Power Metal Resources PLC (AIM: POW, OTCQB: POWMF) has reported promising early assay results from its uranium joint venture at the Drake Lake–Silas Project in Canada, underscoring growing exploration potential across the property.
The standout result came from drillhole DL25-02, which intersected 0.33% U over 2.05 metres within a wider mineralised interval — a strong indicator of robust uranium grades at depth. Meanwhile, drillhole DL25-04, positioned along strike from the Armstrong Deposit, returned 0.15% U, suggesting possible extensions of known mineralisation.
HIGHLIGHTS:
· Two key targets tested:
o Central Target, structurally controlled uranium zone with potential for Iron Oxide Copper Gold (“IOCG”) deposit style mineralisation 2, 3; and
o Northeast Target, potential strike extension of the Armstrong Deposit which has a historical Inferred resource of 900,000lb U (1 Mt @ 0.041% U3O8 at a 0.015% U3O8 cut-off grade) 4
· High-grade uranium intersected: In the Central Target DL25-02 intersected 0.33% U over 2.05 m within a broader 12 m zone (up to 5,000 cps).
· Mineralisation along strike of the Armstrong Deposit confirmed at the Northeast Target; DL25-04 returned 1,490 ppm U (0.15% U), plus elevated vanadium and zinc.
· Next steps: Full geochemical and mineralogical analyses pending to guide future work.
These early findings come from a seven-hole drill program and point toward the possibility of both IOCG-style mineralisation and additional zones linked to existing deposits. Power Metal said further geochemical and mineralogical analyses are now underway to tighten geological interpretations and shape the next phase of exploration.
Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:
“These preliminary assay results from Drake Lake-Silas are encouraging, especially given the limited number of early samples received to date. Even at this initial stage, we are already seeing meaningful uranium grades-up to 0.33% U over 2.05 metres within a wider 6.8-metre mineralised zone-alongside geological features that strongly support both the IOCG model and the potential extension of Armstrong-style mineralisation across the property. Importantly, this is only a small subset of the data, with the vast majority of geochemical assays, mineralogical analyses, and petrological work still pending.
As the remaining results are returned, we expect to significantly refine our understanding of the mineralising system, and we are eager to see what the next stages of work may uncover. We look forward to providing further updates as we better understand the geology, and opportunity at Drake Lake-Silas.”
