Power Metal Resources plc has completed the formation of a uranium-focused joint venture involving all its uranium licences, with UCAM Ltd.
MODEL
The company’s Saskatchewan portfolio includes Perch River; Tait Hill; Cook Lake; Reitenbach; Thibault Lake; Clearwater; Soaring Bay; E12; and the most recently acquired Drake Lake – Silas in Newfoundland and Labrador.
Airborne electromagnetic surveys are pending for its other Saskatchewan properties of Perch River, Badger Lake, Hawkrock East, and Hawkrock West.
Results are expected for a 2023 advanced airborne passive EM survey over the Durrant Lake and Kernaghan.
Chief executive Sean Wade said that the JV was a strong affirmation of Power Metal’s business model.
“We have also recently acquired the Drake Lake-Silas property, which has now been vended into the joint venture.
“Drake Lake-Silas was originally intended to form part of the asset set of Uranium Energy Exploration plc which is now no longer pursuing an IPO, and was, therefore, part of the portfolio of licences offered to the joint venture at the outset of our discussions.
“As we have already reported, significant work has already commenced during the current field season, and I look forward to announcing results from this work as soon as we are able.”