TIDMPOW
RNS Number : 0964N
Power Metal Resources PLC
27 September 2021
27 September 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Portfolio Expansion - Athabasca Basin
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 km(2) , the details which can be found below:
https://www.londonstockexchange.com/news-article/POW/strategic-uranium-opportunity-athabasca-basin/15136428
Building on this initial acquisition, today the Company
announces an increase of ground to 241km(2) 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:
https://www.powermetalresources.com/power-canada-uranium-property-map-2/
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."
HIGHLIGHTS
The Properties
The seven 100% owned Properties now cover a combined
24,097-hectares (c. 241km(2) ) 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.
The Location
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 3(rd) 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.
PROJECTS OVERVIEW
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% U(3) O(8) .
-- 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% U(3) O(8) 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% U(3) O(8) .
Newly Acquired Property Highlights
-- The newly acquired Cook Lake uranium Property ("Cook Lake")
covers 984-hectares (c. 10km(2) ) and is centered around 6 mineral
deposit index points. Highlight historic rock samples from Cook
Lake returned high-grade results up to 3.54% U(3) O(8) and 0.88%
Th. Since Power Metal acquired Cook Lake, additional staking by
various 3(rd) parties have fully encompassed the Property.
-- The newly acquired E12 uranium Property ("E12") covers
1,323-hectares (c. 13km(2) ) 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% U(3) O(8) . Since Power Metal acquired E12, additional
staking by various 3(rd) parties have fully encompassed the
Property.
-- The newly acquired Reitenbach uranium Property ("Reitenbach")
covers 3,370-hectares (c. 34km(2) ) and is centered around 4
mineral deposit index points. Highlight historic rock samples from
Reitenbach returned results up to 0.41% and 0.34% U(3) O(8) . 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)
NEXT STEPS
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*
Projects Licence Size - Hectare Granted
ID
Clearwater Uranium MC00015079 1,110 Yes
Property
----------- --------------- --------
MC00015083 563 Yes
----------- --------------- --------
MC00015082 3,191 Yes
----------- --------------- --------
MC00015151 760 Yes
----------- --------------- --------
Tait Hill Uranium MC00015078 1,576 Yes
Property
----------- --------------- --------
MC00015081 968 Yes
----------- --------------- --------
MC00015153 1,530 Yes
----------- --------------- --------
MC00015152 1,886 Yes
----------- --------------- --------
Thibaut Lake Uranium MC00015077 2,206 Yes
Property
----------- --------------- --------
Soaring Bay Uranium MC00015080 1,255 Yes
Property
---------------------- ----------- --------------- --------
MC00015155 3,375 Yes
---------------------- ----------- --------------- --------
Cook Lake Uranium MC00015212 984 Yes
Property
----------- --------------- --------
E-12 Uranium Property MC00015213 1,323 Yes
----------- --------------- --------
Reitenbach Uranium MC00015214 2,135 Yes
Property
----------- --------------- --------
1,235 Pending
----------- --------------- --------
*Bold text refers to ground acquired since the original
properties acquisition announced by the Company on 15 September
2021
Reference Notes:
1:
https://geohub.saskatchewan.ca/datasets/gsc-lake-sedimentanalyses/explore?location=57.252950%2C-105.528550%2C6.69
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
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
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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END
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