#POW Power Metal Resources – Athabasca Basin – Strategic Uranium Project Staked

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update concerning its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada.

HIGHLIGHTS:

–Durrant Lake Uranium Property (“Durrant Lake” or the “Property”) acquired by direct Mineral Claim staking. The newly acquired claim covers a total area of 58.66km² within the eastern side of the Athabasca Basin and is bordered on three sides by claims held by uranium focussed companies Orano SA, Denison Mines Corp and ISO Energy Ltd.

–Durrant Lake, which was staked directly by the Power Metal technical team, is the first uranium portfolio property to be situated within the confines of the prolific Athabasca Basin.

–With the addition of Durrant Lake, the Power Metal Athabasca uranium portfolio now consists of eleven properties, including a conditional disposal¹, with a combined total area of 780km².

–The Athabasca Basin hosts over seven past and current uranium operations including McArthur River, the world’s largest high-grade uranium deposit and the Cigar Lake mine which was the world’s top uranium producer in 2020.²

A map of the Durrant Lake Uranium Property location is available at the following website link: https://www.powermetalresources.com/durrant-lake-uranium-overview/

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented: 

“The Durrant Lake Uranium Property located within the Athabasca Basin, which hosts some of the world’s highest grade uranium deposits, represents a significant addition to the Company’s already sizeable Saskatchewan focused uranium portfolio. 

We look forward to providing further updates on developments across our Athabasca uranium interests in the near term.”

FURTHER INFORMATION

Mineral Claim Staking Process

The Mineral Claim constituting the Durrant Lake Uranium Property was acquired directly through the Mineral Administration Registry Saskatchewan (MARS) electronic registry system.

Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground becomes reopen to third party staking at a set time each month. At reopening, areas of high uranium prospectivity can become segmented as different parties compete to register Mineral Claims over the newly opened ground. In the case of the open ground covering the wider Durrant Lake area, Iso Energy Ltd acquired approximately 4.30 km² of the newly reopened ground, with Power Metal acquiring 58.66km², representing the vast majority of the newly available area (c. 62.96km²).

The cost of staking of the Property was Canadian $3,519.78. The newly staked licence comes with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending a minimum of Canadian $87,990 per annum.

The Durrant Lake Property

The Durrant Lake Uranium Property is surrounded by ground held by major uranium operators and explorers including Orano SA, Denison Mines Corp (TSX: DNN) and Iso Energy Ltd (TSX-v: ISO).

The Hurricane Zone, which is part of the Iso Energy Ltd’s 100% owned Laroque East property, is a 575m long by 75m across and up to 11m thick uranium deposit that is located less than 15km northeast of the Durrant Lake Uranium Property. The Hurricane Zone includes notable drill intercepts of up to 33.9% U₃O₈ over 8.5m, including 57.1% U₃O₈ over 5.0m.³

Property Geology

Geological reports highlight that the Property is underlain by around 200-300m of sandstone that sits unconformably over crystalline basement, which is logged as metasedimentary and intrusive lithologies of the Mudjatik Domain.

The unconformity between the sandstone and the underlying crystalline basement lithologies is the main target for uranium exploration in Saskatchewan, and deposits such as McArthur River (416 Mlb at 15% U₃O₈), Cigar Lake (152.4 Mlb at 7.55% U₃O₈), Hurricane and Phoenix (60 Mlb at 19.1% U₃O₈) are located at, or in close proximity to this geological contact zone.

URANIUM PROPERTIES – 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 the Company’s Athabasca uranium portfolio.

The Power Metal Canada Uranium Property Map is available to view at the following link:

https://www.powermetalresources.com/power-metal-canada-uranium-map/  

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

*Reitenbach Property conditionally disposed to Teathers Financial PLC as announced 8 August 2022.

**Property acquisition announced on 25 July 2022 – licence transfers complete.

***Newly staked Property