Power Metal Resources plc has acquired its first uranium claim within the Athabasca basin area in Saskatchewan.
TERMS
Durrant Lake covers 58.66km2 within the eastern side of the Athabasca basin and is the company’s eleventh property with a combined area of 780km2.
The property is bordered on three sides by claims held by uranium companies Orano SA, Denison Mines Corp and ISO Energy Ltd.
Power Metal paid C$3,519.78 for Durrant Lake which has a two-year term with no minimum spend requirement.
The term can be extended for subsequent years by spending a minimum of $87,990 per annum.
“The Durrant Lake uranium property located within the Athabasca basin, which hosts some of the world’s highest grade uranium deposits, represents a significant addition to the company’s already sizeable Saskatchewan focused uranium portfolio,” added chief executive Paul Johnson.