LONDON (ShareCast) - (Sharecast News) - Power Metal Resources updated the market on the Selta Project in Australia's Northern Territory on Tuesday, which is prospective for rare earth elements (REE) and uranium.
The AIM-traded form said URE Metals had been notified by the Northern Territory government's Delegate for the Minister for Mining and Industry of its intention to imminently grant all Selta Project mineral exploration licences, being EL 32737, EL 32738 and EL 32755.

First Development Resources, meanwhile, had started an in-depth review of all available geological, geophysical and geochemical data associated with Selta and adjacent ground.

The review was aiming to identify priority targets for further investigation, Power Metal explained.

Selta is held by the Australia-domiciled company URE Metals, which is a wholly-owned subsidiary of FDR.

Power Metal holds a 96.15% interest in FDR, which is planning to list in London in the second quarter of 2022.

"The profile of REE and uranium exploration has increased significantly of late as the demand for critical minerals to support technological advancements in electric vehicles and alternative energy sources continues to grow," said Power Metal chief executive officer Paul Johnson.

"Power Metal acquired the Selta Project to secure a strategic positioning in this highly prospective REE and uranium area in the Northern Territory of Australia."

At 1427 GMT, shares in Power Metal Resources were down 3.83% at 1.4p.

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