TIDMPOW
RNS Number : 7247H
Power Metal Resources PLC
08 April 2022
8 April 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Portfolio Update - Athabasca Basin
Highlights of Historical Data Compilation from the Clearwater
and Thibaut Lake Uranium Properties.
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces an update on its Clearwater
and Thibault Lake Uranium Properties (together the "Properties"),
within the Beaverlodge Uranium District, which are part of the
larger uranium (U) property portfolio that includes seven 100%
owned interests (Table 1) covering an area of 450.01km(2)
(45,001-hectares), surrounding the Athabasca Basin in northern
Saskatchewan, Canada (the "Uranium Portfolio").
Highlights include:
-- Properties host known 'Beaverlodge style', structurally
related vein-type, uranite (UO ) (pitchblende) mineralisation, with
a former uranium trial mine on the Clearwater Uranium Property, and
a historical non-compliant resource of 65,000lb (29.5t) at an
average grade of 0.83 % U(3) O(8) reported on the Thibaut Lake
Uranium Property.(6)
-- Government data indicates the presence of multiple
occurrences of strong vein-hosted uranium mineralisation on both
Properties with sample assays of up to 0.63% U(3) O(8) and 6.6%
U(3) O(8) being reported for the Clearwater and Thibault Lake
Uranium Properties, respectively.
-- Majority of U-in-lake sediment samples taken from both
Properties are considered strongly anomalous (greater than 95(th)
percentile) for uranium, with respect to regional data, suggesting
nearby sources of uranium mineralisation.
-- Results of a historical data review supplement and support
the strong uranium mineralisation identified during Power Metal's
ground exploration completed on both Properties during Q4 2021.
A map highlighting results from the historical data compilation
completed on the Clearwater and Thibault Lake Uranium Properties
are available through the following links:
https://www.powermetalresources.com/clearwater-overview-map/
https://www.powermetalresources.com/thibaut-lake-overview-map/
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"Today's update covers the Clearwater and Thibault Lake Uranium
properties located a short distance from Uranium City,
Saskatchewan, near the northern edge of the Athabasca Basin. Both
Properties host 'Beaverlodge-style' structurally related uranium
mineralisation, with Clearwater also having a historical deposit
with a non-compliant uranium resource of 65,000lb at an average
grade of 0.83% U(3) O(8.)
The findings from our technical review of both Properties
confirm significant uranium prospectivity and extensive
opportunities for forward exploration work.
Importantly, with today's announcement we have completed a full
technical data review for all seven Power Metal Athabasca region
properties, and all seven have demonstrated significant uranium
prospectivity.
We now have seven data rooms available which can be used for
external third-party discussions, and also for internal exploration
planning.
I would like to thank the team for working through the immense
amount of historical information and undertaking the detailed
review thereon. This work has added considerable value to our
uranium portfolio at a particularly compelling time with uranium
demand and price rising contemporaneously."
Clearwater Uranium Property Overview
- The Clearwater Property ("Clearwater Property" or
"Clearwater") covers an area of 7,916-hectares (c. 79.16km(2) )
located in northern Saskatchewan, Canada. The property is less than
10km from the northern edge of the Athabasca Basin, within the
Beaverlodge Uranium District, 15km from Uranium City, Saskatchewan
- a historically prospective area for uranium exploration and
mining. Saskatchewan ranked third in the most recent 2020 Fraser
Institute Investment Attractiveness Index rankings of global mining
jurisdictions.(1)
- Clearwater hosts nineteen Saskatchewan Mineral Deposit Index
("SMDI") occurrences, of which 14 are uraniferous, and includes a
former uranium trial mine. The uraniferous occurrences in the
Beaverlodge Uranium District are predominantly linked with
structurally associated vein-type or breccia-type U mineralisation,
linked to faults and shears, but may span a wide variety of uranium
mineralisation types as typified in the wider Beaverlodge Uranium
District. The Ace-Fay-Verna deposit (located 14km southeast of
Clearwater) is reported to have historically produced over 12,000
tonnes of U (24 Million lb) at an average grade of 0.28% U. In
addition, four base-metal and one precious-metal SMDI occurrences
(copper, lead, zinc and silver showings) have been identified on
Clearwater.
- Historical work has been highly localised and centred on
select previously identified geochemical anomalies and geophysical
results. This historical work, collated by Power Metal, has
identified previously drilled uranium-rich mineralisation, elevated
uranium anomalism within spring water occurrences and numerous
radioactive outcrops with scintillometer readings of over 250
counts per second ("CPS"). In addition, government data indicates
strongly anomalous U-in-lake sediment results. The vast majority of
the Clearwater Property is underexplored and untested by modern
exploration methods.
