14 February 2025
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Uranium Joint Venture: Tait Hill
Exploration Update
Significant Intrusion-Related Uranium
Target Identified at Tait Hill Property
Power Metal Resources plc (AIM:POW,
OTCQB:POWMF), the London-listed exploration company with a global
project portfolio, is pleased to provide an exploration update for the Tait Hill Uranium Property ("Tait
Hill" or the "Property"). The update
concerns work undertaken by Fermi Exploration ("Fermi") the
uranium-focused joint venture (the "Joint Venture" or "JV") with
UCAM Ltd ("UCAM" or the "Investor") comprising Power Metal's
portfolio of uranium licences, of which Tait Hill is a
constituent.
Highlights
·
Sampling results have confirmed the Antler Zone, a
well-defined 1 km x 500 m target, initially identified from
historical radiometric and magnetic geophysical survey
data.
·
Geochemical and radon gas results show potential for
intrusion-related uranium mineralisation at the Antler Zone,
including a 700 m trend of key indicators including radiometric
decay ratios and anomalously high uranium, thorium, and rare earth
element concentrations. Radon-in-water anomalies from three nearby
lakes, support a proximal uranium source.
·
Rock samples from the Antler Zone returned the Property's
highest uranium values to date, including 1.68% U in a
pegmatite.
·
Northwestern Target area, located 7 km north of the Antler
Zone, shows anomalous radon levels, high 206/204Pb
ratios, and elevated uranium in soil samples, marking it as another
promising intrusive-style uranium target on the Tait Hill
Property.
Sean Wade, Chief Executive Officer of
Power Metal Resources plc, commented:
"It is very
pleasing to be able to report more progress on our well-funded
exploration plan. Jack and his team are doing fantastic work
establishing drill targets, which, weather permitting, we hope to
get started on over the next few months. I look forward to being
able to update shareholders further as these high-impact
exploration programmes start to take shape."
Technical
Summary
Power Metal Resources commenced the systematic
exploration of the Tait Hill Property in 20231. Prior to
that date the area had only seen limited fieldwork in 2008, where
samples returned up to 1,346 ppm uranium4, and
historical magnetic, radiometric and electromagnetic geophysical
surveys. The initial programme involved widely spaced soil and
radon sampling, which identified prospectivity for
intrusion-related uranium mineralisation, specifically at the
Mullis Lake Northern Target-now renamed the Antler Zone.
Encouraged by the 2023 results, the Power Metal
technical team designed a more detailed sampling campaign over the
Antler Zone to better define the area of interest. This campaign
was undertaken during 2024, prior to the formation of the Fermi
Joint Venture. Work included biogeochemical sampling and testing
with an expanded suite of elements and lead isotopes. Additional
sampling was also conducted at the Mullis Lake 'B' Target and at a
radiometric target in the north of the Property (the Northwestern
Target), which shares a similar geological setting with the Antler
Zone and is located near a major dyke.
2024 Sampling Programme Details:
·
Antler Zone: 119 soil samples, 41 biogeochemical samples
(White Birch leaves/tips), 12 rock grab samples, and 24
radon-in-water samples.
·
Mullis Lake Eastern Target: 57 soil samples.
·
Northwestern Target: 43 soil samples and 49 radon
samples.
This helicopter-supported sampling programme
was executed by RadonEx Ltd under the direction of the Power Metal
technical team.
Overview of
the 'Antler Zone' and Historical Exploration
Historical radiometric geophysical
data2 shows elevated uranium levels and a high
uranium-thorium ratio in the Antler Zone measuring approximately 1
km by 500 m (see Figure 1). A structural interpretation by the
Fermi utilising the historical magnetic survey data aligns the
historical radiometric anomaly with a large geological fold and a
shear structure along the edge of a significant intrusive body
2,3. These features provide potential structural traps
for mineralisation and enhance the Antler Zone's prospectivity for
hosting an intrusion-related uranium deposit.
