Exploration Programme Complete, Rock Samples Sent for Rush Assay Analysis, Land Package Expanded
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a uranium exploration update from three of its seven 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.
Previously on 26/10/2021 Power Metal announced that its Phase I work programme was underway, and that additional ground surrounding the Company’s Tait Hill Property had been acquired. A link to the announcement can be found below.
– The Phase I work programme is now complete. A total of 20 rock samples were collected from Tait Hill (8 samples), Thibaut Lake (7 samples), and Clearwater (5 samples). All samples have been submitted for rush-assay for expedited turnaround at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. The samples will be subject to a uranium-exploration analytical package which includes uranium, various base/trace-metals, as well as a suite of rare-earth elements (“REEs”).
– An RS-125 Spectrometer was employed for the duration of the programme, this is a portable handheld gamma-ray survey device which measures the radioactivity of the sample being tested (in counts per second – CPS). Several outcrops were analysed from all three properties, some which ran as high as 65,535 CPS, which represents the upper limits of the device employed. All rock samples collected were also analysed on-site with 17/20 samples returning >1,000 CPS, 11/20 samples returning >2,500 CPS, with a individual sample high of 35,000 CPS, see Table 2 below for full sample CPS data.
– All samples were logged by an experienced geologist as being variably hematite- and clay-altered granitic to gneissic rocks, with varying amounts of urananite mineralisation as well as yellow-orange oxide coatings (possibly Carnotite or Uranophane).
– Additional 1,129-hectare claim (see Table 1) was staked to provide further coverage over several uranium-rich lakes surrounding the Company’s Tait Hill uranium Property where 308,000kg of uranium with a value of US$25.6 million (c. US$28 million at $42/lb uranium) was calculated by the Saskatchewan Mining Development Corporation following a detailed lake-sediment drilling programme completed in 1980.1
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Power Metal has embarked on a campaign to build significant uranium portfolio exposure for our investors. We started this campaign several months ago with the initial staking of our land package surrounding the prolific Athabasca Basin located in Northern Saskatchewan, and continue to build our uranium exploration project portfolio there, as you will see with the new ground secured today.
Field observations from Phase I exploration are encouraging and we look forward to the receipt of assay results which are being expedited as rush assays, as we are eager to get the results back quickly.
More work is being done to review additional uranium opportunities and we are optimistic of success in this regard.”
Uranium Property Holding Structure
Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”). which acts as the holding company for certain Canadian project operations.
Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of all the uranium Properties.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
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
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal now has the following exploration completed with results awaited or exploration underway:
– Silver Peak Project (Canada) – diamond drill programme completed targeting high-grade silver (laboratory assay results awaited)
– Authier North Lithium Project(Canada) – soil & rock sampling completed (laboratory assay results awaited)
– Athabasca Uranium (Canada) – Phase I exploration completed and field results positive, targeting uranium (laboratory assay testing of samples collected awaited)
– Tati Gold/Nickel Project (Botswana) – reverse circulation drilling completed (field results, together laboratory assay results awaited)
– Molopo Farms Complex (Botswana) – further samples being tested for nickel sulphide and platinum group elements (“PGEs”) from diamond drill programme completed (laboratory assay results awaited)
– Ditau Project (Botswana) – preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals
– Kalahari Copper Belt (Botswana) – results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas
– Wallal Gold/Copper Project (Australia) – geophysics results from 2D seismic processing and passive seismic awaited
– Victoria Goldfields (Australia) – results from ongoing exploration across 848km2 of granted exploration licences
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