- Clearwater is considered prospective for vein-type or
breccia-type structurally hosted 'Beaverlodge-style', pegmatite and
basement-hosted unconformity related uranium mineralisation.
Thibaut Lake Uranium Property Overview
- The Thibault Lake Property ('Thibault Lake Property" or
"Thibault") covers an area of 4,401-hectares (c. 44.01km(2) )
located approximately 25km north of the Athabasca Basin edge,
approximately 15km northwest of the Company's Clearwater Property,
and is also within the Beaverlodge Uranium District.
- Historical work on Thibault, collated by Power Metal, has
centred on defining anomalous areas of vein-hosted Uranium
mineralisation, and has suggested the possible presence of a
historical moderately sized 'Beaverlodge-style' uranium
occurrence.
- Thibault is centred around six SMDI uranium occurrences which
were discovered during previous exploration campaigns. Samples of
up to 6.6% U(3) O(8) (5.6% U) have been reported from uranium-rich
veins uncovered from historical trenches.
- The Thibault Lake Property is considered by Power Metal to be prospective for vein hosted 'Beaverlodge-style' and pegmatite-hosted uranium mineralisation.
FURTHER TECHNICAL INFORMATION
Power Metal recently completed an in-depth historical data
compilation across its entire Uranium Portfolio surrounding the
prolific Athabasca Basin, Saskatchewan, and now possesses a robust
fully-digitised database covering all historical work programmes
completed across each asset, including the Clearwater and Thibaut
Lake Uranium Properties.
A total of 26 historical reports were digitised from work
programmes covering at least some part of the Clearwater Property.
These date from the 1950s to 1975 and include ground exploration,
trenching and lake sampling, with no further work in the most
recent 45 years. On the Thibault Property, a total of 17 historical
reports cover the area. Dated between 1954 and 1979 these include
trenching, drilling, airborne and ground scintillometer survey
results.
Clearwater Compilation Highlights
- The Clearwater Property covers nine Geological Survey of
Canada ("GSC") lake sediment results. With respect to 6,000
regional data points, all are elevated (>80th percentile), four
are considered highly anomalous with 48, 55, 57 and 69 ppm U (95th
to 97th percentile) reported. The remaining four samples are
considered extremely-anomalous, with results between 110 and 233
ppm U (98.5th to 99.4th percentile).
- Water sampling, as part of historical exploration activities,
has yielded highly-elevated uranium anomalism (44 U gamma/l) from a
spring located in the south of the Clearwater Property (versus a
background of 0.4 U gamma/l).(2) This uraniferous spring is in
close proximity to previously identified radioactive outcrops,
including a 30 m long x 10 m wide lens within granitic gneiss' that
returned select grab sample results between 0.018 and 0.15% U(3)
O(8) .(2)
- The Property overlies multiple major fault- and shear-zones,
which are coincident with known uranium and radioactive occurrences
which include:
1. Associated with a shear-zone located in the south of the
Clearwater Property, the 'A-6 occurrence' returned uraniferous
mineralisation of up to 0.145% U(3) O(8) within a massive graphite
and graphitic pelite with associated local hematite (iron oxide),
pyrite and hydrothermal alteration.(3) These features are typical
of both basement-hosted unconformity and 'Beaverlodge-style'
uranium deposits. These represent high-priority exploration targets
for the Company that will be targeted during future work
programmes.
2. Associated with a shear-zone located in the northeast of the
Clearwater Property, the 'A-8 occurrence' has received multiple
drillholes which identified weakly radioactive brecciated
pegmatites alongside a 20 m zone of elevated surface radioactivity
.(4) Ground exploration carried out by Power Metal in 2021
identified uraniferous outcrops 400 m to the northwest of the A-8
occurrence which returned scintillometer results between 650 and
1,200 CPS hinting at the possible size of this uranium enriched
zone.
3. The Don Henry Mine operated in the early 1950s and consists
small mine trial workings including trial pits and a small,
inclined shaft. Historical records indicate that channel sampling
returned 0.3m at 0.31% U(3) O(8) . (5)
In addition, the Clearwater Property hosts further uraniferous
occurrences recorded on the SMDI. These occurrences are also
spatially related to the fault systems on the property and are
generally hosted within intrusive bodies:
SMDI Number Occurrence Result*
1465 Contacts between pegmatites Up to 0.18% U(3) O(8) within
and mafic units/biotite a chip sample
pods
------------------------------- -----------------------------
1467 Biotite gneiss exhibiting 0.53% U(3) O(8) from grab
considerable staining sample
------------------------------- -----------------------------
1468 Two narrow parallel fractures 0.63% U(3) O(8) from vein
1.5 m apart in granite samples
------------------------------- -----------------------------
1469 Closely spaced fractures 0.55% U(3) O(8) from a grab
at the contact between sample
granite and the country
rocks
------------------------------- -----------------------------
1474 Quartz veining in pegmatite 0.13 - 0.145% U(3) O(8)
dykes and slip planes from chip/grab sample
associated with nearby
faulting
------------------------------- -----------------------------
2111 Radiometric anomaly and Very high scintillometer
minor scintillometer readings readings (exceeding 15,000
within gneiss cps) in outcrop
------------------------------- -----------------------------
*Historical results obtained from the Saskatchewan government
Saskatchewan Mineral Deposit Index (SMDI) website. The source of
each entry can be viewed by clicking the hyperlinked SMDI
number.
