TIDMPOW
RNS Number : 9889M
Power Metal Resources PLC
20 September 2023
20 September 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Expansion of Perch River Uranium Project
Power Metal Resources PLC (AIM:POW), the AIM listed metals
exploration and development company , announces a progress update
including project expansion through additional staking to cover
further helium anomalies and prospective geology at its 100% owned
Perch River Uranium Project ("Perch River" or the "Project")
located within the Athabasca Basin, Saskatchewan, Canada.
On 08 September 2023 the Company announced the discovery of
highly significant helium anomalies on Perch River which can be
viewed at the link below:
https://www.londonstockexchange.com/news-article/POW/helium-anomaly-discovered-on-perch-river/16115743
Highlights
-- Hyperspectral data analysis using Sentinel-2 satellite data
on mineral reflectance ("Hyperspectral Analysis") conducted at
Perch River identified several helium anomalies on the Project,
including the discovery of one extremely strong helium response in
the centre of the Project as well as several strong anomalies that
previously lay north and northeast of the Project boundary (see
Figure 1).
-- Power Metal's technical team has been able to swifty act in
to secure a further 1514.8-Ha at Perch River representing an
approximately 38% increase in the Project's size to a total of
5,455-Ha.
-- The newly acquired ground covers several strong hyperspectral
helium anomalies located along the same geological trend and which
further overlie prospective geology.
-- As detailed in the Company's announcement of 08 September,
Exploration teams were immediately repositioned to Perch River to
complete high-resolution soil spacing over the strongest helium
responses as well as a previously unsampled gravity low target to
the northeast. They have successfully completed their planned field
work within the current boundary of the Project with geochemical
samples expected to be delivered to the Saskatchewan Research
Council Environmental Analytical Laboratories for assay testing
shortly.
-- An extensive exploration programme is underway across the
Company's wider Athabasca properties and multiple further market
updates covering the various ongoing work streams across the
Company's 100% owned uranium portfolio are expected in the near
term.
Sean Wade, Chief Executive Officer of Power Metal Resources plc,
commented:
"It is very pleasing to be able to follow up the good news from
the Perch River Project announced recently with this significant
development.
There has been excellent work conducted across our uranium
portfolio, and that work is continuing. I know shareholders will be
encouraged by the progress we are making, especially since the
uranium market is really starting to come to life. There is a lot
more news to come from this key part of our overall portfolio, and
I look forward to updating shareholders further in the coming
weeks."
Expansion of the Perch River Project
The Perch River Project has been expanded by 1514.8Ha to the
north to encompass further prospective geology as well as
hyperspectral helium responses.
This additional staking cost CAD $908.89 (approx. GBP540), with
spend commitments of $22,722 (approx. GBP13,585) per annum with the
first two years requiring no expenditures (expiry date of 08
September 2025).
Figure 1: Perch River Project showing the outline of the
pre-existing Project boundary along with the expanded claims as
well as the location of the now completed high-resolution
geochemical sampling.
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
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
BlytheRay (PR Advisors) +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
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.
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
grow the Company, or may be returned to shareholders through share
buy backs, dividends or in-specie distributions of assets.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLZZGMLMLRGFZZ
(END) Dow Jones Newswires
September 20, 2023 02:00 ET (06:00 GMT)
Power Metal Resources (AQSE:POW.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024
Power Metal Resources (AQSE:POW.GB)
Historical Stock Chart
From Dec 2023 to Dec 2024
