Power Metal Resources plc has staked claims for four 100% owned uranium exploration properties comprising seven licences surrounding the Athabasca Basin in Saskatchewan, Canada.
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Acquired through its local subsidiary, 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.
Power Metal said it had quickly secured a “strategic position” in uranium exploration following recent increased interest in the sector.
Chief executive Paul Johnson added that the company 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 acquisition of these uranium properties through staking represents an important building block in Power Canada’s growing strategic energy metal business.”
The licences add to the subsidiary’s Authier North lithium project in Quebec, where ground exploration is due to start.
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