Power Metal Resources plc has added a further property to and expanded an existing one in its uranium portfolio in the Athabasca Basin area in Saskatchewan, Canada.
BADGER LAKE
Badger Lake covers 16.71km2 and takes the company’s uranium holding in the region to 12 properties, including the conditional sale of Reitenbach, with a combined area of 829.58km2.
The new property is surrounded by ground held by major uranium operators and explorers including Orano SA, Hathor Exploration (owned by Rio Tinto;) and NexGen Energy Ltd.
PHASE I EXPLORATION
Power Metal also reported progress on its other Athabasca properties.
The company noted multiple locations of anomalous radioactivity from a completed exploration programme over the Thibault Lake, Clearwater and Tait Hill properties, with rock sample assay results pending.
The Tait Hill property has expanded by 32.42km2 to 110.56km2, based on work results and now includes the full extent of an identified zone, named the Mullis Lake target, as well as an anomalous lake sediment result.
Power Metal has also completed compiling historical data of Reindeer Lake, Old Woman Rapids and Porter Lake, and will soon publish fact sheets.
A hyperspectral remote sensing review has been completed on the Cook Lake and E12 uranium properties, to help develop targets for future exploration.
All samples collected during the 2022 field programme will be analysed for uranium, rare earth elements and base metals.
UNIQUE
Chief executive Paul Johnson added that there would be more developments from Power Metal’s current and potential future uranium interests over the remainder of 2022 and into 2023.
“We view the uranium portfolio of Power Metal to be a key part of our company, seeing us uniquely well positioned for what we expect to be a significant increase in the level of interest in junior resource companies offering uranium exposure.
“Being listed in London, where there are few uranium investment opportunities, the building of our uranium portfolio in the Athabasca, and globally, is even more significant.”