TIDMPOW
RNS Number : 5019R
Power Metal Resources PLC
05 November 2021
5 November 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Exploration Update - Athabasca Basin
Exploration Programme Complete, Rock Samples Sent for Rush Assay
Analysis, Land Package Expanded
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces a uranium exploration update
from three of its seven 100% owned interests surrounding the
Athabasca Basin in northern Saskatchewan, Canada.
Previously on 26/10/2021 Power Metal announced that its Phase I
work programme was underway, and that additional ground surrounding
the Company's Tait Hill Property had been acquired. A link to the
announcement can be found below.
https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basin/15187895
PORTFOLIO HIGHLIGHTS:
- The Phase I work programme is now complete. A total of 20 rock
samples were collected from Tait Hill (8 samples), Thibaut Lake (7
samples), and Clearwater (5 samples). All samples have been
submitted for rush-assay for expedited turnaround at the
Saskatchewan Research Council laboratory in Saskatoon,
Saskatchewan. The samples will be subject to a uranium-exploration
analytical package which includes uranium, various
base/trace-metals, as well as a suite of rare-earth elements
("REEs").
- An RS-125 Spectrometer was employed for the duration of the
programme, this is a portable handheld gamma-ray survey device
which measures the radioactivity of the sample being tested (in
counts per second - CPS). Several outcrops were analysed from all
three properties, some which ran as high as 65,535 CPS, which
represents the upper limits of the device employed. All rock
samples collected were also analysed on-site with 17/20 samples
returning >1,000 CPS, 11/20 samples returning >2,500 CPS,
with a individual sample high of 35,000 CPS, see Table 2 below for
full sample CPS data.
- All samples were logged by an experienced geologist as being
variably hematite- and clay-altered granitic to gneissic rocks,
with varying amounts of urananite mineralisation as well as
yellow-orange oxide coatings (possibly Carnotite or
Uranophane).
- Additional 1,129-hectare claim (see Table 1) was staked to
provide further coverage over several uranium-rich lakes
surrounding the Company's Tait Hill uranium Property where
308,000kg of uranium with a value of US$25.6 million (c. US$28
million at $42/lb uranium) was calculated by the Saskatchewan
Mining Development Corporation following a detailed lake-sediment
drilling programme completed in 1980.(1)
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"Power Metal has embarked on a campaign to build significant
uranium portfolio exposure for our investors. We started this
campaign several months ago with the initial staking of our land
package surrounding the prolific Athabasca Basin located in
Northern Saskatchewan, and continue to build our uranium
exploration project portfolio there, as you will see with the new
ground secured today.
Field observations from Phase I exploration are encouraging and
we look forward to the receipt of assay results which are being
expedited as rush assays, as we are eager to get the results back
quickly.
More work is being done to review additional uranium
opportunities and we are optimistic of success in this regard."
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 a wholly owned subsidiary, 102134984
Saskatchewan Ltd, which is the holder of all the uranium
Properties.
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
----------- --------------- --------
MC00015648 1129 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 26 October
2021
Table 2: CPS Sample Readings
Project Sample ID CPS
Clearwater 149641 3700
-------------- ---------- ------
149642 1000
-------------- ---------- ------
149643 650
---------- ------
149644 650
---------- ------
149645 1200
-------------- ---------- ------
Tait Hill 149626 3500
-------------- ---------- ------
149627 2500
-------------- ---------- ------
149628 1000
---------- ------
149629 2500
---------- ------
149630 2500
---------- ------
149631 4000
---------- ------
149632 1200
---------- ------
149633 2000
-------------- ---------- ------
149634 750
---------- ------
149635 4000
---------- ------
149636 3000
---------- ------
149637 3000
---------- ------
149638 2200
---------- ------
149639 6500
---------- ------
Thibaut Lake 149640 35000
---------- ------
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
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 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 completed and
field results positive, targeting uranium (laboratory assay testing
of samples collected awaited)
- Tati Gold/Nickel Project (Botswana) - reverse circulation
drilling completed (field results, together 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 further exploration
at 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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