Wallal Phase I Diamond Drilling update

In brief · summary, not quotable

First Development Resources PLC announced that drilling at the Wallal Project has ceased due to deteriorating downhole conditions. Drillhole FDRDW002 reached a depth of 918.7 metres, with a total vertical depth of 916.2 metres, but failed to intersect the targeted basement geology. The company is now working with consultants to refine the geological interpretation of the Eastern anomaly using the data obtained from the drilling program, while also assessing potential next steps for the project. Initial exploration at the Selta project in the Northern Territory will focus on its gold potential, with a detailed plan expected later this month.

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First Development Resources plc (AIM: FDR) a UK based, Australia focused exploration company with mineral interests in Western Australia and the Northern Territory, provides an update in respect of drilling at the Wallal Project ("Wallal" or the "Project") in the Paterson Province of Western Australia.

Due to deteriorating downhole conditions at the base of the Canning Basin sedimentary sequence, FDR drillhole ("FDRDW002") could not be advanced to the planned depth of 1,220 metres and the decision has been made to cease drilling. The drillhole reached a depth of 918.7 metres (916.2 metres total vertical depth) but did not intersect the basement geology interpreted to host the magnetic anomalies identified in the Company's desktop studies.

With the data obtained from the drilling programme, the Company is working with its consultants to refine the geological interpretation of the Eastern anomaly whilst it assesses potential next steps.

Whilst drilling operations have been underway at Wallal, work to refine the exploration strategy at the Company's Selta project in the Northern Territory has been developed, initial exploration will focus on Selta's gold potential. The Company expects to provide a more detailed plan for exploration at Selta later this month.

Tristan Pottas, Chief Executive Officer of FDR, commented:

"The abandonment of FDRDW002 is a bitterly disappointing end to what has been a very challenging maiden drill campaign at our Wallal Project. Exploration drilling is never a straightforward process, particularly in greenfield locations such as Wallal. Throughout the Phase I Diamond Drilling programme the site team, in partnership with our drilling contractor, has overcome multiple downhole challenges which enabled the hole to advance to a considerable depth. Our understanding of the geology specific to Wallal has increased significantly and will now be incorporated back into the geophysical Inversion modelling in order to further inform the exploration strategy for when we return to test what remains to be a highly compelling target."

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