TIDMPOW

RNS Number : 1180W

Power Metal Resources PLC

20 December 2021

20 December 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Exploration Update - Athabasca Basin

2021 Exploration Programme Delivers High-Grade Uranium Rock Samples up to 3.86% U(3) 0(8) (38,600ppm)

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces its 2021 work programme results from three of its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Previously on 05/11/2021 the Power Metal announced that its Phase I work programme was complete, and that additional ground surrounding the company's Tait Hill Property was acquired. A link to the announcement can be found below.

https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15201678

HIGHLIGHTS:

- Phase I exploration conducted over three of the seven Athabasca uranium properties, namely Tait Hill, Thibault Lake and Cleawater.

- 20 rock samples were collected for assay testing and the results demonstrate high grade uranium with the highest grade of 38,600ppm or 3.86% uranium oxide ("U(3) 0(8) ")(.)

   -      Multiple targets have been idenfitied for follow up exploration work in 2022. 

Maps demonstrating the location of sample results across the three properties may be viewed on the Company's website through the following links:

https://www.powermetalresources.com/tait-hill-phase-1-programme-results/

https://www.powermetalresources.com/thibaut-lake-phase-1-programme-results/

https://www.powermetalresources.com/clearwater-phase-1-programme-results/

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

"The confirmation of high grade uranium through assay testing of rock samples samples from the recent exploration programme is extremely positive and demonstrates the value of the diligent review work undertaken when the footprint was selected for staking earlier in the year.

There is considerable interest in the Athabasca uranium opportunity and Power Metal has, in my view and as evidenced today, built a compelling uranium exploration project portfolio in the area.

We remain of an acquisitive mindset with regard to uranium properties and are currently reviewing additional Canadian and African uranium exploration opportunities."

EXPLORATION PROGRAMME ADDITIONAL INFORMATION:

- A total of 20 rock samples were collected as part of the Phase I programme including eight (8) from Tait Hill, seven (7) from Thibaut Lake, and five (5) from Clearwater. All samples were analysed at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. Power Metal employed a uranium-exploration analytical package which includes uranium, various base/trace-metals, as well as a suite of rare-earth elements ("REEs").

- At Tait Hill, four (4) of the Properties eighteen (18) Saskatchewan Mineral Deposit Index point ("SMDI") uranium occurences were visited by exploration crews. Several samples returned highly anomalous uranium mineralisation including rock samples up to 4,700ppm (0.47% U(3) 0(8) ). The rocks were collected along a northeast-southwest trending line of uranium-rich boulders. Tait Lake which is centrally located within the Tait Hill Property (see map), where 308,000kg of uranium with a insitu value of US$25.6 million (c. US$28 million at US$42/lb uranium) was calculated by the Saskatchewan Mining Development Corporation following a detailed lake-sediment drilling programme completed in 1980, was not visited as part of this programme.(1) The historic work programme was completed solely on Tait Lake and the calculated resource is for Tait Lake and a few of the uranium-rich lakes immediately surrounding Tait Lake, which are majority held within the current Tait Hill Property.

- Power Metal has also successfuly obtained a high-resolution magnetics, electromagnetic ("EM") and radiometric airborne survey flown Terraquest Ltd., on behalf of Canalaska Uranium Ltd., over the entire Tait Hill Property In 2008 the 4,290 line-km survey was flown at 150m-line spacing and successfully identified ten (10) radiometric anomalies at Tait Hill which were never followed up on. In addition, several magnetic and EM anomalies and lineaments were identified which will assist the Company is planning future work programmes on the Tait Hill Property.

- At Thibaut Lake, two (2) of the Properties six (6) SMDI uranium occurences were visited by exploration crews. Several samples returned highly anomalous uranium mineralisation including rock samples up to 38,600ppm (3.86% U(3) 0(8) ), as well as five (5) of the seven (7) samples which assayed >1,100ppm U(3) 0(8) . The extremely high-grade sample was strongly mineralised with yellow carnotite and black pitchblende and displayed strong hematite alteration. The result greatly exceeds any historic samples taken within the area and represents a new exciting discovery for the Company.

- At Clearwater, three (3) of the Properties fourteen (14) SMDI uranium occurences were visited by exploration crews. Several samples returned strongly anomalous uranium mineralisation including rock samples up to 770ppm U(3) 0(8) , including all samples which returned greater than 200ppm U(3) 0(8) .

- Other notable rare-earth element results include thorium (Th) up to 1150ppm and zirconium up to 1,860ppm from the Tait Hill Property, as well as base-metal results including silver (Ag) up to 31.8ppm and lead (Pb) up to 8,320ppm from the Thibault Lake Property.

The Company is very pleased with the results obtained from the Phase I work programme where only one day of prospecting was spent on each of the three Properties. Several additional uranium occurrences have yet to be prospected by Power Metal, and the data obtained during this programme, as well as additional historic data acquired by the Company as part of the now completed historic data compilation, will be crucial in allowing the Company to unlock additional value from the Portfolio during the 2022 exploration season.

