First Development Resources Share News (FDR)

(Sharecast News) - First Development Resources reported encouraging rare-earth element stream sediment results from its Selta project in Australia's Northern Territory on Thursday, with assays of up to 2,103 parts per million total rare-earth elements plus yttrium and a significant narrowing of priority target areas.

The AIM-traded explorer said a December sampling programme across the West Nintabrinna and Ingallan target areas was designed as a low-cost, first-pass exercise to refine previously identified anomalies.

At West Nintabrinna, 21 samples were collected, returning a highest assay of 2,103 ppm TREE+Y.

Three strongly anomalous samples define a coherent central catchment now termed the "Tourmaline" target area.

The programme reduced the effective exploration footprint at West Nintabrinna from around 75km² to approximately five square kilometres.

Geochemical patterns indicate an evolved felsic intrusive signature consistent with fertile magmatic systems capable of hosting REE-bearing pegmatites, with airborne imagery highlighting pale-weathering outcrops that may correspond to small intrusive or pegmatitic bodies.

At Ingallan, 20 samples returned TREE+Y values of up to 385 ppm within a central zone now defined as the "Peake Bore" target.

Drainage basin analysis reduced the exploration footprint from roughly 90km² to about 8.5 square kilometres.

The company identified a north-northeast-trending pale-weathering outcrop of approximately 1.8 kilometre strike and 10 to 30 metres width, alongside additional pale-weathering exposures associated with elevated geochemistry, which it said represent key hard-rock follow-up targets.

"The December stream sediment programme has delivered a strong outcome and materially advanced our understanding of the REE potential at Selta," said chief executive Tristan Pottas.

"Importantly, we have reduced broad conceptual targets to clearly defined priority zones at both West Nintabrinna and Ingallan.

"The 2,103 ppm TREE+Y result at West Nintabrinna is particularly encouraging and supports our interpretation of a fertile intrusive system capable of hosting rare-earth mineralisation.

"This low-cost programme has significantly improved our targeting efficiency and provides a clear and systematic pathway for the next phase of REE exploration at Selta."

The Selta project lies within the Aileron Province of the Arunta Region, a Proterozoic terrane known for evolved granitic systems associated with rare-metal mineralisation.

First Development Resources said the spatially restricted anomalism supports the interpretation of defined source areas rather than background enrichment.

The firm said it planned to undertake detailed geological mapping and systematic rock-chip sampling across the refined Tourmaline and Peake Bore areas, alongside additional targeted geochemical work and evaluation of high-resolution geophysics, ahead of potential drilling.

Separately, the gradient array induced polarisation survey at the Lander West gold target is around 50% complete but has been temporarily paused due to adverse weather conditions in Central Australia.

The company said the survey would resume once conditions permitted, with a further update expected in due course.

At 1226 GMT, shares in First Development Resources were up 0.78% at 2.57p.

Reporting by Josh White for Sharecast.com.