Power Metal Significantly Expands Land Package in Saskwatchewan’s Athabasca Basin, Canada
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a significant expansion of its land package within the Athabasca Basin, located in northern Saskatchewan, Canada.
Previously on 15 September 2021 the Company announced the initial acquisition by staking of four uranium properties covering 109 km2, the details which can be found below:
Building on this initial acquisition, today the Company announces an increase of ground to 241km2 through the staking of additional ground immediately surrounding the Company’s Clearwater, Tait Hill, and Soaring Bay uranium properties, as well as the acquisition of three additional uranium properties including the Cook Lake, E-12, and Reitenbach properties (together the “Properties”).
An updated map highlighting all seven uranium Properties is available on the Company’s website and may be accessed through the following link:
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Power Metal has now secured a strategic uranium portfolio in Canada, with projects selected after extensive review of unstaked Athabasca Basin opportunities.
The staking process has been undertaken rapidly, to ensure the Company was able to secure the ground it identified as highly prospective and the choice of ground has been validated by the extensive staking that has wrapped around a number of our properties.
There is a major opportunity in uranium and now Power Metal and its shareholders have a seat at the table in one of the best postcodes for uranium exploration and development.
Power Metal continues to look across three continents for additional uranium opportunities, and if highly attractive opportunities are identified, we may expand our uranium portfolio further.”
The seven 100% owned Properties now cover a combined 24,097-hectares (c. 241km2) giving Power Metal a strong foothold in the prolific Athabasca Basin (for full property details see table 1 below).
The Company’s uranium portfolio now includes the Thibaut Lake uranium Property, the significantly expanded Clearwater, Tait Hill, and Soaring Bay uranium properties, as well as the newly staked Cook Lake, E-12 and Reitenback uranium properties (see below for further information on the Properties.
Power Metal was able to secure the majority of its land package prior to a significant staking rush that occurred in the Athabasca Basin during the past few weeks. Notably, several of its holdings have now been completely staked around by various parties, demonstrating that Power Metal was able to secure several core property holdings within uranium-rich northern Saskatchewan.
The claims for all Properties have been registered with the Mineral Administration Registry Saskatchewan and the total cost of claim staking was C$14,458. The claims are valid for 2 years and there is no minimum spend commitment required.
As the Properties were acquired through staking, Power Canada will have a 100% interest with no outstanding royalties or encumbrances.
All seven Properties are surrounding the prolific Athabasca Basin, in northern Saskatchewan, Canada which is home to some of the world’s largest and highest-grade uranium mines including Cameco Corporation’s Cigar Lake and McArthur River Uranium Mines.
Saskatchewan was recently ranked the 3rd best mining jurisdiction in the world in Fraser Institute’s 2020 rankings.
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 now established it own 100% owned holding company 102134984 Saskatchewan Ltd., which is now the holder of all the uranium Properties.
Expanded Property Holdings Highlights
· The Clearwater Property was expanded by staking one additional licence to bring the total Property size to 5,624-hectares (from 4,864-hectares). The newly staked licence covers an additional 2 uranium mineral deposit index points. Historic results from the newly staked ground includes highlight rock samples which returned up to 0.53% and 0.63% U3O8.
· The Tait Hill Property was expanded significantly by staking two additional licences to bring the total Property size to 5,960-hectares (from 2,544-hectares). The newly staked licences cover an additional 10 uranium mineral deposit index points. Historic results from the newly staked ground includes highlight rock samples which returned up to 1.78% U3O8 and 2370ppm Thorium (Th).
· The Soaring Bay Property was expanded significantly by staking one additional licence to bring the total Property size to 4630-hectares (from 1,255-hectares). The newly staked licences cover an additional 4 uranium mineral deposit index points. Historic results from the newly staked ground includes highlight trench samples which returned up to 0.92% and 0.56% U3O8.
Newly Acquired Property Highlights
· The newly acquired Cook Lake uranium Property (“Cook Lake”) covers 984-hectares (c. 10km2) and is centered around 6 mineral deposit index points. Highlight historic rock samples from Cook Lake returned high-grade results up to 3.54% U3O8 and 0.88% Th. Since Power Metal acquired Cook Lake, additional staking by various 3rd parties have fully encompassed the Property.
· The newly acquired E12 uranium Property (“E12”) covers 1,323-hectares (c. 13km2) and is centered around 2 mineral deposit index points. The Property is cross-cut by the major 905 highway, providing excellent access for future work programmes. Highlight historic rock samples from E12 returned results up to 0.20% U3O8. Since Power Metal acquired E12, additional staking by various 3rd parties have fully encompassed the Property.
· The newly acquired Reitenbach uranium Property (“Reitenbach”) covers 3,370-hectares (c. 34km2) and is centered around 4 mineral deposit index points. Highlight historic rock samples from Reitenbach returned results up to 0.41% and 0.34% U3O8. The Property also covers a 99.7% percentile lake-sediment result of 70.6ppm Uranium, taken from the Geological Survey of Saskatchewan’s (GSC) lake sediment analysis database (database of 13,195 individual lake sediment results from the Precambian Shield area of Saskatchewan).1
The Company is preparing all available historic data on the seven Properties for publication, and will make an announcement with further details on each property in the coming weeks, which will also include the Company’s next steps with the newly acquired Properties.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*
*Bold text refers to ground acquired since the original properties acquisition announced by the Company on 15 September 2021
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 (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 and base 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.
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