Metals & Minerals News

Power Metal enters uranium exploration

Power Metal Resources plc has staked claims for four 100% owned uranium exploration properties comprising seven licences surrounding the Athabasca Basin in Saskatchewan, Canada.

Acquisition: the uranium properties build on Power Canada’s growing strategic energy metal business (Power Metal Resources)

PROPERTIES

Power Metal said it had quickly secured a strategic position in uranium exploration following recent increased interest in the sector.

The properties include Clearwater; Tait Hill; Thibaut Lake; and Soaring Bay which cover a combined 10,869 hectares (109km2).

The area hosts some of the world’s largest and highest grade uranium mines including Cameco Corporation’s Cigar Lake and McArthur River Uranium Mines.

Saskatchewan was recently ranked the third best mining jurisdiction in the world in Fraser Institute’s 2020 rankings.

Project Licence ID Size – Hectare Granted
Clearwater Uranium PropertyMC000150791,110Yes
MC00015083                     563Yes
MC000150823,191Yes
Tait Hill Uranium PropertyMC000150781,576Yes
MC00015081                        968Yes
Thibaut Lake Uranium PropertyMC000150772,206Yes
Soaring Bay Uranium PropertyMC000150801,255Yes
Table 1: Power Metal Canada Inc. Athabasca Basin Property Holdings (Power Metal Resources)

BUILDING BLOCK

Chief executive Paul Johnson added that Power Metal had for some time been reviewing uranium opportunities across three continents.

“Today we make our first important public step into the uranium commodity space.

“The properties have been selected after careful review and are strategically located where there is material evidence of uranium prospectivity as demonstrated by historic exploration reports as well as through various uranium focused government databases.

“The acquistion of these uranium properties through staking represents an important building block in Power Canada’s growing strategic energy metal business.”

POWER CANADA

Power Metal said that as the properties were acquired through staking, Power Canada will have a 100% interest with no outstanding royalties or encumbrances.

The uranium exploration interests add to the subsidiary’s strategic energy metal business which currently comprises the Authier North lithium project in Quebec, where ground exploration is due to start.