Power Metal Resources plc has staked two further uranium properties, taking the total to 14 over 940km2 in its portfolio over the Athabasca basin area in Saskatchewan, Canada.
PROSPECTIVITY
The company said that the acquisitions represented some of “the most significant additions” to its uranium portfolio.
Power Metal paid C$5,842.34 (£3,600) for the properties which have a two-year term with no minimum spend requirement and a possible extension by a minimum expenditure of C$146,059 per annum.
Haresign Bay covers 3,189.2 hectares (31.89km2) and lies 35km south of the Athabasca Basin.
Kernaghan covers 4,566.2 hectares (45.66km2) within the northeastern edge of the Athabasca Basin.
Power Metal also staked an additional 1,982 hectares (19.82km2) bordering the western extension of its existing Thibault Lake property.
The company said that the extension covered a historical showing which returned a trenching result of 1.09% U308 over 10.7m, “greatly increasing the overall prospectively” of the extended property.
STRONG POSITION
Chief executive Paul Johnson added that the acquisitions were a further leap forward for the company’s strategic uranium interests in and surrounding Athabasca.
“Power Metal started the move to build a uranium exploration business in September 2021 and we believe we are now in a particularly strong position.
“Our intentions do not stop here, with plans to further expand our uranium focused interests where suitable opportunities are identified.
“With the world dynamic shifting strongly in favour of nuclear power generation we believe that Power Metal should continue this push to build its uranium exploration and development business interests in the London financial markets.”