TIDMPOW
RNS Number : 1180W
Power Metal Resources PLC
20 December 2021
20 December 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Exploration Update - Athabasca Basin
2021 Exploration Programme Delivers High-Grade Uranium Rock
Samples up to 3.86% U(3) 0(8) (38,600ppm)
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces its 2021 work programme
results from three of its 100% owned interests surrounding the
Athabasca Basin in northern Saskatchewan, Canada.
Previously on 05/11/2021 the Power Metal announced that its
Phase I work programme was complete, and that additional ground
surrounding the company's Tait Hill Property was acquired. A link
to the announcement can be found below.
https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15201678
HIGHLIGHTS:
- Phase I exploration conducted over three of the seven
Athabasca uranium properties, namely Tait Hill, Thibault Lake and
Cleawater.
- 20 rock samples were collected for assay testing and the
results demonstrate high grade uranium with the highest grade of
38,600ppm or 3.86% uranium oxide ("U(3) 0(8) ")(.)
- Multiple targets have been idenfitied for follow up exploration work in 2022.
Maps demonstrating the location of sample results across the
three properties may be viewed on the Company's website through the
following links:
https://www.powermetalresources.com/tait-hill-phase-1-programme-results/
https://www.powermetalresources.com/thibaut-lake-phase-1-programme-results/
https://www.powermetalresources.com/clearwater-phase-1-programme-results/
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"The confirmation of high grade uranium through assay testing of
rock samples samples from the recent exploration programme is
extremely positive and demonstrates the value of the diligent
review work undertaken when the footprint was selected for staking
earlier in the year.
There is considerable interest in the Athabasca uranium
opportunity and Power Metal has, in my view and as evidenced today,
built a compelling uranium exploration project portfolio in the
area.
We remain of an acquisitive mindset with regard to uranium
properties and are currently reviewing additional Canadian and
African uranium exploration opportunities."
EXPLORATION PROGRAMME ADDITIONAL INFORMATION:
- A total of 20 rock samples were collected as part of the Phase
I programme including eight (8) from Tait Hill, seven (7) from
Thibaut Lake, and five (5) from Clearwater. All samples were
analysed at the Saskatchewan Research Council laboratory in
Saskatoon, Saskatchewan. Power Metal employed a uranium-exploration
analytical package which includes uranium, various
base/trace-metals, as well as a suite of rare-earth elements
("REEs").
- At Tait Hill, four (4) of the Properties eighteen (18)
Saskatchewan Mineral Deposit Index point ("SMDI") uranium
occurences were visited by exploration crews. Several samples
returned highly anomalous uranium mineralisation including rock
samples up to 4,700ppm (0.47% U(3) 0(8) ). The rocks were collected
along a northeast-southwest trending line of uranium-rich boulders.
Tait Lake which is centrally located within the Tait Hill Property
(see map), where 308,000kg of uranium with a insitu value of
US$25.6 million (c. US$28 million at US$42/lb uranium) was
calculated by the Saskatchewan Mining Development Corporation
following a detailed lake-sediment drilling programme completed in
1980, was not visited as part of this programme.(1) The historic
work programme was completed solely on Tait Lake and the calculated
resource is for Tait Lake and a few of the uranium-rich lakes
immediately surrounding Tait Lake, which are majority held within
the current Tait Hill Property.
- Power Metal has also successfuly obtained a high-resolution
magnetics, electromagnetic ("EM") and radiometric airborne survey
flown Terraquest Ltd., on behalf of Canalaska Uranium Ltd., over
the entire Tait Hill Property In 2008 the 4,290 line-km survey was
flown at 150m-line spacing and successfully identified ten (10)
radiometric anomalies at Tait Hill which were never followed up on.
In addition, several magnetic and EM anomalies and lineaments were
identified which will assist the Company is planning future work
programmes on the Tait Hill Property.
- At Thibaut Lake, two (2) of the Properties six (6) SMDI
uranium occurences were visited by exploration crews. Several
samples returned highly anomalous uranium mineralisation including
rock samples up to 38,600ppm (3.86% U(3) 0(8) ), as well as five
(5) of the seven (7) samples which assayed >1,100ppm U(3) 0(8) .
The extremely high-grade sample was strongly mineralised with
yellow carnotite and black pitchblende and displayed strong
hematite alteration. The result greatly exceeds any historic
samples taken within the area and represents a new exciting
discovery for the Company.
- At Clearwater, three (3) of the Properties fourteen (14) SMDI
uranium occurences were visited by exploration crews. Several
samples returned strongly anomalous uranium mineralisation
including rock samples up to 770ppm U(3) 0(8) , including all
samples which returned greater than 200ppm U(3) 0(8) .
