REG - Power Metal - Uranium Portfolio Expansion - Athabasca Basin

Power Metal ResourcesAnnouncement

10/11/2021 07:05

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RNS Number : 8665R  Power Metal Resources PLC  10 November 2021

10 November 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Portfolio Expansion - Athabasca Basin

Athabasca Basin Property Holdings Expanded Significantly to 41,196 - Hectares
(54.2% Increase in Total Athabasca Portfolio Land Holdings)

 

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces a uranium exploration portfolio expansion at its 100% owned
interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

PORTFOLIO HIGHLIGHTS:

-     Total land holdings surrounding the Athabasca Basin have now been
increased by 144.84 km(2) to a total land holding of 411.96 km(2) (41,196
hectares), which includes additional ground staked surrounding the Company's
Thibaut Lake, Clearwater, and Reitenbach Uranium properties - representing a
54.2% increase in total land holdings.

 

-    An additional 107.48 km(2) were staked surrounding the company's
Reitenbach Uranium Property. The new claims cover three additional uranium
mineral deposit index points as well as a lake-sediment result of 130ppm
Uranium, taken from the Geological Survey of Saskatchewan's lake sediment
analysis database (database of 13,195 individual lake sediment results from
the Precambrian Shield area of Saskatchewan)(1). The lake sediment result
represents the 11th highest sample in the entire provincial database (99.9(th)
percentile).

 

-    The Reintenbach Uranium Property is now fully contiguous with ground
owned by multiple private claim holders, as well as Forum Energy Metals Corp
(TSX:FMC).

 

-   An additional 21.95 km(2) were staked surrounding the company's Thibaut
Lake Uranium Property. The Property is now contiguous with one of the largest
private landholders within Saskatchewan, as well as a British Columbia
registered company with unknown owners.

 

-    An additional 15.41 km(2) were staked surrounding the Company's
Clearwater Uranium Property. The new claim covers three base-metal mineral
deposit index points. The Thibaut Lake Uranium Property is now contiguous with
ground owned by Eagle Plains Resources Ltd., as well as with one of the
largest private landholders within Saskatchewan.

 

-    Historic data compilation is progressing at pace across the portfolio
with full analysis completed on three properties to date. The results of this
ongoing work will be released to the market in the coming weeks.

 

-    All property expansions were acquired through staking and as a result
Power Metal, through its wholly-owned subsidiaries, will have a 100% interest
with no outstanding royalties or encumbrances.

 

-     The claims have been registered with the Mineral Administration
Registry Saskatchewan and the total cost of claim staking was C$28,141.  The
claims are valid for 2 years and there is no minimum spend commitment
required.

 

 

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
 

"The additional areas staked by the Company are prospective for uranium and
base-metals in areas surrounding the Athabasca Basin in Saskatchewan, Canada.

Our plan was to steadily increase our Athabasca land holdings, however given
the pace at which ground is being staked by various other parties, and the
high-value transactions taking place around the Athabasca Basin, we have
accelerated our staking campaign.

Power Metal now has exposure to 412 km(2) of ground that we consider to be
highly prospective for uranium mineralisation, representing a strategic
portfolio of uranium focused exploration interests within a top mining
jurisdiction.

Our first work programme covering three of the seven properties was completed
last week and we await assay results from samples which have been submitted on
a rush-basis for expeditious turnaround."

 

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc ("Power Canada").
which acts as the holding company for certain Canadian project operations.

Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which
is the holder of the Company's uranium portfolio.

 

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

 Project                        Licence ID  Area - Hectare
 Clearwater Uranium Property    MC00015079  1,110
                                MC00015083  563
                                MC00015082  3,191
                                MC00015151  760
                                MC00015646  761
                                MC00015658  1,541
 Tait Hill Uranium Property     MC00015078  1,576
                                MC00015081  968
                                MC00015153  1530
                                MC00015152  1886
                                MC00015647  725
                                MC00015648  1129
 Thibaut Lake Uranium Property  MC00015077  2,206
                                MC00015659  2,195
 Soaring Bay Uranium Property   MC00015080  1,255
                                MC00015155  3,375
 Cook Lake Uranium Property     MC00015212  984
 E-12 Uranium Property          MC00015213  1323
 Reitenbach Uranium Property    MC00015214  2,135
                                MC00015474  1,235
                                MC00015655  4,570
                                MC00015656  5,322
                                MC00015657  856
 Total Land Holdings                        41,196

 

*Bold text refers to ground acquired since the most recent acquisition and
expansions announced by the Company on 26 October 2021 and 5 November 2021

 

Reference Notes:

1:            https://geohub.saskatchewan.ca/datasets/gsc-lake-sediment-analyses/explore?location=57.252950%2C-105.528550%2C6.99
(https://geohub.saskatchewan.ca/datasets/gsc-lake-sediment-analyses/explore?location=57.252950%2C-105.528550%2C6.99)
 

COMPETENT 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 Competent 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
 Paul Johnson (Chief Executive Officer)                                          +44 (0) 7766 465 617

 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

 

 

NOTES TO EDITORS

Power Metal Resources plc (LON:POW) is an AIM 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 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.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal now has the following exploration completed with results awaited
or exploration underway:

-      Silver Peak Project (Canada) - diamond drill programme completed
targeting high-grade silver (laboratory assay results awaited)

 

-      Authier North Lithium Project (Canada) - soil & rock sampling
completed (laboratory assay results awaited)

 

-      Athabasca Uranium (Canada) - Phase I exploration completed and
field results positive, targeting uranium (laboratory assay testing of samples
collected awaited)

 

-      Tati Gold/Nickel Project (Botswana) - reverse circulation drilling
completed (field results, together laboratory assay results awaited)

 

-      Molopo Farms Complex (Botswana) - further samples being tested for
nickel sulphide and platinum group elements ("PGEs") from diamond drill
programme completed (laboratory assay results awaited)

 

-      Ditau Project (Botswana) - preparatory exploration work underway
on target I10 leading to planned accelerated drilling targeting rare earth
elements and base metals

 

-      Kalahari Copper Belt (Botswana) - results from ongoing exploration
across the South Ghanzi Project and further exploration at the more recently
acquired South Ghanzi Extension and Mamuno licence areas

 

-      Wallal Gold/Copper Project (Australia) - geophysics results from
2D seismic processing and passive seismic awaited

 

-      Victoria Goldfields (Australia) - results from ongoing exploration
across 848km(2) of granted exploration licences

 

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