TIDMPOW
RNS Number : 7878L
Power Metal Resources PLC
08 September 2023
8 September 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Highly Significant Helium Anomaly Discovered on Perch River
Uranium Project
Power Metal Resources PLC (AIM:POW), the AIM listed metals
exploration and development company , announces the discovery of a
significant helium anomaly at its 100% owned Perch River Uranium
Project ("Perch River" or the "Project") within the Athabasca
Basin, Saskatchewan, Canada.
Highlights
-- Hyperspectral data analysis using Sentinel-2 satellite data
on mineral reflectance ("Hyperspectral Analysis") conducted at
Perch River has identified several helium anomalies on the Project,
including the discovery of one extremely strong helium response in
the centre of the Project (see figure 1).
-- The very strong helium response could be indicative of
significant buried uranium mineralisation or leakage of helium from
a buried helium reservoir at depth (further detailed below).
-- As a response to the discovery of this significant helium
target, the crews currently active on the Company's uranium
portfolio have been repositioned in order to complete a
high-resolution soil sampling grid over this target area.
-- The Company plans to engage a helium gas specialist to
determine optimal next steps to further develop this target.
Sean Wade, Chief Executive Officer of Power Metal Resources plc,
commented:
"It is very exciting to be able to deliver this news to
shareholders. As we have previously reported, this season's wider
uranium fieldwork remains ongoing and further updates will be
provided in due course.
"However, the indications we have had from Perch River could be
hugely significant and warranted immediate release.
"Whilst it is always important to manage expectations, it is
fair to say that the discovery of such a strong anomaly has far
exceeded our expectations and sets the scene for what we hope to be
a strong schedule of newsflow from our uranium portfolio
overall."
HYPERSPECTRAL ANALYSIS OF THE PERCH RIVER PROPERTY
Power Metal commissioned Dr Neil Pendock, a highly respected
remote sensing consultant, to complete a hyperspectral data
compilation and processing study over Perch River. Results from the
study highlighted the presence of several very strong helium
anomalies on the Project. The source of these anomalies is
currently unknown but has been postulated by Dr Pendock to be
related to either:
Ø Buried uranium mineralisation - Helium is a daughter product
of the radiogenic decay of uranium and is known to be enriched over
uranium deposits elsewhere in the Athabasca Basin including Cameco
Corporation's Millenium deposit.
Ø Gas leakage up along the north-south oriented fault structure
from a buried helium reservoir at depth.
Ø Leakage from a buried hydrocarbon reservoir - often helium is
trapped alongside natural gas in hydrocarbon reserves which is
considered by the Company and Dr Pendock to be the least likely
scenario.
Significantly, the strongest helium response identified by the
Hyperspectral Analysis is almost perfectly coincident with, 1) the
large and most significant gravity low anomaly on the Project (2007
survey completed by Bell Geospace on behalf of Purepoint Uranium
Group Inc)(1) , 2) an area of uranium-in-soil enrichment (surveys
completed in 2011, 2013 and 2014 by Purepoint Uranium Group Inc.),
3) east-west oriented government defined geophysical conductors
(see figure 2), and 4) a north-south oriented fault splay.(2)
The Company believes the coincidence of these various features
further adds weight to the significance of this newly discovered
helium target in particular the gravity low anomaly which is a
response to an area with lower density than its surroundings (which
is deemed by the Company to possibly be a gaseous reservoir).
Furthermore, the presence of previously identified soil
geochemical uranium anomalies over the helium target area further
supports the possible presence of uranium enrichment in the
immediate area, and the interpreted fault structure could act as
the conduit for the leakage of helium gas to surface from uranium
mineralisation located at depth (see figure 2).
Power Metal is looking to contract an in-country gas specialist
in order to review possible next steps which may include a detailed
desktop analysis as well as a helium-in-soil survey (subject to
crew availability) in order to advance this exciting new target.
Other possible exploration steps will be determined as the review
continues.
Figure 1: Perch River Project Helium Occurrence Map.
Figure 2: Perch River Project Helium Occurrence Inset Map.
GLOSSARY
Hyperspectral - Hyperspectral imaging concerns the collection
and processing of information from continuous and contiguous ranges
of wavelengths across the electromagnetic spectrum.
NOTES AND REFERENCES
1: Purepoint Uranium Group. September 2007; Final Report
Acquisition & Processing; Airborne Full Tensor Gravity
Gradiometry (Air-FTG) survey, Umfreville Project Athabasca Basin,
Canada. (74P02-0023)
2: Terraquest Ltd; September 2010; Horizontal AeroMagnetic
Gradient & XDS VLF-EM Survey Newnham & Umfreville Blocks
Athabasca Basin, Saskatchewan (74P02-0024)
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
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
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
BlytheRay (PR Advisors) +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
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.
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
grow the Company, or may be returned to shareholders through share
buy backs, dividends or in-specie distributions of assets.
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