Power Metal Resources plc revealed “multiple prospective targets” from exploration at the joint venture Reitenbach uranium property in Northern Saskatchewan, Canada.
DRILLING
The results follow Summer 2024 fieldwork by the company under its JV, Fermi Exploration, with investor and 70% owner-partner UCAM Ltd.
The company said that the Nuphar and Goodleap targets in the northeast of Reitenbach showed “multiple potential basement sources of uranium, supported by radon anomalism, down-ice uranium dispersion, and favourable lead isotope results.”
Exploration at the 900 metre-long Nuphar target inferred a “basement source” in the north of the target zone.
Fermi has also undertaken additional staking to increase the property from 16,009 hectares to 20,401 ha.
Reitenbach is one of the JV’s several properties near or within the Athabasca Basin.
Power Metal chief executive Sean Wade added that drilling was expected to start in around 10 weeks.
“We will be drilling more or less continuously through to October and are very excited indeed about the prospects of a commercial discovery.
“We will shortly be laying out a detailed drill programme, which will set out the expected timing of multiple drill results over that period.
“This is the biggest and best funded exploration project that the company has ever undertaken and marks a major turning point in the scale of our ambition.”
UCAM made an initial £10m investment into Power Metals’ Canadian subsidiary in return for a 70% interest, as stated by international law firm Watson Farley & Williams.