First Development Resources granted mining licence for Selta Project

(Sharecast News) - First Development Resources announced on Monday that it has been granted an Environmental (Mining) Licence for its Selta Project in Australia's Northern Territory, allowing it to progress to drilling at the Lander West gold target.

The AIM-traded explorer said the licence, issued by the Northern Territory Department of Lands, Planning and Environment, marked a key milestone by enabling a transition from surface exploration to on-ground drilling activities at the high-priority target within the Stafford Gold Trend.

"Securing the Environmental (Mining) Licence is a pivotal achievement for the company and allows us to move immediately from target generation to drill testing at Lander West," said chief executive Tristan Pottas.

"Following a disciplined and methodical exploration programme, we have developed a strong pipeline of priority drill targets.

"We are now focused on executing an RC drilling campaign later this year to test these compelling gold opportunities along the Stafford Gold Trend, where ongoing exploration by other operators continues to deliver encouraging results.

"We believe this next phase has the potential to deliver significant value for shareholders."

The company said the approval would allow it to carry out exploration activities under an agreed mining management plan, including up to 40 reverse circulation drill holes, associated drill pads and sumps, and the construction of access tracks totalling 13.5 kilometres with a maximum width of three metres, resulting in a total surface disturbance of 6.45 hectares.

First Development added it had completed multiple phases of exploration at Lander West, including geological studies, aeromagnetic and radiometric surveys, and a gradient array induced polarisation survey, which have helped refine its geological model and identify priority drill targets.

The group said it was now advancing planning, contractor engagement and site logistics ahead of a targeted drilling programme, with operations expected to start later in the year following final approvals, including payment of an environmental bond and formal notice to proceed from the Northern Territory government.

At 1105 BST, shares in First Development Resources were up 1.86% at 2.19p.

Reporting by Josh White for Sharecast.com.

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