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(Sharecast News) - First Development Resources said in an update on Wednesday that it has completed a key geophysical survey at its Lander West gold target in Australia's Northern Territory, marking the final stage of its current exploration programme ahead of planned drilling.
The AIM-traded explorer said the Gradient Array Induced Polarisation (GAIP) survey formed part of a structured, multi-disciplinary approach at its 100%-owned Selta Project, with data now being integrated alongside previously completed aeromagnetic and radiometric surveys.
It said the combined dataset was expected to refine high-priority reverse circulation drill targets along the Stafford Gold Trend.
"Completion of the GAIP survey marks an important milestone at Lander West and concludes our systematic exploration approach across the Stafford Gold Trend," said chief executive Tristan Pottas.
He added that the company was now progressing to the next phase of target definition.
"With aeromagnetic, radiometric and now GAIP datasets in place, we are progressing to the key stage of refining and prioritising RC drill targets."
The GAIP survey was designed to detect subsurface chargeability and resistivity anomalies, which can indicate sulphide mineralisation associated with gold deposits.
First Development said the addition of the data layer enhanced its understanding of subsurface geology and improved confidence in identifying potential mineralised zones.
The firm also confirmed it had applied for co-funding under the Northern Territory Government's Geophysics and Drilling Collaborations Programme to support its planned drilling campaign.
It said the initiative provided matched funding for exploration activities and could reduce development costs while offering independent technical validation.
Pottas said the application reflected a "disciplined, capital-efficient approach to exploration", adding that potential co-funding could support the company's drilling plans as it advances the project.
At 1547 BST, shares in First Development Resources were up 20.93% at 2.6p.
Reporting by Josh White for Sharecast.com.
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