RE: RNS - Drilling underway11 Sep 2025 09:52
From share-talk. Risk/Reward is a matter of choice. I am in with just a small amount £3k on the basis of similar reasons to the below info, It's just a gamble at the moment though as all the research and geo specialists cannot define the actual reality of what is/not there until they poke a drill in the ground and pull out the cores..
"First Development Resources is a UK-listed explorer with eight tenements across Australia, five located in the Paterson Province of Western Australia and three in the Northern Territory. The Paterson is famed for discoveries such as the Telfer gold, now owned and operated by Greatland Resources following its acquisition from Newmont, as well as Havieron, making FDR’s flagship Wallal Project a compelling play on nearology. The Northern Territory ground, known as the Selta Project, adds exposure to uranium, lithium and rare earth elements through a portfolio considered prospective for multiple commodities.
"The Phase I diamond drilling programme was planned in collaboration with Perth-based consultancy Resource Potentials, following a review that identified three magnetic geophysical “bullseye” anomalies at Wallal, Western, Eastern and Border, where the Eastern target lies beneath approximately 800 metres of Permian cover and exhibits a magnetic amplitude (~100 nT) comparable to the anomaly that defined the Havieron discovery.
Fieldwork accelerated in mid-2025. FDR appointed DDH1 Drilling as contractor in August, established camp and access, and by September confirmed that its Phase I diamond drilling at Wallal was underway. The first hole is planned as a sub-vertical diamond hole to around 1,220 metres depth targeting the Eastern anomaly.
The opportunity is significant. If assays confirm a mineralised system at Wallal, FDR could capture the kind of valuation uplift seen when Greatland proved Havieron. Yet the risks are clear: many anomalies drill to barren rock, and deeper programmes are expensive, meaning additional funding will likely be needed for follow-up campaigns. Still, with a full portfolio in a proven district and multiple shots on goal, FDR offers investors classic early-stage exploration exposure, with the potential rewards, and risks, that entails.