TIDMPOW
RNS Number : 5378V
Power Metal Resources PLC
10 August 2022
10 August 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Exploration Update - Athabasca Basin
2022 Phase I Field Programme Underway Targeting Clearwater,
Thibault Lake and Tait Hill Uranium Properties
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an exploration update from
its uranium property portfolio surrounding the Athabasca Basin,
Saskatchewan, Canada.
HIGHLIGHTS
- Phase I work programme now underway at Clearwater, Tait Hill
and Thibault Lake properties, with a Phase II programme being
prepared for the Soaring Bay property.
- Exploration team are prioritising the initial follow-up work
on the Thibault Lake property where the 2021 mapping and sampling
programme returned high grade uranium sample assays of up to 38,600
ppm or 3.86% uranium oxide ("U(3) 0(8) ")
- Programme will utilise a handheld gamma-ray field spectrometer
for real time radiometric analysis and mapping with anomalous
samples collected for assay at an accredited analytical laboratory.
Laboratory assays will include testing for uranium, rare earth
elements ("REE"), transition metals and precious/base metals.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"The Athabasca uranium portfolio constitutes a priority
exploration project for Power Metal, and today's update
demonstrates our commitment to getting on with the exploration
work.
This 2022 Phase I Field Programme now underway covers three
Athabasca properties: Clearwater; Thibault Lake; and Tait Hill. The
planned work will build on the positive findings of the 2021
fieldwork, providing more extensive and in-depth results over each
area property.
We have seen considerable interest in the Athabasca area, which
we believe is inspired by an extremely positive forward dynamic in
the uranium sector. The value of the ground held through our
uranium properties is, in our view, increasing considerably and
this value will be further enhanced through the current exploration
work designed to underpin the uranium prospectivity.
With the commencement of this work, Power Metal now has three
field-based exploration programmes currently underway: the
Athabasca Portfolio in Canada; and the Molopo Farms Complex Project
and Tati Project in Botswana."
2021 URANIUM EXPLORATION PROGRAMME BACKGROUND
Due to a short field season window available after the staking
of the Company's first seven uranium focused mineral properties, a
single day of prospecting was spent on each of the Clearwater, Tait
Hill and Thibault Lake uranium properties during October and
November 2021. The results from the 2021 work programme were
released on 20 December 2021 and can be found at the link
below:
https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15256838
2021 Programme Highlights
-- Despite minimal time being spent on each of the three
properties, significant uranium mineralisation was encountered
including grab sample results up to 38,600 ppm or 3.86% U(3) 0(8)
(uranium oxide) from the Thibault Lake uranium Property.
-- In addition, to significant uranium mineralisation being
encountered on all three properties, other notable results
including REE and transition metal mineralisation in the form of
thorium (Th) up to 1,150 ppm and zirconium (Zr) up to 1,860 ppm
were recorded from the Tait Hill uranium property, as well as
base-metal results including lead (Pb) up to 8,320 ppm recorded
from the Thibault Lake uranium property.
-- Several target areas, identified during the 2021 programme,
were designated for high priority follow up during the current work
programme.
During the 2021-2022 winter, the Company conducted thorough
reviews of all data available across the Athabasca focused
portfolio. In addition, Dr Neil Pendock was engaged by the Company
to undertake a detailed hyperspectral data analysis utilising
Sentinel-2 satellite data on hydrogen and helium gas reflectance.
The results of this hyperspectral work programme were released on
12 July 2022 and can be found at the link below:
https://www.londonstockexchange.com/news-article/POW/uranium-targets-confirmed-athabasca-basin-canada/15537428
As a result of the work completed to date, the Company was able
to identify several new uranium exploration targets as well as
further refine pre-existing targets. The 2022 work programme which
is now underway, has been designed to further investigate several
of these exciting targets. Additional 2022 programme details are
discussed below.
2022 URANIUM EXPLORATION PROGRAMME FURTHER INFORMATION
-- Field teams with extensive Athabasca basin focused uranium
exploration experience have been engaged by the Company to
undertake the Phase I Field Programme. The teams will be based in
Uranium City, Saskatchewan, which is roughly equidistant from
several of Power Metal's uranium properties, which will allow for
rapid and efficient mobilisation to site.
-- The planned Phase I field programme will involve field teams
spending three days on each of the three properties, completing
transverses over pre-defined targets utilising a handheld gamma-ray
spectrometer (to detect radioactivity), mapping and collection of
rock samples for analysis by an accredited laboratory. Daily
correspondence will be maintained between the field teams and the
company's exploration manager, ensuring efficient and targeted
exploration throughout the entire campaign. A Phase II work
programme is scheduled for later in the month at Soaring Bay and
will be similar in nature to this Phase I exploration, but with the
addition of Radon surveying.
-- Following completion of the fieldwork, all information will
be integrated and categorised into the in-house data rooms. Samples
collected will be analysed by Saskatchewan Research Council
laboratories for multi-element analysis including uranium, REE,
transition and base metals.
