Metals & Minerals News

Power Metal more than doubles uranium assets

Power Metal Resources plc said it was looking for more international uranium properties after more than doubling its land package within the Athabasca Basin in northern Saskatchewan, Canada.

(Athabasca Basin – wikiseg bityl.co/8rlm)

PROPERTIES

Earlier in September, the company acquired its first uranium properties of Clearwater, Tait Hill and Soaring Bay which have all been expanded.

Power Metal’s uranium portfolio now also includes the Thibaut Lake as well as the newly staked Cook Lake, E-12 and Reitenbach properties, increasing the total package from 109km2 to 241km2.

The claims are valid for two years with no minimum spend.  

Power Metal said it had secured the majority of its land package prior to a “significant staking rush that occurred in the Athabasca Basin during the past few weeks.”

ProjectsLicence IDSize – HectareGranted
Clearwater Uranium Property MC00015079 1,110 Yes
MC00015083563 Yes
MC000150823,191 Yes
MC00015151760 Yes
Tait Hill Uranium PropertyMC000150781,576 Yes
MC00015081968 Yes
MC000151531,530 Yes
MC000151521,886 Yes
Thibaut Lake Uranium PropertyMC000150772,206 Yes
Soaring Bay Uranium PropertyMC000150801,255 Yes
MC000151553,375 Yes
Cook Lake Uranium PropertyMC00015212984 Yes
E-12 Uranium PropertyMC000152131,323 Yes
Reitenbach Uranium PropertyMC000152142,135 Yes
1,235 Pending
Bold text refers to Power Metal’s new ground acquired (Power Metal Resources)

OPPORTUNITIES

Chief executive Paul Johnson added that the company had now secured a strategic uranium portfolio in Canada.

“There is a major opportunity in uranium and now Power Metal and its shareholders have a seat at the table in one of the best postcodes for uranium exploration and development.

“Power Metal continues to look across three continents for additional uranium opportunities, and if highly attractive opportunities are identified, we may expand our uranium portfolio further.”

HOLDING STRUCTURE

Power Metal’S 100% subsidiary Power Metal Canada Inc is the holding company for certain Canadian project operations. 

Power Canada has now established it own 100% owned holding company 102134984 Saskatchewan Ltd, which holds all the uranium Properties.

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