Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a progress update in respect of the conditional disposal of its Reintenbach uranium property (“Reintenbach” of the “Property”) located east of the Athabasca Basin in Northern Saskatchewan, Canada.
The conditional disposal of Reitenbach to Teathers Financial Plc (“Teathers Financial” or “Teathers”), was announced on 8 August 2022 and may be viewed through the following link:
Teathers is an unlisted public company which is planning an initial public offering (“IPO”) on the London capital markets. Subject to the conditional terms of the agreed Property Purchase Agreement (the “Agreement”) being met, the Power Metal group would be expected to hold an estimated 40-55% interest in the newly listed company.
HIGHLIGHTS
§ Teathers to be renamed Uranium Energy Exploration PLC for its planned listing on the London capital markets.
§ Preparations for planned listing progressing well and £125k pre-IPO fundraising round completed.
§ Multiple significant uranium prospective anomalies identified across the Property.
§ A significant ‘New Lake Geochem Zone’ has been identified which is demonstrated by high-
tenor uranium results from historical lake sediment geochemical sampling
§ Additional staking of 1,333 hectares (13.33Km2) completed to cover new prospective zone and increasing the size of the Property to 15,979 hectares (159.79km2).
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The planned disposal of the Reitenbach uranium Property into what will be Uranium Energy Exploration PLC is progressing well, with significant corporate and technical progress having been made in the last 4 weeks since the transaction was announced.
We are seeing uranium shares move sharply higher across UK, Canadian and Australian exchanges, reflecting the increasing recognition across the globe of an urgent need for the uptake in utilisation of nuclear power generation.
Regrettably the UK capital markets do not have many uranium focused shares, and there is limited opportunity for UK investors to participate in the uranium sector. This new planned listing will add another opportunity, and we understand the investor engagement thus far, has demonstrated there is a great deal of interest.
Should you wish to be kept informed of developments, please email info@uraniumenergyexploration.com.”
FURTHER INFORMATION
Corporate:
– Teathers Financial recently completed a £125,000 pre-IPO financing.
– Teathers has secured the company name, Uranium Energy Exploration and ticker symbol UEE, in advance of its planned listing on the London capital markets in the near term.
– Teathers has also secured the website holding page (https://uraniumenergyexploration.com) as well as the Twitter handle @uranium_energy as it continues to build out its online presence.
Reitenbach Technical:
Prior to the acquisition of the Property becoming unconditional, Power Metal’s technical team have continued to undertake exploration work on the Property. The outcome of that work is outlined below.
– Hyperspectral remote sensing analysis utilising Sentinel-2 satellite data on hydrogen and helium gas reflectance was recently obtained over the Reitenbach area. The results of this spectral survey highlighted the existence of several anomalies located across the Property.
– These spectral results, combined with government and historical geophysical data, have allowed for the refinement of several high-priority targets for inspection during future work programmes, which includes a strong northeast-southwest trending anomaly in close proximity to the original ‘Lake Geochem Zone’ identified in 2021 by Power Metal.
– A significant ‘New Lake Geochem Zone’ was also identified through further historical data digitisation, which includes lake sediment sample results up to 346ppm Uranium (“U”) (with 6 results returning > 285ppm U) which represent very high tenor results for this type of geochemical sample. The combined Lake Geochem Zone now stretches for greater than 7km.
– The spectral results also have highlighted a significant hydrogen and helium anomaly present along the regionally important Needle Falls Shear Zone.
– As a result of the spectral results and the identification of the ‘New Lake Geochem Zone’, an additional 1,333 hectares have been claim staked (13.33 km2), bringing the total Property area under licence to 159.79 km2. The new ground staked covers the extension of a northeast-southwest trending uranium-rich boulder train as well as spectral anomalies identified at the ‘New Lake Geochem Zone’. All Reitenbach Property claims are being held by Power Metal, in trust for Teathers, pending completion.
A map highlighting the newly staked area and results from the ‘New Lake Geochem Zone’ be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/reitenbach-property-overview-sept-22/