First Development reports progress at Selta Project

(Sharecast News) - First Development Resources reported progress across its Selta Project in Australia's Northern Territory on Thursday, with a high-resolution airborne geophysics survey scheduled for early January 2026 and initial rare-earth element sampling completed. The AIM-traded explorer said a combined aeromagnetic and radiometric survey would be flown over the Lander West gold target, one of two priority gold areas identified at Selta alongside Yundurbulu.

It said the survey was designed to map key structural features and hydrothermal alteration zones within the bedrock, with the results expected to refine drill targeting and support the prioritisation of high-potential gold targets.

"Our recently completed targeting study has outlined multiple compelling targets along the regionally significant Stafford Gold Trend, an emerging mineralised corridor that hosts gold and high-grade antimony to the south," said chief executive Tristan Pottas.

"We believe the same structural controls extend onto the Selta Project, highlighting the potential for meaningful discovery."

He added that the upcoming survey represented "an efficient, high-impact step forward" that will enhance understanding of regional structures and help prioritise drill-ready targets.

First Development said initial exploration will focus on Lander West, which is interpreted as a continuation of the Stafford Gold Trend where neighbouring ground has delivered high-grade gold and antimony.

The company said gold mineralisation in the corridor was thought to be shear-hosted, making high-resolution magnetic data critical for identifying deformation zones and guiding follow-up drilling.

It said the aeromagnetic and radiometric survey would be carried out by Thomson Airborne and include closely-spaced flight lines to generate detailed magnetic and potassium datasets.

The firm said the data would also be used for three-dimensional inversion modelling to improve structural interpretation at depth and support future exploration planning.

Separately, First Development said its first-pass rare-earth element sampling programme at Selta, focused on the Ingallan and West Nintabrinna target areas, was completed earlier this month.

Samples had now been submitted for laboratory analysis, with further updates to follow once results are received and assessed.

At 1456 GMT, shares in First Development Resources were up 4.46% at 2.93p.

Reporting by Josh White for Sharecast.com.