TIDMPOW
RNS Number : 4428I
Power Metal Resources PLC
02 December 2022
2 December 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Athabasca Uranium - Exploration Update
Summer 2022 Exploration Programme Delivers High-Grade Uranium
Rock Samples up to 4.70% (47,000 ppm) U(3) 0(8)
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces results from its recently
completed 2022 Phase I field programme covering its Thibault Lake,
Clearwater and Tait Hill uranium properties located in the
Athabasca Basin area in Saskatchewan, Canada.
Following the earlier releases announcing the fieldwork
commencement on 10 August 2022, as well as the completion of work
on 5 October 2022, full assays results have been received, analysed
and compiled by the Company's technical team. The announcements may
be viewed in the links below:
https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15578933
https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basin-canada/15659146
HIGHLIGHTS:
-- A total of 46 rock samples were collected as part of the 2022
Phase I programme including 29 samples from Tait Hill, 8 from
Thibaut Lake, and 8 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).
-- Two extremely high-grade samples were returned from Thibault
Lake including individual assay results up to 4.7% and 2.4% U(3)
O(8) , with further highly radioactive samples located in close
proximity.
-- During fieldwork on Clearwater, historical mine shafts and
former workings were identified, illustrating the property's
overall prospectivity; the Power Metal sampling carried out as part
of this programme identified up to 1,120 ppm (0.112%) U(3) O(8)
.
-- Work on Tait Hill has supported the potential identification
of a target considered to be geologically analogous to the Rössing
Uranium deposit in Namibia, with up to 825 ppm Uranium ("U")
identified at the Mullis Lake Target which will be one of the
focuses of future work programmes.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"We are particularly excited by our Athabasca uranium portfolio,
with twelve properties covering some 841km(2) of footprint in this
highly sought-after region for uranium exploration. Two of our
properties, Reitenbach and E-12 are in the process of disposal as
previously announced, and we continue to attract interest across
the remainder of the portfolio and have
established data rooms for each property to enable us to
efficiently engage with third parties.
Notwithstanding this, we intend to retain a number of the
properties and to conduct proactive exploration across them. Today
we have announced positive exploration findings from our latest,
Summer 2022 phase I work programme covering three properties, and
we will be launching additional ground exploration in 2023.
In the meantime, the commercialisation work in respect of our
uranium portfolio continues, including both disposal activities and
the search for new uranium focused projects to add into the Power
Metal business."
Programme Overview
The exploration fieldwork conducted over the Thibault Lake,
Clearwater and Tait Hill uranium properties consisted of the ground
investigation, gamma-ray spectrometer surveying and rock sampling
and over pre-defined target areas.
Both Thibault Lake and Clearwater are considered prospective for
both Beaverlodge style vein/shear hosted uranium and pegmatite
hosted uranium. Tait Hill is considered prospective for both
pegmatite hosted uranium and offers a significant intrusive related
target; the 'Mullis Lake Target'.
The results from the exploration programs support these
assessments.
Thibault Lake Uranium Property
In the north of Thibault Lake in the vicinity of the West Tazin
Lake Target, strongly mineralised samples of sheared, pitchblende
infilling structures, typical of Beaverlodge-type uranium
mineralisation returned results up to 2.4% and 4.7% U(3) O(8) and
represents a significant target for future exploration.
Clearwater Uranium Property
Exploration at Clearwater focussed on two targets including:
1) the Toots Lake Target where samples of folded and foliated
gneiss, pegmatites and fracture-controlled veins yielded
spectrometer counts per second ("CPS") readings of up to 1,300 CPS,
with corresponding sample assay results up to 206 ppm U.
2) The A-6 North Target which is in close proximity to an
identified historical mineshaft included a strongly radioactive
sample with 'off scale' (i.e. >9,999 CPS) radioactivity, which
returned a sample assay of 1,120 ppm U(3) O(8) . Additional samples
also had anomalous results of between 133 and 322 ppm U(3) O(8)
.
The results from this exploration programme on Clearwater
indicates the prospectivity of the property for further examples of
Beaverlodge-Style uranium mineralisation.
Tait Hill Uranium Property
In the south of Tait Hill, at the Mullis Lake Target, up to 825
ppm U was returned from an outcrop of a brecciated pegmatite dyke,
this sample, in close proximity to a mapped granite and folded
gneiss that has been interpreted a significant target. The Mullis
Lake Target is considered by the Company to have geological
similarities to the setting of the intrusive related Rössing
Uranium Mine located in Namibia. As announced on 10 October 2022,
additional land has been staked to secure this target for future
work.
Summary
The Company is very pleased with the results obtained from the
2022 Phase I work programme where only a few days 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 and the 2021 work programmes, as well
as historic data compiled by the Company, will be crucial in
allowing Power Metal to unlock additional value from the portfolio
during the 2023 exploration season.
