REG - First Dev. Resources - Selta Project – Gold exploration update

First Development ResourcesAnnouncement

29/01/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260129:nRSc7717Qa&default-theme=true

RNS Number : 7717Q  First Development Resources PLC  29 January 2026

 

29 January 2026

First Development Resources plc

('First Development", "FDR" or the "Company')

Selta Project - Gold exploration update

First Development Resources plc (AIM: FDR), a UK-based, Australia-focused
mineral exploration company with interests in Western Australia and the
Northern Territory, is pleased to provide an update on its gold ("Au") focused
exploration at the Selta Project ("Selta" or the "Project"), located in the
Aileron Province of Australia's Northern Territory.

HIGHLIGHTS

·    The high-resolution aeromagnetic ("AMAG") and radiometric ("RAD")
geophysical survey over the Lander West regional gold target area has been
successfully completed, covering approximately 4,200-line kilometres and
delivering a high-quality geophysical survey dataset for targeting Au.

·    Updated AMAG / RAD images are being interpreted, enhancing FDR's
understanding of subsurface geology, structures, and alteration patterns for
drill targeting gold mineralisation associated with anomalous surface
geochemical and historical shallow drilling results.

·    These new airborne geophysical survey results will be integrated with
ongoing Gradient Array Induced Polarisation ("GAIP") survey results and
historical geochemistry from surface sampling and shallow drilling to refine
and prioritise target zone for future drilling.

·    Planning and applications for land access and heritage approvals over
target areas is currently underway.

Tristan Pottas, Chief Executive Officer of FDR, commented:

"Completion of the high-resolution AMAG and radiometric survey at Lander West
represents a major step forward and it has materially improved our
understanding of the subsurface geology and structural controls on
mineralisation. We are grateful for the support received from Thomson
Airborne, who delivered a high-quality, professional dataset on schedule over
the holiday period.

The integration of the AMAG / RAD data with results from the ongoing GAIP
survey and historical geochemical information will allow us to systematically
refine and prioritise gold drill targets. We are very pleased with the quality
of the datasets delivered and look forward to advancing Lander West through
the next phase of exploration."

AMAG / RAD SURVEY OUTCOMES

The completed AMAG / RAD survey was flown by Thomson Airborne Pty Ltd in early
January 2026 using 100m spaced flight lines to generate high-resolution
magnetic and radiometric datasets along approximately 4,200-line kilometres.
The survey has delivered detailed imaging of structural features, lithological
boundaries, and alteration signatures across the Lander West gold target area.

A comparison between the original regional airborne magnetic anomaly imagery
and the new FDR acquired high-resolution AMAG imagery is provided in Figure 1
(original) and Figure 2 (newly acquired imagery). The new AMAG survey data
have been processed to provide very detailed imagery on the subsurface geology
and structure that will help FDR's technical team to better constrain
structures of interest for drill targeting Au mineralisation.

Figure 2 presents the First Vertical Derivative ("1VD") of Total Magnetic
Intensity reduced to magnetic pole (TMI RTP) filtered anomaly image.
Additional data processing methods and three-dimensional ("3D") inversion
modelling results are being reviewed to identify areas of granitic intrusive
contacts with meta-sediments and meta-volcanic host rocks, zones of folding
and faulting, and hydrothermal alteration zones, which are key targeting
criteria for potential gold mineralisation.

The newly acquired AMAG / RAD data results will be integrated with
chargeability and resistivity information generated from the ongoing GAIP
geophysics survey to better constrain and target potential mineralised zones
at depth for follow up air-core ("AC") drilling transects to test shallow
targets and reverse circulation ("RC") drilling to test deeper GAIP targets
and drill under historical shallow Au anomaly zones. This combined geophysical
interpretation, together with historical geochemical datasets, will underpin a
robust, multi-disciplinary targeting framework to identify and prioritise
drill-ready gold targets.

LANDER WEST GOLD TARGET

Following detailed desktop studies, FDR has identified the Lander West
regional gold target area as a priority focus within the broader Selta
Project. This target has been supported by a comprehensive gold targeting
study completed by Resource Potentials Pty Ltd ("ResPot"), a Perth, Western
Australia-based Mineral Exploration and Geophysical Consultancy. ResPot has
been commissioned to integrate historical drilling, geological, geophysical,
and geochemical datasets to help FDR define high-potential gold targets for
follow-up work.

