TIDMPOW
RNS Number : 3169Q
Power Metal Resources PLC
26 October 2021
26 October 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Portfolio Update - Athabasca Basin
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 km(2) .
Subsequently on 27/09/2021 the Company announced a significant
expansion of the uranium portfolio to a combined 241 km(2) across
seven properties. Links to the announcements can be found
below.
https://www.londonstockexchange.com/news-article/POW/strategic-uranium-opportunity-athabasca-basin/15136428
https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-expansion-athabasca-basin/15150482
HIGHLIGHTS:
- 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."
FURTHER INFORMATION
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*
Project Licence Size - Hectare Granted
ID
Clearwater Uranium MC00015079 1,110 Yes
Property
---------------------- ------------ --------------- --------
MC00015083 563 Yes
---------------------- ------------ --------------- --------
MC00015082 3,191 Yes
------------ --------------- --------
MC00015151 760 Yes
------------ --------------- --------
MC00015646 761 Yes
---------------------- ------------ --------------- --------
Tait Hill Uranium MC00015078 1,576 Yes
Property
---------------------- ------------ --------------- --------
MC00015081 968 Yes
---------------------- ------------ --------------- --------
MC00015153 1530 Yes
------------ --------------- --------
MC00015152 1886 Yes
------------ --------------- --------
MC00015647 725 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 1323 Yes
------------ --------------- --------
Reitenbach Uranium MC00015214 2,135 Yes
Property
------------ --------------- --------
MC00015474 1,235 Yes
------------ --------------- --------
*Bold text refers to ground acquired since the most recent
acquisition and expansions announced by the Company on 27 September
2021
Reference Notes:
1: http://mineral-assessment.saskatchewan.ca/Pages/BasePages/Main.aspx
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
Background
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 848km(2) of granted exploration licences
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END
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