REG - Power Metal Res. - Exploration Update on the Perch River Property

Power Metal ResourcesAnnouncement

Wed 07:00

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RNS Number : 2729M  Power Metal Resources PLC  11 June 2025

11 June 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Joint Venture

Fermi Exploration: Exploration Update on the Perch River Property

 

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed
exploration company with a global project portfolio, is pleased to announce
the receipt of the drilling permit and an exploration update for the Perch
River Property, the highly prospective uranium project in the Athabasca Basin,
Saskatchewan, Canada.

The update concerns work undertaken by Power Metal and Fermi Exploration
("Fermi"). Fermi is the uranium-focused joint venture (the "Joint Venture" or
"JV") comprising Power Metal's portfolio of uranium licences, of which Perch
River is a constituent.

HIGHLIGHTS:

·    Drilling permit received for a seven to eight-hole diamond drill
programme designed to test a coincident electromagnetic conductor, and
previously identified radon/soil geochemical anomaly.

·    All necessary permits now in place and the drill rig mobilisation is
scheduled for the third week of June, with drilling expected to commence
shortly thereafter.

·    Ambient Noise Tomography geophysical survey currently underway over
the property's Rapids Target, to help determine the presence of alteration and
structures associated with possible unconformity-related uranium
mineralisation.

·    Processed results of the Falcon gravity and magnetic geophysics
survey are pending.

·    Further analysis of geophysical data is ongoing and will be reported
to the market in due course.

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

"I am excited to commence the next stage of exploration work at the Perch
River Property with the upcoming drill programme. The Power Metal and Fermi
Exploration teams have already successfully carried out various key
workstreams to help identify Perch River's potential for hosting a significant
uranium deposit, and we hope that this drill programme will further solidify
our confidence in the prospectivity of the licence.

"I look forward to updating shareholders on the completion of the geophysical
surveys and the subsequent commencement and advancement of the drill
programme."

OVERVIEW

The Perch River Property-specifically the Rapids Target-exhibits multiple
geophysical and geochemical indicators consistent with the presence of an
unconformity-related uranium deposit. These include highly anomalous soil
geochemistry, lead isotopic signatures, elevated radon levels, a significant
electromagnetic (EM) conductive body, proximal faulting, and an inferred
gravity low.

The upcoming drill programme is designed to test these key features.
Computational analysis of airborne EM, gravity, and magnetic geophysical
datasets is currently underway and will be reviewed in advance of the
drilling. In parallel, a state-of-the-art Ambient Noise Tomography (ANT)
survey is being conducted over the Rapids Target, aimed at delivering critical
subsurface structural and rheological insights to complement the airborne
data.

Following receipt of the drilling permit, mobilisation of the drilling rig is
planned for the third week of June, with drilling expected to commence shortly
thereafter.

 

Permit Details

Permit Number 24-15-M0454 was issued to 102134984 Saskatchewan Ltd by the
Saskatchewan Ministry of Environment, with an expiry date of  November 30,
2026. The Permit includes authorisation to work on Crown Land, to complete a
drilling programme of up to 30 holes, an Aquatic Habitat Protection Permit,
and Forest Product Permit. This documentation allows Fermi Exploration to
conduct the proposed drill programme on the Perch River Property.

 

Previous Exploration on the Perch River Property

The summer 2024 geochemical sampling programme identified significant soil and
in situ radon anomalies in the Rapids Target area in the south of the Perch
River Property, announced 14 November 2024:

https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/ryn9qkw
(https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/ryn9qkw)

The Rapids Target had no prior sampling, although a historical ground gravity
survey in 2016 had indicated a gravity low(1) which appeared to be below the
river; this gravity low was supplemented by a historically identified
electromagnetic conductor. Both of these geophysical responses are traditional
targets for unconformity-related uranium deposits.

Surficial sampling carried out by Power Metal Resources, prior to the
formation of Fermi Exploration Ltd, showed that anomalous radon and hydrogen
gas levels have been detected in and around the Rapids Target area, occurring
on both sides of the Font du Lac River. Geochemical anomalies in uranium,
cobalt, nickel, and rare earth elements-known pathfinders for
unconformity-related uranium deposits in the Athabasca Basin-are also present.
In addition, highly elevated ²⁰⁶(/)²⁰⁴Pb isotopic soil values have
been recorded immediately west of the Rapids Target and along the Font du Lac
River. These values are statistically anomalous in samples from Perch River
and are notably high compared to those from other uranium districts.

 

Preliminary Geophysical Surveys - Summary

Three geophysical surveys have been commissioned to support the drilling on
Perch River, of which two airborne surveys have been completed:

Ø Xcite Electromagnetic Airborne Survey

Ø FALCON® Airborne Gravity Gradiometry and Magnetic Survey

Ø Ambient Noise Tomography ("ANT") Ground Survey (currently in progress)

These three complementary surveys will be integrated into Fermi's geological
model for the Perch River Property, providing a three dimensional (3D) model
in the target area and allowing for the accurate location and orientation of
the planned drill holes.