The wide geographic spread, and notable uranium grades
underscore the general prospectively of the Clearwater
Property.
Thibault Compilation Highlights
- The Thibault Property covers four GSC lake sediment results.
With respect to regional data, two are considered highly anomalous
24.5 and 38.6 ppm U (97(th) and 98.5(th) percentile, respectively)
and one is considered extremely anomalous, with a value of 108 ppm
U (99. 8(th) percentile).
- Previous drilling near the eastern part of the Thibault
Property led to the delineation of a historical non-compliant
vein-hosted deposit of approximately 65,000lb (29.5 tonnes) at an
average grade 0.83 % U(3) O(8) . In addition, historical trenching
on the property has identified narrow (0.1m wide) veins which
returned results between 1.6 to 6.6% U(3) O(8) (tri-uranium
octoxide), which were shown to extend for at least 25m along strike
- these occurrences included visible uranite mineralisation.(6)
- Exploration and sampling undertaken by Power Metal in late
2021 has yielded impressive radioactivity in outcrop including
results between 450 and 46,000 CPS, (0.04 - 0.165% U(3) O(8) ).
- The Thibault Property hosts seven SMDI uranium occurrences, all of which are classified as 'Beaverlodge-style' and associated with either faults, amphibolite units or granite, with uranium values of up to 3.85% U(3) O(8) .(7)
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
Saskatchewan 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 1,530
------------------------------------ ---------------
MC00015152 1,886
------------------------------------ ---------------
MC00015647 725
------------------------------------ ---------------
MC00015648 1129
------------------------------------ ---------------
Thibaut Lake Uranium
Property MC00015077 2,206
----------------------- ------------ ---------------
MC00015659 2,195
------------------------------------ ---------------
Soaring Bay Uranium
Property MC00015080 1,255
----------------------- ------------ ---------------
MC00015155 3,375
------------------------------------ ---------------
MC00015874 748
------------------------------------ ---------------
MC00015875 2529
------------------------------------ ---------------
Cook Lake Uranium
Property MC00015212 984
------------ ---------------
E-12 Uranium Property MC00015213 1,323
------------ ---------------
Reitenbach Uranium
Property MC00015214 2,135
----------------------- ------------ ---------------
MC00015474 1,235
------------------------------------ ---------------
MC00015655 4,570
------------------------------------ ---------------
MC00015656 5,322
------------------------------------ ---------------
MC00015657 856
------------------------------------ ---------------
MC00015824 528
------------------------------------ ---------------
Total Land Holdings 45,001
---------------
Glossary:
Basement-Hosted Unconformity Uranium Deposits: Uranium deposits
which have formed below a geological unconformity, rather than at,
or above it.
Beaverlodge-style: A group of small, but moderate to high-grade
uranium deposits found to the northwest of the Athabasca Basin.
Such deposits are typically present along faults, fractures or
shear zones, generally containing pitchblende, quartz, calcite,
chlorite and sulphide minerals; or within a brecciated unit (see
below) containing pitchblende, galena, quartz, calcite, chlorite,
and pyrite.
Brecciated: Brecciated rocks are those which been subjected to
either intense structural forces or hydrothermal alteration, of
which the later can alter the mineralogy or chemistry of rocks.
Certain mineral deposits, such as breccia hosted uranium are
typically found within this rock type.
Graphitic pelite: A type of metamorphic rock (a schist)
containing high levels of graphite common within the Athabasca
Basin; these rocks are often associated with mineralisation within
unconformity-hosted related deposits.
Pegmatites: Pegmatites are coarse grained intrusive rocks which
often carry economic mineralisation, they commonly form 'sheets' of
rock close to larger intrusions.
Uraniferous: Enriched in uranium
Reference Notes:
(1)
https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf
(2) Okadu et al, 1974, (Marubeni Canada Ltd) Hydrochemcial and
Radiometric Survey Report on CBS-5368, 5369 & 5370 Athabasca
M.D. Saskatchewan with Partial Results of Previous Airborne Survey.
(74N10-0461)
(3) