#POW Power Metal Resources – Uranium Exploration Update – Athabasca Basin

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*

*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

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: