Power Metal Resources plc has added a further property to its uranium portfolio in and around the Athabasca Basin in Saskatchewan, Canada.
GREENFIELD
Richards Lake, covering 3,109.26 hectares (31.09 km2), lies within the northern edge of Athabasca Basin and 14km south of the Fond du Lac uranium deposit.
The company said that the property had undergone minimal historical exploration, but previous operators had noted east-west trending electromagnetic geophysical conductors extending through its centre.
Richards Lake has not been subject to detailed geophysical analysis or geochemical sampling or drilling, and so represents a “greenfield uranium project in a prolific uranium district”.
The cost of staking the claim was C$1,865.56, with the new licences holding a two-year term with no minimum spend which be extended for subsequent years by spending a minimum C$46,638.90 per annum.
The acquisition takes Power Metal’s Athabasca portfolio to 18 properties over a combined 1,043.40 km2, including conditional sales of Reitenbach for £360,000 and E-12 Uranium for £250,000 in shares, cash and net smelter royalty returns to Teathers Financial.
Teathers is due to be renamed Uranium Energy Exploration plc and listed during the first half of 2024.
Power Metal chief executive Sean Wade, also a director of Teathers, said that competition remained extremely high for properties in the Athabasca area.
“With the addition of Richards Lake, an in-basin property, we have further augmented our uranium footprint, one that we believe will add considerable value for our shareholders as corporate and investor interest in the Athabasca Basin area continues to increase.”