Table 1: 2021 Work Programme Rock Sample Assay Results

 
                       U3O8 wt 
 Title     Property      % *     U308 (ppm) 
 149626   Tait Hill     0.47       4,700 
         -----------  --------  ----------- 
 149627   Tait Hill     0.02        200 
         -----------  --------  ----------- 
 149628   Tait Hill     0.007        70 
         -----------  --------  ----------- 
 149629   Tait Hill     0.011       110 
         -----------  --------  ----------- 
 149630   Tait Hill     0.024       240 
         -----------  --------  ----------- 
 149631   Tait Hill     0.105      1,050 
         -----------  --------  ----------- 
 149632   Tait Hill     0.017       170 
         -----------  --------  ----------- 
 149633   Tait Hill     0.006        60 
         -----------  --------  ----------- 
           Thibaut 
 149634      Lake       0.04        400 
         -----------  --------  ----------- 
           Thibaut 
 149635      Lake       0.115      1,150 
         -----------  --------  ----------- 
           Thibaut 
 149636      Lake       0.003        30 
         -----------  --------  ----------- 
           Thibaut 
 149637      Lake       0.165      1,650 
         -----------  --------  ----------- 
           Thibaut 
 149638      Lake       0.122      1,220 
         -----------  --------  ----------- 
           Thibaut 
 149639      Lake       0.267      2,670 
         -----------  --------  ----------- 
           Thibaut 
 149640      Lake       3.86       38,600 
         -----------  --------  ----------- 
 149641   Clearwater    0.038       380 
         -----------  --------  ----------- 
 149642   Clearwater    0.023       230 
         -----------  --------  ----------- 
 149643   Clearwater    0.043       430 
         -----------  --------  ----------- 
 149644   Clearwater    0.065       650 
         -----------  --------  ----------- 
 149645   Clearwater    0.077       770 
         -----------  --------  ----------- 
 

* U(3) O(8) Assay by ICP, SRC Geoanalytical Laboratories, Saskatoon, Saskatchewan,

Reference Notes:

1: C. E. Roy and S. A. Earle, Saskatchewan Mineral Development Corporation Exploration - Summer 1980, Grease River-Scott Lake Project, CBS 5479, 5539, 5869 (74O09-0022). December, 1980

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/ 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 has exploration programmes completed or underway, with results awaited, as outlined below:

 
       Project         Location      POW %         Work Completed            Results Awaited 
                                                     or Underway 
 
 Alamo Gold               USA       Earn-in    Excavation of multiple    Field results from 
  Project                            to 75%     test pits and mapping     on-site work programme. 
                                                & sampling. 
                      ----------  ----------  ------------------------  ------------------------- 
 Authier North          Canada      Earn-in    Soil & rock sampling      Laboratory assay 
  Lithium                           to 100%     completed                 results of samples 
                                                                          collected 
                      ----------  ----------  ------------------------  ------------------------- 
 Ditau Project         Botswana       50%      Preparatory exploration   Field programme 
                                                work underway on          findings and defined 
                                                target I10 leading        drill targets for 
                                                to planned accelerated    near term drilling. 
                                                drilling targeting 
                                                rare-earth elements 
                                                and base metals 
                      ----------  ----------  ------------------------  ------------------------- 
 Kalahari Copper       Botswana       50%      Exploration programme     Field programme 
  Belt                                          underway across           findings and defined 
                                                the South Ghanzi          drill targets for 
                                                Project and further       near term drilling 
                                                exploration at 
                                                the more recently 
                                                acquired South 
                                                Ghanzi Extension 
                                                and Mamuno licence 
                                                areas 
                      ----------  ----------  ------------------------  ------------------------- 
 Molopo Farms          Botswana       53%      Kavango Option            Results from various 
                                                to acquire an interest    work activities 
                                                in local project          underway as part 
                                                holding company.          of the Kavango 
                                                Option fee payable        Option 
                                                through defined 
                                                work programme 
                      ----------  ----------  ------------------------  ------------------------- 
 Tati Gold/Nickel      Botswana      100%      Reverse circulation       Laboratory assay 
                                                drill programme           results awaited 
                                                completed 
                      ----------  ----------  ------------------------  ------------------------- 
 Victoria Goldfields   Australia     49.9%     Ongoing exploration       Results from field 
                                                across 848km(2)           programme including 
                                                of granted exploration    drill programme 
                                                licences                  underway 
                      ----------  ----------  ------------------------  ------------------------- 
 Wallal Gold/Copper    Australia   83.33%(1)   Passive seismic           Results awaited 
  Project                                       and 2D seismic 
                                                processing work 
                                                programme completed 
                      ----------  ----------  ------------------------  ------------------------- 
 

(1) assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company's announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

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