URANIUM PROPERTIES - HOLDING STRUCTURE
Power Metal has a 100%-owned subsidiary Power Metal Resources
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 outlined in Table
1.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property
Holdings
Project Licence ID Area Area
(Hectare) (km(2) )
Clearwater Uranium
Property MC00015079 1,110 11.1
------------------------ ------------ ----------- -----------
MC00015083 563 5.63
------------------------------------- ----------- -----------
MC00015082 3,191 31.91
------------------------------------- ----------- -----------
MC00015151 760 7.6
------------------------------------- ----------- -----------
MC00015646 761 7.61
------------------------------------- ----------- -----------
MC00015658 1,541 15.41
------------------------------------- ----------- -----------
Tait Hill Uranium
Property MC00015078 1,576 15.76
------------------------ ------------ ----------- -----------
MC00015081 968 9.68
------------------------------------- ----------- -----------
MC00015153 1,530 15.3
------------------------------------- ----------- -----------
MC00015152 1,886 18.86
------------------------------------- ----------- -----------
MC00015647 725 7.25
------------------------------------- ----------- -----------
MC00015648 1,129 11.29
------------------------------------- ----------- -----------
MC00016158 3,242 32.42
------------------------------------- ----------- -----------
Thibaut Lake Uranium
Property MC00015077 2,206 22.06
------------------------ ------------ ----------- -----------
MC00015659 2,195 21.95
------------------------------------- ----------- -----------
Soaring Bay Uranium
Property MC00015080 1,255 12.55
------------------------ ------------ ----------- -----------
MC00015155 3,375 33.75
------------------------------------- ----------- -----------
MC00015874 748 7.48
------------------------------------- ----------- -----------
MC00015875 2,529 25.29
------------------------------------- ----------- -----------
Cook Lake Uranium
Property MC00015212 984 9.84
------------ ----------- -----------
E-12 Uranium Property* MC00015213 1,323 13.23
------------ ----------- -----------
Reitenbach Uranium
Property** MC00015214 2,135 21.35
------------------------ ------------ ----------- -----------
MC00015474 1,235 12.35
------------------------------------- ----------- -----------
MC00015655 4,570 45.7
------------------------------------- ----------- -----------
MC00015656 5,322 53.22
------------------------------------- ----------- -----------
MC00015657 886 8.86
------------------------------------- ----------- -----------
MC00015824 528 5.28
------------------------------------- ----------- -----------
MC00016155 1,333 13.33
------------------------------------- ----------- -----------
Reindeer Lake MC00015522 3,336 33.36
------------------------ ------------ ----------- -----------
Porter Lake MC00015561 5,656 56.56
------------ ----------- -----------
MC00015562 5,198 51.98
------------------------------------- ----------- -----------
Old Woman Rapids MC00015563 4,851 48.51
------------ ----------- -----------
MC00015564 5,063 50.63
------------------------------------- ----------- -----------
MC00015565 3,044 30.44
------------------------------------- ----------- -----------
Durrant Lake AC00018000 5,866 58.66
------------ ----------- -----------
Badger Lake MC00016253 1,671 16.71
------------ ----------- -----------
Total Licence Holding Area 84,291 842.91km(2)
----------- -----------
*E-12 Property conditionally disposed to Teathers Financial PLC
as announced 4 November 2022.
**Reitenbach Property conditionally disposed to Teathers
Financial PLC as announced 8 August 2022.
GLOSSARY
Beaverlodge-style: A group of small, but moderate to high-grade
uranium deposits found to the northwest of the Athabasca Basin.
Such deposits are typically present along faults, fractures or
shear zones, generally containing pitchblende, quartz, calcite,
chlorite and sulphide minerals; or within a brecciated unit
containing pitchblende, galena, quartz, calcite, chlorite, and
pyrite.
Pegmatites: Pegmatites are coarse grained intrusive rocks which
often carry economic mineralisation, they commonly form 'sheets' of
rock close to larger intrusions.
U(3) O(8 :) Uranium oxide, containing 84.8% uranium.
Uraniferous: Containing uranium
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
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.
Exploration Work Overview
Power Metal has multiple internal exploration programmes
completed or underway, with results awaited. The status for each of
the Company's priority exploration projects is outlined in the
table below.
Project Location Current Work Completed or Results Awaited
POW % Underway
Athabasca Canada 100% Preliminary planning None, results reported
Uranium for work in Spring/Summer within this news
2023 is ongoing. release.
--------- -------- --------------------------- ------------------------
Molopo Botswana 87.71% Diamond drill programme Drill programme
Farms underway. MLEM surveys updates and findings
planned over additional from further MLEM
AEM targets identified. survey work.
--------- -------- --------------------------- ------------------------
Tati Botswana 100% RC drilling and sampling Mine dumps processing
Project of mine dumps complete. and project commercial
and exploration
next steps.
--------- -------- --------------------------- ------------------------
Exploration work programmes may also be underway within Power
Metal investee companies and planned IPO vehicles where Power Metal
has a material interest, the findings from which will be released
on their respective websites, with simultaneous updates through
Power Metal regulatory announcements where required. These
interests are summarised in the table below:
Company Status/Operations Link
First Class Investment - www.firstclassmetalsplc.com
Metals PLC POW 27.91%
Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 9.85%
PLC Exploration
in Botswana
------------------------ ------------------------------------------------------------------
First Development Planned IPO www.firstdevelopmentresources.com
Resources - POW 62.12%
PLC Exploration
in Western Australia
and the Northern
Territory of
Australia
------------------------ ------------------------------------------------------------------
Golden Planned IPO www.goldenmetalresources.com
Metal Resources - POW 83.13%
PLC Exploration
and development
in Nevada, USA
------------------------ ------------------------------------------------------------------
New Ballarat Planned IPO A new website is currently in development
Gold PLC - POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration .
in the Victoria In the interim further information
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy Exploration - POW on listing
PLC estimated 50-55%
Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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