TIDMPOW
RNS Number : 7123P
Power Metal Resources PLC
11 October 2023
11 October 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Significant Uranium Targets Identified at Two Projects
Significant Uranium Targets Identified at the Tait Hill and
Soaring Bay Projects with Further Exploration Progress Update from
Perch River, Clearwater, Cook Lake and E-12 Projects
Power Metal Resources PLC (AIM:POW), the London listed
exploration company with a global project portfolio, announces key
developments to its currently 100% owned uranium business, which
covers a combined 1,012km(2) across 17 properties (collectively the
"Uranium Portfolio") in and around the prolific Athabasca Basin in
Saskatchewan, Canada.
Highlights
-- Extensive radon gas sampling completed at the Tait Hill and
Soaring Bay projects as part of the 2023 Athabasca work programme
have confirmed multiple significant uranium ("U") targets.
-- Significantly, on Tait Hill strong radon results are
coincident with multiple radiometric anomalies at the Mullis Lake
north and east targets. The Company considers Mullis Lake may have
geological similarities to the Rössing uranium deposit located in
Namibia and the results obtained from the radon sampling point to a
large target for future exploration.
-- At Soaring Bay, strong radon results were obtained over a
>3km long northwest-southeast trending shear zone. A significant
new zone was also identified within the dataset which has now been
named the 'Southern' target where three very high results were
identified extending for at least 1km from the main shear zone of
interest.
-- Further prospecting and soil geochemistry work has also been
completed across key target areas of Tait Hill and Soaring Bay and
also at Perch River following the highly anomalous satellite remote
sensing hyperspectral helium results. The results of laboratory
assay tests on soil samples are awaited.
-- Drone based magnetic geophysics surveys have been completed
over the Clearwater, Cook Lake and E-12 Projects with results
expected shortly.
Sean Wade, Chief Executive Officer of Power Metal Resources plc,
commented:
"This season's uranium fieldwork continues to surpass our
expectations in terms of the quality and number of significant
targets discovered.
"Following very low acquisition costs, we believe we are now
adding very considerable value to a portfolio with well thought
out, methodical and inexpensive exploration, clearly demonstrating
the ongoing success of our business model. We now look forward to
the next stage, that of crystallising the value created for our
shareholders.
"We are in discussion with various third parties about ways in
which we can do that, and I look forward to updating shareholders
on those discussions in due course."
Tait Hill Project
As discussed on 21 June 2023:
https://www.londonstockexchange.com/news-article/POW/key-uranium-exploration-and-corporate-developments/16007249,
fieldwork on Tait Hill was planned to concentrate on two main
target areas;
-- The 'Mullis Lake' Target is considered by Power Metal to have
strong geological similarities to the Rössing uranium deposit
located in Namibia. The aim of this work was to test radiometric
and hyperspectral anomalies over this almost wholly untested
target.
-- The 'Tait Lake' target where exceedingly high soil results
(up to 13,200 parts per million ("ppm") or 1.3% U)(1) and lake
sediment results (99.8(th) percentile) were achieved
historically(2) . This area has not received any significant,
systematic work, despite the highly anomalous geochemistry.
On the Mullis Lake Target three 200m spaced soil sampling grids
were established predominantly focused over radiometric and
satellite remote sensing hyperspectral anomalies. On two of these
three grids, in-situ radon gas sampling tests (see explanation
below) was conducted in key areas alongside the soil geochemical
sampling. Field teams also noted the presence of enriched granite
outcrop across the project; although the vast majority of the
sampling area was covered by thin soil, boulder fields and swamps.
A total of 248 soil samples, and 43 in-situ radon gas samples were
collected.
On the 'Tait Lake' target, a total of 52 soil samples were
collected over two areas, targeting historically elevated soils and
radiometric anomalies utilising 150m sample spacing.
Figure 1: Tait Hill Radon Sampling Results and Soil Sampling
Areas
Perch River Project
Following the determination of highly anomalous helium results
determined by satellite data hyperspectral analysis, as detailed on
08 September 2023:
https://www.londonstockexchange.com/news-article/POW/helium-anomaly-discovered-on-perch-river/16115743,
in addition to pre-planned sampling on the northern gravity
geophysics target, the field team completed a high-resolution soil
sampling grid, consisting of 42 soil samples, over the recently
identified helium hyperspectral anomaly. This sampling was designed
to test the soil geochemistry of the area of the helium anomaly
itself, and compliment historical exploration data available on the
property.