- Other notable rare-earth element results include thorium (Th)
up to 1150ppm and zirconium up to 1,860ppm from the Tait Hill
Property, as well as base-metal results including silver (Ag) up to
31.8ppm and lead (Pb) up to 8,320ppm from the Thibault Lake
Property.
The Company is very pleased with the results obtained from the
Phase I work programme where only one day of prospecting was spent
on each of the three Properties. Several additional uranium
occurrences have yet to be prospected by Power Metal, and the data
obtained during this programme, as well as additional historic data
acquired by the Company as part of the now completed historic data
compilation, will be crucial in allowing the Company to unlock
additional value from the Portfolio during the 2022 exploration
season.
Table 1: 2021 Work Programme Rock Sample Assay Results
U3O8 wt
Title Property % * U308 (ppm)
149626 Tait Hill 0.47 4,700
----------- -------- -----------
149627 Tait Hill 0.02 200
----------- -------- -----------
149628 Tait Hill 0.007 70
----------- -------- -----------
149629 Tait Hill 0.011 110
----------- -------- -----------
149630 Tait Hill 0.024 240
----------- -------- -----------
149631 Tait Hill 0.105 1,050
----------- -------- -----------
149632 Tait Hill 0.017 170
----------- -------- -----------
149633 Tait Hill 0.006 60
----------- -------- -----------
Thibaut
149634 Lake 0.04 400
----------- -------- -----------
Thibaut
149635 Lake 0.115 1,150
----------- -------- -----------
Thibaut
149636 Lake 0.003 30
----------- -------- -----------
Thibaut
149637 Lake 0.165 1,650
----------- -------- -----------
Thibaut
149638 Lake 0.122 1,220
----------- -------- -----------
Thibaut
149639 Lake 0.267 2,670
----------- -------- -----------
Thibaut
149640 Lake 3.86 38,600
----------- -------- -----------
149641 Clearwater 0.038 380
----------- -------- -----------
149642 Clearwater 0.023 230
----------- -------- -----------
149643 Clearwater 0.043 430
----------- -------- -----------
149644 Clearwater 0.065 650
----------- -------- -----------
149645 Clearwater 0.077 770
----------- -------- -----------
* U(3) O(8) Assay by ICP, SRC Geoanalytical Laboratories,
Saskatoon, Saskatchewan,
Reference Notes:
1: C. E. Roy and S. A. Earle, Saskatchewan Mineral Development
Corporation Exploration - Summer 1980, Grease River-Scott Lake
Project, CBS 5479, 5539, 5869 (74O09-0022). December, 1980
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, 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 has exploration programmes completed or underway,
with results awaited, as outlined below:
Project Location POW % Work Completed Results Awaited
or Underway
Alamo Gold USA Earn-in Excavation of multiple Field results from
Project to 75% test pits and mapping on-site work programme.
& sampling.
---------- ---------- ------------------------ -------------------------
Authier North Canada Earn-in Soil & rock sampling Laboratory assay
Lithium to 100% completed results of samples
collected
---------- ---------- ------------------------ -------------------------
Ditau Project Botswana 50% Preparatory exploration Field programme
work underway on findings and defined
target I10 leading drill targets for
to planned accelerated near term drilling.
drilling targeting
rare-earth elements
and base metals
---------- ---------- ------------------------ -------------------------
Kalahari Copper Botswana 50% Exploration programme Field programme
Belt underway across findings and defined
the South Ghanzi drill targets for
Project and further near term drilling
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- ---------- ------------------------ -------------------------
Molopo Farms Botswana 53% Kavango Option Results from various
to acquire an interest work activities
in local project underway as part
holding company. of the Kavango
Option fee payable Option
through defined
work programme
---------- ---------- ------------------------ -------------------------
Tati Gold/Nickel Botswana 100% Reverse circulation Laboratory assay
drill programme results awaited
completed
---------- ---------- ------------------------ -------------------------
Victoria Goldfields Australia 49.9% Ongoing exploration Results from field
across 848km(2) programme including
of granted exploration drill programme
licences underway
---------- ---------- ------------------------ -------------------------
Wallal Gold/Copper Australia 83.33%(1) Passive seismic Results awaited
Project and 2D seismic
processing work
programme completed
---------- ---------- ------------------------ -------------------------
(1) assuming all licences held by URE Metals Pty Limited are
granted as outlined in the Company's announcement of 19.11.21
resulting in the issue of First Development Resources Ltd shares to
URE vendors
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