Power Metal Resources plc’s uranium joint venture, Fermi Exploration, has acquired the Fortin River project in northern Saskatchewan, Canada.
MOMENTUM
The company said that preliminary geophysical data indicated the potential presence on the 3,859 hectares (38.59 km2) site of a 1.7 km wide meteor impact crater.
Power Metal noted that such targets were known for unconformity-related uranium mineralisation elsewhere in Northern Saskatchewan, citing as an example the 62Mlb of uranium mined from a major uranium deposit within the nearby Carswell Crater.
Chief executive Sean Wade added: “This is a very exciting development in one of our more recently staked projects and we very much look forward to investigating it further and reporting back.
“Momentum is building across the uranium project set and we are looking forward to a very exciting few months ahead.”
Fortin River lies 12km to the south of the Athabasca Basin, and 35km to the southeast of Fermi’s Badger Lake project which is located within the basin.