Exploration Crews Mobilise, Historic Data Compilation Underway Produces Significant New Findings – Additional Staking Completed
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a uranium portfolio update from its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.
Previously on 15/09/2021 the Company announced the initial acquisition of four uranium properties covering 109 km2. Subsequently on 27/09/2021 the Company announced a significant expansion of the uranium portfolio to a combined 241 km2 across seven properties. Links to the announcements can be found below.
– Additional ground staked to provide coverage of additional uranium prospective areas:
o Compilation of data for the Tait Hill property shows historic vibracore drilling and bulk sampling results which demonstrate uranium mineralisation both on the property, and extending outside of the previous property boundary.
o Compilation of data for the Clearwater property mapped 16 radioactive occurrences falling outside of the existing property boundaries. Additional ground now staked to cover these new findings.
– Several significant historic uranium occurrences have now been mapped across the Tait Hill, Clearwater, and Thibaut Lake Properties and a Phase I work programme consisting of rock sampling and prospecting has commenced to follow up on several of these occurrences.
– Work will focus on the identification of uranium and rare-earth element mineralisation with samples collected to be submitted for laboratory assay testing.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Power Metal is eager to advance its 100% owned uranium exploration portfolio surrounding the prolific Athabasca Basin in Northern Saskatcehwan, Canada. Given the growing interest in Athabasca uranium projects of late, we believe the inherent value of our seven project portfolio has already appreciated greatly when compared against similar opportunities currently being transacted in the area.
Rapid and efficient exploration could add further value, hence we are wasting no time and launching this Phase I exploration programme.
We continue to look at additional uranium opportunities in North America, Africa and Australia.”
Significant Findings – Tait Hill and Clearwater Properties
· Historic data compilation underway across the portfolio has led to a significant finding on the company’s Tait Hill Property (Assessment file 74-O-09-0022). A 1980’s programme was completed by the Saskachewan Mining Development Corporation which investigated the uranium-rich lakes within the North Tait Lake and Tait Lake areas. The programme oversaw the completion of detailed lake-sediment collection on several of the narrow bays of North Tait Lake, diamond drilling at randomly selected locations within the lake, as well a 550kg bulk sample analysis. Uranium grades were then calculated for each of the sampling sites and by extrapolating to other nearby lakes containing uranium concentrations in excess of 100ppm, an estimate of 308,000kg of uranium with a value of US$25.6 million (c. US$34 million at $50/lb uranium) at the time of publication (December 3, 1980).1
· In light of this finding, additional claims were staked to cover North Tait Lake and surrounding areas.
· Historic data compilation over the Clearwater Property has led to the mapping of 16 radioactive occurrences which fell outside of the previous Property boundary. Additional staking has since been completed to cover these newly mapped occurrences.
With several significant historic uranium occurrences now successfully digitised across the Tait Hill, Clearwater, and Thibaut Lake Properties, a Phase I work programme consisting of rock sampling and prospecting has been initiated.
Phase I Uranium Programme Highlights
· Phase I work programme is scheduled to commence today on the Company’s Tait Hill, Clearwater and Thibaut Lake properties.
· Exploration crews will be based out of Stony Rapids, Saskatchewan, for the duration of the programme and will be using helicopter support to access the properties.
· The goal of the ongoing programme is to provide verification rock sampling over several historic uranium occurrences highlighted by the ongoing historical data compilation.
· All rock samples collected will be sent for laboratory assay analysis, including uranium and rare-earth elements. The results from the programme will be released to the market once received, compiled and interpreted by the company.
The updated land position held by the company within the Athabasca basin is shown in the table below.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*
*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 27 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, 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 commenced as outlined above
– Tati Gold/Nickel Project (Botswana) – reverse circulation drilling completed (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 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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