Lander West is interpreted as a continuation of the Stafford Gold Trend, where
the adjacent ground hosts high-grade gold and antimony ("Sb") mineralisation
in the same geological units extending to the southeast ((1)). Gold
mineralisation is believed to be shear-hosted, associated with zones of
deformation and hydrothermal alteration, which produce subtle but measurable
variations in magnetic response. Within Lander West, a very large granitic
batholith, with smaller granite stocks along its margin, have been identified
by the AMAG data to sit below thin sand cover sediments, and these granites
are a likely source for the Au (and Sb) mineralising fluids to form Intrusive
Related Gold ("IRG") and skarn type gold targets with FDR's land holding.
High-resolution geophysical datasets are therefore critical to refining drill
targets and advancing FDR's gold exploration programme.

NEXT STEPS

Interpretation and 3D inversion modelling of the integrated AMAG / RAD, GAIP
survey results and geochemical datasets is underway, and the result is already
informing key areas for follow-up exploration planning, including the design
and prioritisation of future AC and RC drilling programmes at Lander West.
This systematic, data-driven approach is intended to maximise discovery
potential while maintaining a disciplined and cost-effective exploration
strategy over such a large gold target area.

Further updates will be provided as interpretation progresses and exploration
activities advance.

 

Figure 1: Original regional scale AMAG data anomaly image (1VD filtered and
grey colour scale) from the Selta Project Lander West gold target area.

 

Figure 2: Newly-acquired first vertical derivate (1VD) on total magnetic
intensity (TMI) filtered AMAG anomaly imagery from the Selta Project Lander
West gold target area. This processing method helps sharpen shallow geological
effects, such as fault systems, folds and shear zones, and it clearly
identified a newly discovered granite contact in the north, which is a likely
driver for hydrothermal fluids and heat to produce Au mineralisation.

REFERENCE

1.     iTech Minerals Ltd (ASX: ITM) announcement dated 12 January 2026

(2924-03045120-2A1647835&v=undefined
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03045120-2A1647835&v=undefined)
)

 

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been reviewed and
approved by Mr Nicholas O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a
qualified geologist and acts as the Qualified Person under the AIM Rules -
Note for Mining and Oil & Gas Companies. Mr O'Reilly is a principal
consultant working for Mining Analyst Consulting Ltd which has been retained
by First Development Resources plc to provide technical support.

 

 

