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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 portfolio expansion at its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

PORTFOLIO HIGHLIGHTS:

– Total land holdings surrounding the Athabasca Basin have now been increased by 144.84 km²to a total land holding of 411.96 km² (41,196 hectares), which includes additional ground staked surrounding the Company’s Thibaut Lake, Clearwater, and Reitenbach Uranium properties – representing a 54.2% increase in total land holdings.

– An additional 107.48 km² were staked surrounding the company’s Reitenbach Uranium Property. The new claims cover three additional uranium mineral deposit index points as well as a lake-sediment result of 130ppm Uranium, taken from the Geological Survey of Saskatchewan’s lake sediment analysis database (database of 13,195 individual lake sediment results from the Precambrian Shield area of Saskatchewan)¹. The lake sediment result represents the 11th highest sample in the entire provincial database (99.9^th percentile).

–    The Reintenbach Uranium Property is now fully contiguous with ground owned by multiple private claim holders, as well as Forum Energy Metals Corp (TSX:FMC).

– An additional 21.95 km² were staked surrounding the company’s Thibaut Lake Uranium Property. The Property is now contiguous with one of the largest private landholders within Saskatchewan, as well as a British Columbia registered company with unknown owners.

–    An additional 15.41 km² were staked surrounding the Company’s Clearwater Uranium Property. The new claim covers three base-metal mineral deposit index points. The Thibaut Lake Uranium Property is now contiguous with ground owned by Eagle Plains Resources Ltd., as well as with one of the largest private landholders within Saskatchewan.

–    Historic data compilation is progressing at pace across the portfolio with full analysis completed on three properties to date. The results of this ongoing work will be released to the market in the coming weeks.

–    All property expansions were acquired through staking and as a result Power Metal, through its wholly-owned subsidiaries, will have a 100% interest with no outstanding royalties or encumbrances.

–  The claims have been registered with the Mineral Administration Registry Saskatchewan and the total cost of claim staking was C$28,141.  The claims are valid for 2 years and there is no minimum spend commitment required.

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

“The additional areas staked by the Company are prospective for uranium and base-metals in areas surrounding the Athabasca Basin in Saskatchewan, Canada.

Our plan was to steadily increase our Athabasca land holdings, however given the pace at which ground is being staked by various other parties, and the high-value transactions taking place around the Athabasca Basin, we have accelerated our staking campaign.

Power Metal now has exposure to 412 km² of ground that we consider to be highly prospective for uranium mineralisation, representing a strategic portfolio of uranium focused exploration interests within a top mining jurisdiction.

Our first work programme covering three of the seven properties was completed last week and we await assay results from samples which have been submitted on a rush-basis for expeditious turnaround.” 

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 the Company’s uranium portfolio.

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 and 5 November 2021

Reference Notes:

1:  https://geohub.saskatchewan.ca/datasets/gsc-lake-sediment-analyses/explore?location=57.252950%2C-105.528550%2C6.99  

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:

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 now has the following exploration completed with results awaited or exploration underway:

–  Silver Peak Project (Canada) – diamond drill programme completed targeting high-grade silver (laboratory assay results awaited)

–  Authier North Lithium Project(Canada) – soil & rock sampling completed (laboratory assay results awaited)

–  Athabasca Uranium (Canada) – Phase I exploration completed and field results positive, targeting uranium (laboratory assay testing of samples collected awaited)

–  Tati Gold/Nickel Project (Botswana) – reverse circulation drilling completed (field results, together laboratory assay results awaited)

–  Molopo Farms Complex (Botswana) – further samples being tested for nickel sulphide and platinum group elements (“PGEs”) from diamond drill programme completed (laboratory assay results awaited)

–  Ditau Project (Botswana) – preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals

–  Kalahari Copper Belt (Botswana) – results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

–  Wallal Gold/Copper Project (Australia) – geophysics results from 2D seismic processing and passive seismic awaited

–  Victoria Goldfields (Australia) – results from ongoing exploration across 848km² of granted exploration licences