REG - Power Metal Res. - Uranium-Focused Joint Venture – Exploration Update

Power Metal ResourcesAnnouncement

13/11/2024 07:15

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RNS Number : 9820L  Power Metal Resources PLC  13 November 2024

13(th) November 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium-Focused Joint Venture - Exploration Update

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed
exploration company with a global project portfolio, is pleased to update the
market on forthcoming exploration activities within its uranium-focused joint
venture (the "Joint Venture" or "JV") of Power Metal's entire portfolio of
uranium licences with UCAM Ltd ("UCAM" or the "Investor").

 

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

"I am very pleased to be able to update shareholders on the JV's exciting
initial plans for its uranium portfolio. We have a substantial budget
committed to exploration, we believe, in fact, the second largest currently
being deployed in the Athabasca Basin area.

"In order to maximise our chances of discovery, we will continue to undertake
the necessary sampling and surveying work before we commence drilling, which
we currently anticipate will be in late February/early March of next year.

"I very much look forward to being able to regularly update shareholders on
our progress across this licence area."

 

HIGHLIGHTS

·    The JV intends to accelerate the exploration programme on its Badger
Lake Property, located 35km from the World Class Arrow and Triple R uranium
deposits. This programme will include airborne geophysical surveying, an
innovative Ambient Noise Tomography ("ANT") ground geophysics survey, and will
aim to undertake a multi-hole drilling programme in February-March 2025.

·    The JV has commissioned Axiom Exploration Group ("Axiom") to complete
a magnetic and electromagnetic survey over the Badger Lake Property commencing
on 14 November 2024. Axiom will then complete similar surveys over the Perch
River, East Hawkrock and West Hawkrock Properties in the following weeks.

·    The JV has commissioned Fleet Space Technologies Pty Ltd ("Fleet")
and Axiom to complete an ANT survey on the Badger Lake Property. This
innovative method has been utilised successfully by multiple uranium explorers
and developers, including Forum Energy Metal Corp, ATHA Energy Corp and
IsoEnergy. This survey is planned for mid-late November 2024.

·    The combined radon, soil and biogeochemical sampling program on
Badger Lake was completed in late October 2024, with assays pending.

 

 

 

 

Further Information

Acceleration of the Exploration Programme on Badger Lake

In October 2024, a combined radon, soil and biogeochemical sampling programme
was completed on Badger Lake; while the results are pending, a member of the
JV's technical team attended the site works. Following this programme, it was
decided to accelerate the geophysical programmes and aim to drill in
February/March 2025. To facilitate this drilling, the JV has commissioned and
accelerated further geophysical programmes to provide technical input to the
proposed programme. Additionally, to support the drill permit application,
multiple local experts have been engaged, including a First Nations liaison,
to assist the JV technical team.

 

 

Geophysical Survey of Badger Lake, Perch River, East Hawkrock and West
Hawkrock Properties

The JV has commissioned Axiom Exploration Group of Saskatoon, Saskatchewan, to
complete an Xcite™ system helicopter-borne time-domain electromagnetic
("HTDEM") and magnetic airborne geophysical survey of the Badger Lake, Perch
River, Hawkrock East, and Hawkrock West Properties.

These methods are industry standard for the exploration of uranium deposits in
the Athabasca Basin, and the Xcite™ system offers high-resolution data,
rapid mobilisation and quiet data collection. Following the surveys, Axiom
will process the raw data in-house and provide it to JV's technical team.

The electromagnetic survey will inform the JV's technical team of the location
of areas of conductive material in the basement geology below the sandstones
of the four properties. The conductive material within the basement may
represent graphitic rocks, which are a target for the exploration of
unconformity-related uranium, as the majority of uranium deposits in the
Athabasca Basin are located in the vicinity of graphitic rocks.

The magnetic survey will provide information on the structure of the basement
geology on the properties. Unconformity-related deposits are typically located
in close proximity to major fault structures, which may have acted as fluid
conduits, and thus, gaining an understanding of the properties of structural
geology is key in drill planning.

Previous exploration on the Badger Lake property suggested the existence of a
multiple conductive zones in the basement(1,2) but due to the age and low
resolution of the surveys, it was unable to provide a definitive conductive
axis. Additionally, an untested Dielectric Constant conductive anomaly exists
in the centre of the property(3).

 

Ambient Noise Tomography

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(4), ATHA Energy Corp(5) and IsoEnergy Limited(6).
 Axiom will deploy the ANT survey, with Fleet completing the computational
analysis.

 

 

 

 

REFERENCES

(1) COGEMA Resources Inc, Laurie Project Report on GEOTEM Airborne EM and
Magnetic Surveys, March, 2002 (74F10-0035R)

(2) Kerr Addison Mines Limited, 1978, Airborne Electromagnetic Survey, Lloyd
Lake Project Saskatchewan (74F10-0013)

3
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/xenn32x
(https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/xenn32x)

4
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/)

5
https://athaenergy.com/atha-energy-provides-updates-on-2024-exploration-program/
(https://athaenergy.com/atha-energy-provides-updates-on-2024-exploration-program/)

6
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, 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 LLP (Nomad and Joint Broker)
 Ewan Leggat/Caroline Rowe                                                       +44 (0) 20 3470 0470

 Tamesis Partners LLP (Joint Broker)
 Richard Greenfield/Charlie Bendon                                               +44 (0) 20 3882 2868

 BlytheRay (PR Advisors)

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

 

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (AIM:POW, OTCQB:POWMF) is a London-listed metals
exploration company which finances and manages global resource projects 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, Saudi Arabia 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 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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