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PERTH - First Development Resources plc (AIM:FDR) has ceased drilling operations at its Wallal Project in Western Australia’s Paterson Province due to deteriorating downhole conditions, according to a press release issued Tuesday.
The company’s drillhole FDRDW002 reached a depth of 918.7 meters, falling short of the planned 1,220 meters. The drilling did not intersect the basement geology that was interpreted to host magnetic anomalies identified in earlier desktop studies.
"The abandonment of FDRDW002 is a bitterly disappointing end to what has been a very challenging maiden drill campaign at our Wallal Project," said Tristan Pottas, Chief Executive Officer of FDR.
The UK-based, Australia-focused exploration company is now working with consultants to refine the geological interpretation of the Eastern anomaly while assessing potential next steps for the project.
Despite the setback at Wallal, FDR has been developing an exploration strategy for its Selta project in the Northern Territory, with initial exploration focusing on the project’s gold potential. The company expects to provide more detailed plans for Selta exploration later this month.
First Development Resources’ portfolio includes eight granted tenements covering 2,314.4 square kilometers across Western Australia and the Northern Territory. The Wallal Project is the company’s flagship asset among its Western Australia properties, which are located in the Paterson Province, an area known for significant gold-copper deposits.
The technical information in the press release was reviewed and approved by Nicholas O’Reilly, who serves as the Qualified Person under AIM Rules.
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