Antler Zone
2024 Exploration Results
Soil sampling (Figure 1) revealed a 700-metre
trend of elevated radiometric lead isotope (206/204Pb)
ratios (with six samples returning a ratio >50), supported by
high lead isotope ratios in overlying biogeochemical samples (three
samples ratio >50). The 206/204Pb ratio measures the
proportion of uranium-derived lead (206Pb) versus
non-radiogenic "primordial" lead (204Pb), which has no
relationship with the decay of uranium. Ratios >40 are
considered very high5 6, indicating significant
uranium-derived lead. Combining soil and biogeochemical methods
enhances Fermi's confidence in the uranium potential of the area
due to the differing mobility of lead and uranium in the ground and
water.
Uranium levels, alongside elevated thorium and
rare earth elements ("REE") in the Antler Zone are notably higher
than elsewhere at Tait Hill. Elevated uranium, thorium and REE
levels are key indicators for the intrusion-related uranium deposit
style.
Radon-in-water sampling (Figure 2) was tested
as a third vector for uranium mineralisation. Water samples were
analysed for ionising radiation, showing intense, localised
anomalies in three lakes near the Antler Zone, suggesting a nearby
uranium source. Radon's short half-life (3.8 days) necessitated
prompt analysis, and thus they were analysed in the field
camp.
Additionally, twelve rock grab sample assays
from the Antler Zone recorded the Property's highest uranium
results to date (Figure 3), including a pegmatite sample with
16,800 ppm (1.68%) uranium.
Figure 1: Location of the Antler Zone, radiometric and
magnetic geophysical features, and the 206/204Pb ratio
in soil.
Figure 2: Location of the Antler Zone, and Radon Iin Water
Results
Figure 3: Location of the Antler Zone, radiometric and
magnetic geophysical features, and the 206/204 Pb ratio and uranium
in biogeochemical samples. Additionally, the location of
uraniferous grab samples.
Other Targets
on the Tait Hill Property
Northwestern
Target:
A combined radon and 300m wide soil sampling
grid on a 100 m spacing, conducted over the Northwestern Target,
which is a named target area located approximately 7 km north of
the Antler Zone, identified anomalous radon levels in the southwest
of the grid, alongside elevated 206/204Pb ratios (up to
a value of 56). This area, sampled in 2021, returned rock samples
with up to 890 ppm uranium. In the northeast of the grid, near
potentially radioactive dykes, uranium levels are also elevated but
paired with high (though not anomalous) 206/204Pb
ratios, pointing to a local uranium source. These findings
highlight the Northwestern Target as a promising intrusive-style
uranium prospect within the Tait Hill Property.
Mullis Lake
Eastern Area:
Situated 2 km east of the Antler Zone, this
area was first tested in 2023 and in 2024 resampled on a tighter
(100m) grid. Results were generally subdued, though elevated
206/204Pb ratios and uranium levels were detected near a
known airborne radiometric anomaly and elevated radon readings from
2023.
Intrusion-Related Uranium Deposits
Intrusion-Related Uranium deposits are linked
to intrusive igneous rocks like alaskite, granite, and syenite.
Uranium concentrations typically range from 0.01% (100 ppm U) to
0.6% U, with deposits containing anywhere from a few hundred to
upwards of 100,000 tonnes of uranium7.
Intrusion-related deposits are typically found
at the edges of granitic intrusions, where they contact the
surrounding "country rocks". Structural geology plays a critical
role, as dilation zones-such as folds or shear structures-often
control the distribution of uranium mineralisation7,
making them key exploration targets.
Unlike the high-grade unconformity-related
deposits of the Athabasca Basin, intrusion-related deposits are
generally lower grade but significantly larger in scale.
GLOSSARY
|
|
|
|
Term
|
Description
|
|
206/204Pb Ratio
|
A measure of the ratio of
uranium-derived lead (206Pb) to non-radiogenic
"primordial" lead (204Pb). High ratios may suggest
uranium mineralisation.
|
|
Airborne Radiometric Anomaly
|
An area identified from aircraft
surveys as having higher-than-normal radiation levels, often
indicating uranium or other radioactive minerals.
|
|
Biogeochemical Sampling
|
Analysing plants (e.g., leaves) to
detect chemical elements in the soil below can indicate the
presence of minerals like uranium.
|
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Country Rocks
|
The pre-existing rocks surrounding
an intrusion.
|
|
Dilation Zones
|
Areas in rocks that have stretched
or opened up, creating spaces where magma can be intruded into,
often dilation zones are associated with economical mineralisation
in deposits associated with intrusions.
