Power Metal Resources plc said it had started a campaign to increase significantly its uranium portfolio as it staked additional claims around the Athabasca Basin in northern Saskatchewan, Canada.
EXPANSION
Power Metal has three times increased its 100% owned uranium portfolio in Canada since staking its first four claims in mid-September.
The company today announced it had further expanded its interests and completed the Phase I work programme.
An additional 1,129-hectare claim has now been staked over several uranium-rich lakes surrounding the Tait Hill property.
PHASE I
Phase I work programme has been completed at three of the company’s seven interests.
A total of 20 rock samples were collected from Tait Hill (eight), Thibaut Lake (seven) and Clearwater (five).
Power Metal said that all samples had been submitted for “rush assay for expedited turnaround” at Saskatoon.
The samples will be subject to a uranium-exploration analytical package which includes uranium, various base-trace metals, as well as a suite of rare earth elements.
EXPOSURE
“Power Metal has embarked on a campaign to build significant uranium portfolio exposure for our investors,” said chief executive Paul Johnson.
“More work is being done to review additional uranium opportunities and we are optimistic of success in this regard.”
BUSINESS STRUCTURE
Power Metal has a 100% subsidiary Power Metal Canada Inc which acts as the holding company for certain Canadian project operations.
Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which holds all the uranium properties.