Announcement • May 08
First Development Resources plc Announces Preliminary Results from Geophysical Surveys at Lander West Gold Target, Part of 100%-Owned Selta Project Located in the Northern Territory, Australia
First Development Resources plc announced preliminary results from recently completed geophysical surveys at the Lander West gold target, part of the Company's 100%-owned Selta Project located in the Northern Territory, Australia. The geophysical surveys comprised high-resolution airborne magnetics, radiometrics and ground-based Gradient Array Induced Polarisation. These datasets have been integrated with geological, geochemical and historical drilling data to refine the Company's understanding of the project area and support the design of a maiden Reverse Circulation drilling programme. The planned drilling is designed to test structurally controlled and intrusion-related gold mineralisation associated with the regionally significant Stafford Gold Trend. Integrated geological, geophysical and geochemical interpretation has significantly refined the structural and lithological model for gold targeting at Lander West. Key geological features identified include granitic contacts beneath thin sand cover, interpreted buried intrusions, major shear zones, faults and fold structures-features known to host significant gold mineralisation both in Australia and globally. Phase I Reverse Circulation drilling programme of up to approximately 3,000 metres, to be executed in two sub-phases comprising an initial approximately 2,000 metre programme targeting approximately 10 priority drillholes, followed by a flexible approximately 1,000 metre follow-up phase subject to field observations and results. Following completion of the Gradient Array Induced Polarisation survey, Perth-based consultants, Resource Potentials Pty Ltd. undertook an integrated review of all available datasets, including airborne magnetics, radiometrics, Gradient Array Induced Polarisation, geochemistry and historical drilling. This work has significantly improved the definition of the geological architecture at Lander West, which is largely concealed beneath shallow sedimentary cover. Interpretation is ongoing to identify additional gold targets. Key interpreted features include contacts between prospective granite bodies and surrounding metasedimentary and volcanic host rocks, buried granitic intrusions, plugs and porphyry dyke systems, major shear zones and fault structures, fold axes, dipping limbs and structural corridors, and younger mafic dyke intrusions post-dating the gold mineralising event. The mineralised corridors are interpreted to lie between two large granite batholiths, likely acting as heat sources driving hydrothermal fluid flow and forming shear-hosted gold systems. Historical shallow drilling suggests a stronger association with the northern batholith, while structural control is evident in the southern target area. Geophysical interpretation has identified a large intrusion-related target zone in the northern licence area. This is interpreted as a buried granitic batholith beneath thin sedimentary cover, previously unmapped and unexplored for gold and other minerals such as copper and lithium, despite anomalous geochemistry in historical shallow drilling. This interpretation is supported by magnetic and radiometric responses consistent with felsic intrusive rocks, interpreted as late-stage and comparable in age to granites in the region, a coincident regional gravity low, and supporting topographic signatures from digital elevation and geological datasets. These features are consistent with a late granite intrusion potentially associated with gold, antimony, lithium and rare-earth elements. Additional smaller felsic porphyry stocks and dykes have also been identified. Where felsic intrusive rocks are intersected during drilling, selective sampling may be undertaken to support potential age-dating and further geological analysis. The Gradient Array Induced Polarisation survey has provided key subsurface information on conductivity and chargeability, aiding identification of structures and potential sulphide mineralisation associated with gold deposition. It has been particularly effective in confirming shear zones, lithological boundaries, and structural corridors. These are critical target zones for both shear-hosted and intrusion-related gold systems. Drilling results will be used to calibrate Gradient Array Induced Polarisation responses against mineralisation, improving its effectiveness as a targeting tool. A maiden Phase I Reverse Circulation drilling programme has been designed as a staged programme of up to approximately 3,000 metres, comprising an initial priority sub-phase followed by a flexible follow-up phase. The programme is expected to commence with an initial sub-phase targeting approximately 10 high-priority drillholes (approximately 2,000 metres). These holes have been selected based on integrated geological, geophysical and geochemical datasets and are designed to test the most prospective structural and intrusion-related gold targets. A second, follow-up sub-phase of up to approximately 1,000 metres has been provisionally planned, comprising additional drillholes that will be refined and prioritised based on observations and results from the initial drilling. These follow-up holes are therefore considered flexible and subject to change as new data is acquired during the programme. In total, the current drill plan comprises up to 16 holes for approximately 3,000 metres; however, the final number, positioning and depth of drillholes will remain adaptable as the programme progresses. Targets include major structural zones coincident with geochemical anomalies, edges of magnetic anomalies interpreted as intrusive bodies in contact with host rocks, coincident Gradient Array Induced Polarisation chargeability and magnetic anomaly zones interpreted to be caused by hydrothermal alteration associated with both shear and intrusion-related gold targets, and anomalous gold and arsenic results from previous shallow drilling.
