TIDMPOW
RNS Number : 8665R
Power Metal Resources PLC
10 November 2021
10 November 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Portfolio Expansion - Athabasca Basin
Athabasca Basin Property Holdings Expanded Significantly to
41,196 - Hectares (54.2% Increase in Total Athabasca Portfolio Land
Holdings)
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 km(2) to a total land holding of 411.96
km(2) (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 km(2) 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 km(2) 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 km(2) 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 km(2) 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*
Project Licence Area - Hectare
ID
Clearwater Uranium
Property MC00015079 1,110
----------------------- ------------ ---------------
MC00015083 563
------------------------------------ ---------------
MC00015082 3,191
------------------------------------ ---------------
MC00015151 760
------------------------------------ ---------------
MC00015646 761
------------------------------------ ---------------
MC00015658 1,541
------------------------------------ ---------------
Tait Hill Uranium
Property MC00015078 1,576
----------------------- ------------ ---------------
MC00015081 968
------------------------------------ ---------------
MC00015153 1530
------------------------------------ ---------------
MC00015152 1886
------------------------------------ ---------------
MC00015647 725
------------------------------------ ---------------
MC00015648 1129
------------------------------------ ---------------
Thibaut Lake Uranium
Property MC00015077 2,206
----------------------- ------------ ---------------
MC00015659 2,195
------------------------------------ ---------------
Soaring Bay Uranium
Property MC00015080 1,255
----------------------- ------------ ---------------
MC00015155 3,375
------------------------------------ ---------------
Cook Lake Uranium
Property MC00015212 984
------------ ---------------
E-12 Uranium Property MC00015213 1323
------------ ---------------
Reitenbach Uranium
Property MC00015214 2,135
----------------------- ------------ ---------------
MC00015474 1,235
------------------------------------ ---------------
MC00015655 4,570
------------------------------------ ---------------
MC00015656 5,322
------------------------------------ ---------------
MC00015657 856
------------------------------------ ---------------
Total Land Holdings 41,196
---------------
*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:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
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
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 848km(2) of granted exploration licences
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