Power Metal (AIM:POW) Uranium Portfolio Update – Athabasca Basin, Canada

Exploration Update, Expansion of Existing Interest and New Property Acquisition

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in respect of its uranium property portfolio in the Athabasca Basin area in Saskatchewan, Canada.


· New property added to Power Metal uranium portfolio. Badger Lake Uranium Property (“Badger Lake”), acquired through claim staking, covers an area of 16.71km2 within the prolific Athabasca Basin. Badger Lake is surrounded by claims held by uranium focussed companies including Orano SA, Hathor Exploration and NexGen Energy Ltd.

· Power Metal Athabasca uranium portfolio now consists of twelve properties, including a conditional disposal1, with a combined total area of 829.58km2.

· Exploration programme over the 100%-owned Thibault Lake, Clearwater and Tait Hill properties (announced on 10 August 2022 1) has completed successfully, resulting in:

o Multiple locations of anomalous radioactivity noted across all three properties with rock sample assay results currently awaited.

o Tait Hill property expanded by 32.42km2 to 110.56km2, based on work results and to include the full extent of the Mullis Lake Target as well as an anomalous lake sediment result.

· Following the acquisition of the Reindeer Lake, Old Woman Rapids and Porter Lake Uranium properties in July 2022 2, historical data compilation has now been completed. Fact sheets are being compiled highlighting the findings of this work which will be published on the Company’s website in due course.

· A hyperspectral remote sensing review has been completed on the Cook Lake and E12 uranium properties, aiding in the development of targets for future exploration.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“Power Metal is currently engaged on drilling large-scale conductors at the Molopo Farms Complex Project in Botswana, targeting a major nickel discovery or discoveries. That important and potentially transformational work continues.

Alongside its Botswana operations the Company has a broad portfolio of interests, many offering district scale potential, including notably our Athabasca uranium interests.

As readers of this announcement will see, we have been particularly active in the development of our Athabasca properties, furthering ground exploration and analysis, expanding the key Tait Hill property and securing a new property, Badger Lake.

We view the uranium portfolio of Power Metal to be a key part of our Company, seeing us uniquely well positioned for what we expect to be a significant increase in the level of interest in junior resource companies offering uranium exposure.

Being listed in London, where there are few uranium investment opportunities, the building of our uranium portfolio in the Athabasca, and globally, is even more significant.

Shareholders can expect more developments from Power Metal’s current and potential future uranium interests over the balance of 2022 and into 2023.”

Thibault Lake, Clearwater and Tait Hill Exploration Programme Overview

The recently completed exploration fieldwork conducted over the three Thibault Lake, Clearwater and Tait Hill properties consisted of ground investigation, gamma-ray spectrometer surveying and rock sampling and over pre-defined target areas.

The field team successfully identified multiple locations of anomalous radioactivity across all three properties and collected a total 46 rock samples for assay. Notable findings in each property include:

· Clearwater uranium property: a historical mine associated with anomalous radioactivity was located and investigated;

· Thibault Lake uranium property: additional mineralised fault zones were encountered, expanding previously defined target areas mapped during the 2021 exploration programme; and

· Tait Hill uranium property: multiple occurrences of anomalously radioactive granites and pegmatites were mapped in the southwest of the property. This zone, named the ‘Mullis Lake Target’, is considered to have geological similarities to the setting of the Rössing Uranium Mine located in Namibia. The Tait Hill uranium property has been expanded by 32.42km2 in order to cover the entire extension of the Mullis Lake Target which was not previously held within the property boundary.

All samples collected during the 2022 field programme are currently in transit to Saskatchewan Research Council laboratories for multi-element assay analysis including uranium, REE’s and base metals. Full comment, discussion and analyses of the results of this fieldwork will be released upon completion of the analytical testing in the coming months.

Phase I exploration on the three properties has successfully contributed to the development and refinement of uranium focused exploration targets, with the intention of eventually progressing the highest priority targets to a drill-ready stage.

Further information in respect of the Phase II programme for Soaring Bay will be provided in due course.

A map highlighting the new Tait Hill property footprint may be viewed in Figure 1 below and through the following link: https://www.powermetalresources.com/tait-hill-uranium-property/

Figure 1 – Tait Hill Uranium Property Map: A map of the Tait Hill Uranium Project, including the locations (and counts per second or ‘CPS’ – a measure of radioactivity) of samples collected during 2022, the geology of the southwest of the property and location of the Mullis Lake, and North Western Targets.

Historical Data Compilation and Digitisation

Old Woman Rapids Property Overview

– The Old Woman Rapids uranium Property (“Old Woman Rapids”) covers a total of 129.58km2 and is located 29.5km from the companies Soaring Bay uranium Property, approximately 120km southwest of the prolific Athabasca Basin.

– Old Woman Rapids covers one Saskatchewan Mineral Deposit Index (SMDI) occurrence 3 of a radioactive pegmatite which returned assays of 0.43% and 0.57% U3O8, and also contained appreciable quantities of lead and zinc.

– Historical work has highlighted elevated U-in-lake sediment results within the western part of the property, including 97th percentile results of 23.3 ppm U, and further elevated results of 21 and 31 ppm U. Near the Old Woman Rapids western claim boundary there are multiple north-south trending radiometric anomalies over an area of 800 x 600 m (>20 counts per second).

Porter Lake Uranium Property Overview

– The Porter Lake uranium Property (“Porter Lake”) covers an area of 108.54km2 and is located approximately 100km south of the Athabasca Basin edge and 4km from the Old Woman Rapids uranium Property.

– Porter Lake is centred around two SMDI uranium occurrences which were discovered during previous exploration campaigns conducted by previous operators. SMDI 1055 4, is highlighted by rock samples taken near to the western claim boundary which returned up to 0.084% U3O8 as well as 0.14 oz./ton silver (Ag), 0.13% copper (Cu) and 0.14% nickel (Ni). Near to the eastern claim boundary; SMDI 1056 5, is highlighted by rock samples that returned between 0.1% and 0.2% U3O8 over 0.6 to 1.4m at shallow (<70 m) depths from drilling.

– Historical work has highlighted an anomalous U-in-lake sediment result of 30 ppm U near to the western claim boundary, and multiple greater than 85th percentile results between 8.5 to 11.5 ppm U.

– Near the eastern claim boundary, historical work has outlined multiple electromagnetic (“EM”) geophysical conductors which are coincident with airborne radiometric anomalies 6. While in the west, a radiometric anomaly is in close proximity to an elevated U-in-lake sediment result.

Reindeer Lake Uranium Property Overview

– The Reindeer Lake Uranium Property (“Reindeer Lake Property” or “Reindeer Lake”) covers an area of 3,336-hectares (circa 33.36km2) located approximately 120km southeast of the prolific Athabasca Basin edge.

– The property is centred on one SMDI uranium occurrence, the Ghana Lake Radioactive Pegmatite Dyke, which returned assays of up to 1.9% U3O8 and 0.09% ThO2.

The Old Woman Rapids, Reindeer Lake and Porter Lake uranium properties are considered prospective for pegmatite-hosted uranium or rare earth element (“REE”) mineralisation. A map highlighting results from the historical data compilation completed on the Old Woman Rapids and Porter Lake Properties are below in figures 2 & 3, and on the two links below:

Old Woman Rapids Uranium Property

Porter Lake Uranium Property

Read More

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

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