Power Metal Resources plc uranium joint venture joint plans a diamond drilling programme at Drake Lake – Silas in the Central Mineral Belt of Newfoundland and Labrador, Canada.
TARGETS
The property covers two non-contiguous licences covering 1,250 hectares with the campaign beginning in June focused on the western licence of Drake Lake.
Drilling in eight holes for a total 2,400 metres will test four initial targets at the high priority iron oxide copper gold (IOCG) deposit style target, subject to permits.
Power Metal has also commissioned further magnetic and electromagnetic geophysical surveys and geochemical sampling to aid drill targeting.
The company noted that IOCG deposits are major sources of the world’s uranium as well as copper and gold.
“Momentum is building now as we approach the start of the drill programme across our uranium portfolio,” said chief executive officer Sean Wade.
The JV named Fermi Exploration is with investor and 70% owner UCAM Ltd.
The partners are progressing Power Metals’ portfolio of uranium licences most of which are around and within the Athabasca Basin in Saskatchewan.