The Company's Phase I and Phase II work programmes are intended
to further refine various uranium focused exploration targets, with
the intention of eventually progressing the highest priority
targets to a drill-ready stage.
URANIUM PROPERTIES - 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
Athabasca uranium portfolio.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property
Holdings*
Project Licence ID Area Area
(Hectare) (km(2) )
Clearwater Uranium
Property MC00015079 1,110 11.1
----------------------- ------------ ----------- ---------
MC00015083 563 5.63
------------------------------------ ----------- ---------
MC00015082 3,191 31.91
------------------------------------ ----------- ---------
MC00015151 760 7.6
------------------------------------ ----------- ---------
MC00015646 761 7.61
------------------------------------ ----------- ---------
MC00015658 1,541 15.41
------------------------------------ ----------- ---------
Tait Hill Uranium
Property MC00015078 1,576 15.76
----------------------- ------------ ----------- ---------
MC00015081 968 9.68
------------------------------------ ----------- ---------
MC00015153 1,530 15.3
------------------------------------ ----------- ---------
MC00015152 1,886 18.86
------------------------------------ ----------- ---------
MC00015647 725 7.25
------------------------------------ ----------- ---------
MC00015648 1,129 11.29
------------------------------------ ----------- ---------
Thibaut Lake Uranium
Property MC00015077 2,206 22.06
----------------------- ------------ ----------- ---------
MC00015659 2,195 21.95
------------------------------------ ----------- ---------
Soaring Bay Uranium
Property MC00015080 1,255 12.55
----------------------- ------------ ----------- ---------
MC00015155 3,375 33.75
------------------------------------ ----------- ---------
MC00015874 748 7.48
------------------------------------ ----------- ---------
MC00015875 2,529 25.29
------------------------------------ ----------- ---------
Cook Lake Uranium
Property MC00015212 984 9.84
------------ ----------- ---------
E-12 Uranium Property MC00015213 1,323 13.23
------------ ----------- ---------
Reitenbach Uranium
Property(#) MC00015214 2,135 21.35
----------------------- ------------ ----------- ---------
MC00015474 1,235 12.35
------------------------------------ ----------- ---------
MC00015655 4,570 45.7
------------------------------------ ----------- ---------
MC00015656 5,322 53.22
------------------------------------ ----------- ---------
MC00015657 856 8.56
------------------------------------ ----------- ---------
MC00015824 528 5.28
------------------------------------ ----------- ---------
Reindeer Lake* MC00015522 3,336 33.36
----------------------- ------------ ----------- ---------
Porter Lake* MC00015561 5,656 56.56
----------------------- ------------ ----------- ---------
MC00015562 5,198 51.98
------------------------------------ ----------- ---------
Old Woman Rapids* MC00015563 4,851 48.51
----------------------- ------------ ----------- ---------
MC00015564 5,063 50.63
------------------------------------ ----------- ---------
MC00015565 3,044 30.44
------------------------------------ ----------- ---------
Total Licence Holding Area 72,152 721 km(2)
----------- ---------
* Property acquisition announced on 25 July 2022 - licence
transfers in progress
(#) Reitenbach Property conditionally disposed to Teathers
Financial PLC as announced 8 August 2022
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 - Background
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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Exploration work programmes may also be underway within planned
IPO vehicles where Power Metal has a material interest the findings
from which will be released on their respective websites, with
simultaneous updates through Power Metal regulatory announcements
where required:
www.firstclassmetalsplc.com
www.goldenmetalresources.com
www.firstdevelopmentresources.com
For planned IPO vehicle New Ballarat Gold Corporation PLC (NBCG)
a new website is currently in development which will be found at
www.newballaratgold.com . In the interim further information in
respect of NBGC can be found at
https://www.powermetalresources.com/project/victoria-goldfields/
.
Power Metal also holds a material investment in Kavango
Resources plc with exploration updates available through their
regulatory announcements and on their website:
www.kavangoresources.com
Project Location Current Work Completed Results Awaited
POW or Underway
%
Athabasca Canada 100% Hyperspectral Finalise review of hyperspectral
Uranium data analysis data from 3 properties.
conducted across Results from summer exploration
7 properties. programme across 3 properties
Updating to 9 and planning for exploration
data rooms for on Soaring Bay property.
third party review.
Exploration programme
commenced across
Clearwater, Tait
Hill & Thibault
Lake.
--------- --------- ----------------------- ---------------------------------
Authier Canada Earn-in Property Evaluation Update covering exploration
North to 100% Report completed. plans for target areas
Lithium identified during the
Evaluation.
--------- --------- ----------------------- ---------------------------------
Molopo Botswana 53%(#) Comprehensive Finalise drill programme
Farms data review complete targets, select drill
and establishment contractor and launch
of data room drill programme.
for third party
review. Geophysics
programme underway.
--------- --------- ----------------------- ---------------------------------
Tati Botswana 100% Site visit with Exploration planning
Project mapping of gold underway including further
workings and mapping, sampling and
mine dumps. launch of an RC drill
programme.
--------- --------- ----------------------- ---------------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
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