Power Metal Resources plc reported “high grade” assay results from rock samples at three of its uranium properties at the Athabasca basin area of Saskatchewan.
PROSPECTIVITY
In its phase I field programme between August and October 2022, the company collected a total 46 rock samples including 29 samples from Tait Hill and eight each from Thibaut Lake and Clearwater.
Power Metal used a uranium exploration analytical package which also includes various base-trace metals, as well as a suite of rare-earth elements (REEs).
The company said that Thibault Lake and Clearwater were considered prospective for both Beaverlodge style vein/shear hosted uranium and pegmatite hosted uranium.
Tait Hill is considered prospective for both pegmatite hosted uranium and offers a “significant” intrusive-related target of Mullis Lake.
RESULTS
Thibault Lake returned two high grade samples and individual assay results up to 4.7% and 2.4% U3O8, with further highly radioactive samples located in close proximity.
During fieldwork on Clearwater, the company identified historical mine shafts and former workings with up to 1,120 ppm (0.112%) U3O8 identified in sampling.
Power Metal said its work on Tait Hill supported the “potential identification of a target considered to be geologically analogous to the Rössing uranium deposit” in Namibia, with up to 825 ppm uranium identified at the Mullis Lake target.
The company is in the process of selling two properties in its Athabasca portfolio but intends to retain “a number of properties” for exploration.
Chief executive Paul Johnson added that Power Metal would begin additional ground exploration in 2023 as well as look to acquire new uranium-focused projects.