critical minerals processing hub within 10 years.4

Arafura Resources recently announced it has signed a non-binding memorandum of understanding (MoU) with one of the world’s most progressive automotive groups, South-Korean based Hyundai Motor Company. The MoU provides a framework for the parties to negotiate a binding offtake agreement for the supply of up to approximately 1,000 – 1,500 tonnes per annum of Nd-Pr Oxide from the Nolans Project to commence in 2025 for a seven year term on a cost, insurance and freight basis.5

The underlying geology within the Selta Project is interpreted by FDR’s geological team to be comparable to the Nolans Bore deposit. Notably, REE and uranium mineralisation at Nolan’s Bore is hosted within G6 granites which are postulated to be compositionally similar to the G5 granite prevalent across the Selta Project. Furthermore, preliminary statistical analysis was carried out on the Crossland stream samples, and a strong statistical correlation was noted between REEs, uranium, thorium and phosphorous within the dataset. This relationship suggests pegmatite hosted REE mineralisation may be the source of the stream sediment anomalies. 



FDR Australia holds the following exploration licence interests:

Wallal Project  (Wallal Main-E45/5816 –  390km 2  – granted), (Wallal West 1-E45/5853 96km 2  – granted) and (Wallal West 2 – E45/5880 – 86km 2  – granted).

A comprehensive geophysical review has identified three magnetic bullseye anomalies located under Phanerozoic sedimentary cover which are interpreted to have possible geological similarities major Au-Cu deposits within the Paterson Province including Winu (Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold joint venture).

Braeside West Project  (E45/5854 –  137km 2  – one granted licence)

In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project. A recent base-metal discovery by neighbouring company Rumble Resources Ltd (ASX:RTR) has enhanced the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.

Ripon Hills Project  (E45/5088 –  42km 2  – one granted licence).

The Ripon Hills Project is prospective for base-metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project area. In-depth desktop analysis of historic exploration data is currently underway over the project.

Selta Project (EL 32737, EL 32738, EL 32755 – 1,575km2-three granted licences)

The Selta Project is located in an area considered to be highly-prospective for uranium and rare earth element mineralisation. FDR recently completed an in-depth review of all geological, geophysical and geochemical data which also identified the potential for lithium, gold and base-metal mineralisation as well as the possibility of tin-tantalum-tungsten rich pegmatites.

The data disclosed in this announcement is derived from historical reports and historical sampling results. FDR has not undertaken any independent investigation of the sampling nor has it independently analysed the results of the historical exploration work in order to verify the results. FDR considers these historical sample results relevant as it will use this data as a guide to plan future exploration programmes. FRD’s future exploration work will include verification of the data through further analysis.



1)  Crossland Nickel Pty Ltd – Report Number CR2016-0105. Available at: https://geoscience.nt.gov.au/gemis/ntgsjspui/simple-search?location=1%2F3&query=%22CR2016-0105%22&rpp=10&sort_by=score&order=desc

2)  Mineral Resources for the Nolans Bore Deposit as of June 2017 using a 1% TREO cut-off grade. Available at: Arafura – Nolans (arultd.com)

3)  Arafura Resources Limited 2015 & 2017 Annual Reports. Available at:


4)  Arafura Resources Awarded AU$30M in new initiative funding. Available at: Arafura Resources Awarded A$30M In New Initiative Funding (theassay.com)

5)  Arafura Resources Limited ASX Announcement available at: Arafura and Hyundai motor Company sign non-binding MOU for neodymium and praseodymium offtake (asx.com.au)



Stream Sediment Sample – a sample collected from concentrated material within the bed of a stream, a widely used technique in early stage exploration.

Total Rare Earth Element (TREE) – The abundance of the fifteen lanthanides (Lanthanum, Cerium, Praseodymium, Neodymium, Promethium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium, Thulium, Ytterbium, Lutetium) plus Scandium and Yttrium. These elements are vital components for modern electronical and battery technology.



FDR is seeking a listing on the London capital markets and is working with advisors in this regard and is targeting a listing on the London capital markets in Q3 2022.




The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.


This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.



For further information please visit  https://www.powermetalresources.com/  or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617


SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470


SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500


First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

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