REG - Power Metal Res. - Expansion of Perch River Uranium Project

Power Metal ResourcesAnnouncement

20/09/2023 07:00

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RNS Number : 9889M  Power Metal Resources PLC  20 September 2023

20 September 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Expansion of Perch River Uranium Project

Power Metal Resources PLC (AIM:POW), the AIM listed metals exploration and
development company, announces a progress update including project expansion
through additional staking to cover further helium anomalies and prospective
geology at its 100% owned Perch River Uranium Project ("Perch River" or the
"Project") located within the Athabasca Basin, Saskatchewan, Canada.

On 08 September 2023 the Company announced the discovery of highly significant
helium anomalies on Perch River which can be viewed at the link below:

https://www.londonstockexchange.com/news-article/POW/helium-anomaly-discovered-on-perch-river/16115743
(https://www.londonstockexchange.com/news-article/POW/helium-anomaly-discovered-on-perch-river/16115743)

Highlights

·    Hyperspectral data analysis using Sentinel-2 satellite data on
mineral reflectance ("Hyperspectral Analysis") conducted at Perch River
identified several helium anomalies on the Project, including the discovery of
one extremely strong helium response in the centre of the Project as well as
several strong anomalies that previously lay north and northeast of the
Project boundary (see Figure 1).

 

·    Power Metal's technical team has been able to swifty act in to secure
a further 1514.8-Ha at Perch River representing an approximately 38% increase
in the Project's size to a total of 5,455-Ha.

 

·    The newly acquired ground covers several strong hyperspectral helium
anomalies located along the same geological trend and which further overlie
prospective geology.

 

·    As detailed in the Company's announcement of 08 September,
Exploration teams were immediately repositioned to Perch River to complete
high-resolution soil spacing over the strongest helium responses as well as a
previously unsampled gravity low target to the northeast. They have
successfully completed their planned field work within the current boundary of
the Project with geochemical samples expected to be delivered to the
Saskatchewan Research Council Environmental Analytical Laboratories for assay
testing shortly.

 

·    An extensive exploration programme is underway across the Company's
wider Athabasca properties and multiple further market updates covering the
various ongoing work streams across the Company's 100% owned uranium portfolio
are expected in the near term.

 

Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented:

"It is very pleasing to be able to follow up the good news from the Perch
River Project announced recently with this significant development.

There has been excellent work conducted across our uranium portfolio, and that
work is continuing. I know shareholders will be encouraged by the progress we
are making, especially since the uranium market is really starting to come to
life. There is a lot more news to come from this key part of our overall
portfolio, and I look forward to updating shareholders further in the coming
weeks."

 

Expansion of the Perch River Project

The Perch River Project has been expanded by 1514.8Ha to the north to
encompass further prospective geology as well as hyperspectral helium
responses.

This additional staking cost CAD $908.89 (approx. £540), with spend
commitments of $22,722 (approx. £13,585) per annum with the first two years
requiring no expenditures (expiry date of 08 September 2025).

 

Figure 1: Perch River Project showing the outline of the pre-existing Project
boundary along with the expanded claims as well as the location of the now
completed high-resolution geochemical sampling.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

For further information please visit https://www.powermetalresources.com/
(https://www.powermetalresources.com/) or contact:

 Power Metal Resources plc
 Sean Wade (Chief Executive Officer)                                             +44 (0) 20 3778 1396

 SP Angel Corporate Finance (Nomad and Joint Broker)
 Ewan Leggat/Charlie Bouverat                                                    +44 (0) 20 3470 0470

 SI Capital Limited (Joint Broker)
 Nick Emerson                                                                    +44 (0) 1483 413 500

 First Equity Limited (Joint Broker)
 David Cockbill/Jason Robertson                                                  +44 (0) 20 7330 1883

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson
 
 

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

 BlytheRay (PR Advisors)                            +44 (0) 20 7138 3204
 Tim Blythe
 Megan Ray

 

 

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration
company which finances and manages global resource projects.

The Company has a principal focus on opportunities offering district scale
potential across a global portfolio including precious, base and strategic
metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage
prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint
ventures until a project becomes ready for disposal through outright sale or
separate listing on a recognised stock exchange, thereby crystallising the
value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to grow the
Company, or may be returned to shareholders through share buy backs, dividends
or in-specie distributions of assets.

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