|
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Dyke
|
A vertical body of rock that cuts
through existing rock layers.
|
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Fractionated Intrusive System
|
A geological process where molten
rock cools and separates into different minerals, often
concentrating valuable elements like uranium and rare earth
elements.
|
|
Gamma-Ray Spectrometry
|
A tool used to measure the energy of
gamma rays emitted by rocks, helping identify uranium and other
radioactive elements.
|
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Half-Life (of Radon)
|
The time it takes for half of a
radioactive substance (e.g., radon) to decay. Radon's half-life is
3.8 days.
|
|
Intrusive Igneous Rocks
|
Rocks formed from magma that cooled
below the Earth's surface, often associated with uranium deposits.
Examples include granite, diorite and syenite.
|
|
Ionising Radiation
|
Radiation with enough energy to
remove tightly bound electrons from atoms, often emitted by
radioactive materials like uranium, thorium and radon.
|
|
Magnetic Surveys
|
A technique used to map variations
in the Earth's magnetic field caused by different rock types,
helping identify geological structures.
|
|
Pegmatite
|
A coarse-grained igneous rock that
is formed from a fractionated melt in the final stages of a body of
magma cooling
|
|
Radiometric Surveys
|
A method of exploration that
measures natural radiation (e.g., gamma rays) emitted by rocks to
identify areas with elevated uranium, thorium, or
potassium.
|
|
Structural Traps
|
Geological features (e.g., folds,
faults) that can concentrate minerals like uranium by creating
physical barriers or pathways for fluid flow.
|
|
Trace Element Analysis
|
A scientific technique used to
measure and study very small concentrations of elements not
necessarily related to the target mineral within a sample. These
elements, while present in minute amounts, can provide critical
insights into the sample's origin, formation processes, and
potential economic value. In geology, it is commonly used to
identify indicators of mineralisation, such as uranium or rare
earth elements, and to understand the history and composition of
rocks and minerals.
|
|
Uranium-Thorium Ratio
|
A comparison of uranium and thorium
concentrations is often used to identify uranium-rich
areas.
|
|
|
REFERENCES
1
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wv4250w
2 Terraquest Airborne
Surveys Ltd. 2008, Aeromagnetic Survey Project B-239
3 Fission 3.0, 2016,
Assessment Report MAW1857 2015 Airborne Magnetic Survey and
Prospecting on The Perron Lake Property, MAW01857
4 Uranez Exploration and
Mining Ltd, 1979, Assessment Report on Claim Blocks CBS 4911, 4912,
4913, 4914, 4915 Grease River Project, Northern Saskatchewan.
74O09-0019
5 Abzalov, M.Z., 2021,
Geochemical exploration for buried sandstone-hosted uranium
mineralisation using mobile U and Pb isotopes: case study of the
REB deposit, Great Divide Basin, Wyoming, Geochemistry:
Exploration, Environment, Analysis, Volume 21
6 Quirt, D.,Benedicto,
A., 2020, Lead Isotopes in Exploration for Basement-Hosted
Structurally Controlled Unconformity-Related Uranium
Deposits: Kiggavik Project (Nunavut, Canada),
Minerals10(6), 512;
7
International Atomic Energy Agency, 2020, Descriptive Uranium
Deposit and Mineral System Models.
QUALIFIED PERSON STATEMENT
The technical information contained
in this disclosure has been read and approved by Mr Nick O'Reilly
(MSc, DIC, MIMMM QMR, 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
|
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Sean Wade (Chief Executive
Officer)
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+44 (0) 20 3778 1396
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SP Angel Corporate Finance (Nomad
and Joint Broker)
|
|
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Ewan Leggat/Jen Clarke
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+44 (0) 20 3470 0470
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SI Capital Limited (Joint
Broker)
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Nick Emerson
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+44 (0) 1483 413 500
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First Equity Limited (Joint
Broker)
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David Cockbill/Jason
Robertson
BlytheRay (PR Advisors)
Tim Blythe/Megan Ray
|
+44 (0) 20 7330 1883
+44 (0) 20 7138 3204
|
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 project portfolios 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.
Property 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 Property
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.