 

Xcite Electromagnetic Airborne Survey

The survey was flown using the 30 Hz Xcite™ TDEM system, towed by an AS350B3
helicopter platform, collecting time domain electromagnetic data. The survey
had a line spacing of 100 m, tie line spacing at 1,000 m, and was flown at
between 20 and 40 m above ground level.

The survey is currently undergoing final processing, including inversion and
3D modelling, to support drill programme design. Preliminary results indicate
the presence of a large conductive body beneath the Font du Lac River,
coincident with the Rapids Target identified last year.

Across the Athabasca Basin, unconformity-related uranium deposits are
spatially associated with graphitic rocks; these graphitic rocks are highly
conductive, and thus appear as conductive units in airborne electromagnetic
surveys. These conductive units have traditionally, and continue, to be major
targets for unconformity-related uranium, and thus the presence of a
significant conductive body spatially associated with 'The Rapids Target', a
significant geochemical and radon target, is considered highly exciting.

 

FALCON® Airborne Gravity Gradiometry and Magnetic Survey

The results of this survey are still pending; however, preliminary data
indicates a coincident magnetic and gravity low spatially associated with the
inferred conductive units described above. Further analysis and commentary
will be provided once the final processed results are received. The survey was
delayed until after snowmelt, as residual snowbanks can significantly affect
the highly precise density measurements required for gravity surveys.

 

Ambient Noise Tomography Ground Survey

To support the drill programme, Fermi Exploration have commissioned an Ambient
Noise Tomography (ANT) Survey over the Rapids Target. This survey is designed
to aid the technical team in determining alteration mineralogy and structural
geology which is critical for both the formation, and the targeting of
unconformity-related uranium deposits.

ANT is a type of ground geophysical surveying; in this method, multiple
seismic detectors are placed over an area of interest, where they record the
minute movement and activity of seismic waves from earthquakes generated
elsewhere on Earth. Depending on the geology, faults, alteration and other key
inputs for drill targeting, the ground below the sensors will deflect and very
subtly change the behaviour of seismic waves. These subtle changes are picked
up by the seismic detectors, which are then analysed to determine the
geological features below the surveyed area.

ANT is a highly innovative and efficient surveying technique with a low
environmental impact. It has been used around the world but found particular
success in the Athabasca and Thelon Basin, having been successfully employed
by Forum Energy Metal Corp(2), ATHA Energy Corp(3) and IsoEnergy Limited(4).
Axiom Exploration Group will deploy the ANT survey, with Fleet completing the
computational analysis.

On the Perch River Property, the ANT survey is ongoing, and results will be
discussed in due course.

 

Initial Drill Targets

Geophysical data processing is ongoing and is expected to be completed prior
to the start of the drilling programme.

The programme is currently planned to target the soil and in situ radon
anomalies which form the "Rapids Target" and a large conductive anomaly,
determined through the recent Xcite Survey, and refined through the pending
results from the airborne gravity gradiometry and magnetic geophysics survey.
The ongoing ANT survey will further hone and refine targets prior to the start
of drilling.

 

Environmental, Social, and Governance

As part of its Environmental, Social, and Governance (ESG) Policy, Fermi
Exploration is committed to minimising and monitoring environmental and social
risks to both local communities and the broader environment. Given that
drilling is proposed beneath a major watercourse-the Font du Lac River-the
Company has implemented additional safeguards beyond those required by the
drilling permit. These include proactive, third-party water quality monitoring
of the Font du Lac River to ensure that drilling activities do not negatively
impact water quality.

Additionally, the Company has engaged local suppliers and looks forward to
developing a strong relationship with the nearby Indigenous Communities.

 

REFERENCES

1              Purepoint Uranium Group Inc., 2017, Umfreville
Project, 2017 Exploration Report, MAW02161

2
https://forumenergymetals.com/news/2024/forum-commences-10-000-metre-diamond-drilling-program-on-its-100-owned-aberdeen-uranium-project-nunavut/
(https://forumenergymetals.com/news/2024/forum-commences-10-000-metre-diamond-drilling-program-on-its-100-owned-aberdeen-uranium-project-nunavut/)

3
https://athaenergy.com/atha-energy-provides-updates-on-2024-exploration-program/
(https://athaenergy.com/atha-energy-provides-updates-on-2024-exploration-program/)

4
https://www.isoenergy.ca/news-media/news/isoenergy-generates-six-new-high-priority-drill-targets-at-larocque-
(https://www.isoenergy.ca/news-media/news/isoenergy-generates-six-new-high-priority-drill-targets-at-larocque-)
east-project-following-ant-surveys

 

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and
approved by Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a
qualified geologist and acts as the Qualified Person under the AIM Rules -
Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal
consultant working for Mining Analyst Consulting Ltd which has been retained
by Power Metal Resources PLC to provide technical support.

 

 

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/Jen Clarke                                                         +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)

 Tim Blythe/Megan Ray                                                           +44 (0) 20 7138 3204

 

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 project portfolios and is
seeking large scale metal discoveries.

 

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.

 

Property 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 Property 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 drive the
Company's growth or may be returned to shareholders through share buy backs,
dividends or in-specie distributions of assets.

 

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