GLOSSARY

 Term                                               Definition
 3D Inversion Modelling                             A technique that converts geophysical survey data into a three-dimensional
                                                    (3D) map of underground structures, highlighting areas likely to host
                                                    minerals.
 Aeromagnetic (AMAG) survey                         An airborne geophysical survey that measures variations in the Earth's
                                                    magnetic field to map subsurface geology and structures.
 Air-Core (AC) Drilling                             A drilling method for sampling shallow rocks efficiently, commonly used in
                                                    early-stage exploration.
 Alteration patterns                                Recognisable changes in rocks caused by hot fluids moving through them, which
                                                    can help indicate where valuable minerals may be concentrated.
 Chargeability information (GAIP Survey)            Measures how strongly subsurface rocks hold an electric charge after
                                                    introducing an electrical transmitter current into the ground, helping
                                                    identify zones with disseminated sulphide minerals linked to gold.
 First Vertical Derivative (1VD)                    A magnetic data filter processing technique that calculates the rate of change
                                                    of the magnetic field with height, enhancing short-wavelength anomalies and
                                                    sharpening the edges of magnetic anomalies related to geological contacts,
                                                    alteration zones, faults, and shear zones.
 Geochemical information                            Chemical data from rocks, soils, or fluids that is used to identify and
                                                    understand areas with potential mineral deposits.
 Geophysical survey                                 A method of measuring physical property changes in the Earth, such as
                                                    magnetism, gravity, or electrical conductivity, to identify subsurface
                                                    geological rock units, structures and potential mineral deposits.
 Gradient Array Induced Polarisation (GAIP) survey  A geophysical survey method that maps anomalies caused by subsurface geology
                                                    and mineralisation by measuring electrical properties of the ground. GAIP
                                                    helps identify and prioritise prospective gold targets for follow-up
                                                    exploration and drilling.
 Granitic Batholith                                 A large underground granite body often associated with mineral deposits.
 High-resolution (AMAG Survey)                      Refers to geophysical data collected at closely spaced intervals (100m or
                                                    less), providing detailed and precise information about subsurface magnetic
                                                    features to improve target definition for exploration.
 Hydrothermal alteration                            Changes in rock caused by hot, mineral-rich fluids, often forming new minerals
                                                    and altering the rock's original composition.
 Intrusive Related Gold (IRG)                       Gold associated with igneous intrusions, commonly forming structurally
                                                    controlled or disseminated deposits.
 Line Kilometre                                     One kilometre of a geophysical survey line flown or surveyed. Total line
                                                    kilometres indicate the survey's overall coverage.
 Lithological boundary                              The contact or transition between different rock types, which can influence
                                                    how fluids move and where minerals may accumulate.
 Metasediments                                      Sediment-based rocks that have been metamorphosed, often forming targets for
                                                    mineral exploration.
 Meta-volcanic host rocks                           Volcanic rocks altered by heat or pressure that host or control the formation
                                                    of mineral deposits.
 Mineralisation                                     The process by which valuable minerals are formed and concentrated in rocks,
                                                    creating zones that may be mined for metals or other resources.
 Radiometric (RAD) survey                           Measures natural gamma radiation from rocks and regolith related to potassium
                                                    (K), thorium (Th) and uranium (U) concentrations in the surface outcrop to
                                                    highlight areas altered by minerals, helping pinpoint potential gold and other
                                                    deposits.
 Resistivity information (GAIP Survey)              Measures how strongly subsurface rocks resist electrical current, helping map
                                                    geological rock units, structures, sulphide mineralisation and hydrothermal
                                                    alteration zones
 Reverse-Circulation (RC) Drilling                  A standard exploration drilling approach that produces clean samples for
                                                    assessing mineral deposits.
 Shear hosted                                       Describes a rock or mineral deposit that occurs within, and is controlled by,
                                                    a shear zone, where deformation created pathways for hydrothermal fluids and
                                                    mineral deposition.
 Shear zone                                         A zone of intense deformation where rocks have been sheared and fractured,
                                                    often hosting gold due to the increased porosity formed along the shear zone.
 Skarn-Type Gold Targets                            Gold deposits formed where igneous intrusions alter carbonate rocks, creating
                                                    mineral-rich zones.
 Stafford Gold Trend                                A regionally significant mineralised corridor in the Northern Territory,
                                                    Australia, known for hosting gold and high-grade antimony deposits, which
                                                    provides structural and geological continuity for exploration targets like
                                                    Lander West.
 Structural feature                                 A geological break or deformation in rocks such as faults, shear zones, or
                                                    folds.
 Subsurface geology                                 The type, structure, and arrangement of rocks below the Earth's surface that
                                                    help explain how mineral deposits may have formed.
 Total Magnetic Intensity (TMI)                     The measured strength of the Earth's magnetic field at a location, including
                                                    contributions from both the regional geomagnetic field and local magnetic
                                                    variations caused by subsurface geology.
 Zone of deformation                                An area of rock altered or deformed by stress, such as faulting or folding.

 

For further information visit www.firstdevelopmentresources.com
(http://www.firstdevelopmentresources.com) or contact the following:

 First Development Resources plc  Tel: +44 (0) 20 3778 1397

 Tristan Pottas (CEO)
 Beaumont Cornish Limited         Tel: +44 (0) 20 7628 3396

 Nominated Adviser

 Roland Cornish / Asia Szusciak
 SI Capital Limited               Tel: +44 (0) 1483 413 500

 Broker

 Nick Emerson

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

ABOUT FIRST DEVELOPMENT RESOURCES

First Development Resources' assets comprise eight granted tenements covering
a total area of 2,314.4km(2). Five of the tenements, comprising three
prospective copper-gold projects, are located in Western Australia (WA), while
the remaining three tenements, comprising a rare-earth element (REE), uranium,
lithium and gold project, are located in the Australian's Northern Territory.
All tenements are wholly owned by FDR. The assets are a mixture of drill ready
and earlier stage exploration.

The WA Projects include the Company's Wallal Project, as well as Ripon Hills
and Braeside West Projects, which are all situated in the Paterson Province,
which is widely regarded as one of the most productive regions in Australia
for the discovery of world-class gold-copper deposits, and is home to several
world-class mines and more recent discoveries.

The Selta Project in the Northern Territory is located in an area considered
to be highly prospective for uranium and rare-earth element mineralisation,
along with base and precious metal mineralisation. Numerous companies are
actively exploring within the region.

Beyond the existing portfolio, FDR is actively looking to expand its portfolio
through the acquisition of early-stage exploration projects in Australia.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDEADFPAEFKEFA



            Copyright 2019 Regulatory News Service, all rights reserved