In addition, a small soil sampling grid was completed over the
northern gravity low anomaly totalling 102 samples to compliment
and complete the historical dataset available over the area.
Figure 2: Perch River Project Soil Sampling Locations
Soaring Bay Project
Fieldwork on Soaring Bay included a soil and radon gas survey
focussed along a northwest-southeast trending structural lineament,
targeting areas identified by the previous exploration on the
project. In total, 64 soil samples, and 36 in-situ radon tests were
completed from along, and around this structural lineament.
In addition, three areas of the Soaring Bay project were
prospected for radioactive pegmatites, to provide modern assays and
test historical radiometric anomalies. In total, 16 chip samples
were collected.
The samples from all three projects are currently undergoing
analysis at SRC Geoanalytical in Saskatoon, Saskatchewan, and ALS
Analytical in Vancouver, British Columbia.
Figure 3: Soaring Bay Project Soil Sampling Locations, and Radon
Results
Fieldwork Overview
For the Tait Hill and Perch River projects, fieldwork was
supervised by a member of the Power Metal technical team enabling
rapid modification of scope to meet the changing access abilities
on the projects. The field team were based in the town of Stoney
Rapids, Saskatchewan, approximately equidistant between the Tait
Hill and Perch River projects, with both projects accessed via
helicopter.
Fieldwork on the Soaring Bay property was completed from the
town of La Ronge, Saskatchewan with the project also accessed via
helicopter for the duration of the programme.
Radon Results Overview
Radon is a gas generated by the radiogenic decay of uranium, it
has a short half-life (eight days) and therefore could indicate a
nearby source of uranium. Because of the short half-life it is not
possible to carry out a laboratory test on collected radon; and
therefore, any measurements must be completed 'in-situ'.
The method works by excavating a small hole into the soil, with
a plastic 'collector' lid, in which sits an electrically charged
plate protected by a series of membranes. As positively charged
radon ions interact with the charged plate, it lowers the
electrical charge, which can then be compared with the charge that
is measured before/after placement. The readings are presented as
pCi/m(2) /sec (pCi = PicoCurie, being a measure of the radioactive
decay of radon) and the relative bins for anomalism are shown on
both Figure 1 and Figure 3.
At Tait Hill forty-three in-situ radon samples were collected
from the Mullis Lake north and east targets. The sampling locations
were chosen to test various radiometric and hyperspectral
anomalies.
These results indicate;
-- The close proximity of both a source of radon, and a
radiometric high on Mullis Lake northern target. This may be
suggestive of a potential uranium source, over an area of approx.
1.5 km(2) .
-- On the Mullis Lake eastern target, a radiometric anomaly is
associated with elevated radon results, this location is related to
the major igneous intrusion to the west and is considered a
significant target. A secondary target, associated with elevated
helium hyperspectral response is present, to the northeast of the
eastern target.
Soil sampling has been completed across the area, with results
pending. Further discussion will be provided upon receipt of the
soil sampling results.
At Soaring Bay, 36 in-situ radon samples were collected. Three
in the north, and 33 in the south. Radon sampling at Soaring Bay
was focussed along a prominent northwest-southeast trending linear
structure. Sampling was also completed along four select transects
to the southwest of the main linear structure. These sample
locations were located to test the potential for buried
mineralisation along the fault system.
Significantly, the sampling to the southwest identified a new
target, the "Southern" target, which is in close proximity to an
anomalous U-in lake sediment result in this area. This target is
also associated with elevated helium results, determined via
hyperspectral analysis.
Overall, these results are highly supportive of possible uranium
mineralisation along the fault structure and validate the
previously identified prospectivity over the project. Further
discussion and details on the soil sampling completed will be
provided upon receipt of the soil sampling results.
REFERENCES
1 CanAlaska Uranium Ltd, 2009 Report on 2008 Exploration
Programme, Grease River Property (74O09-0024)
2 Geological Survey of Canada, Northern Saskatchewan Lake
Sediment
(https://geohub.saskatchewan.ca/datasets/saskatchewan::lake-sediment-geochemistry/about)
URANIUM PROPERTIES - 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 the Company's
Athabasca uranium portfolio.
QUALIFIED 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 Qualified 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
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.
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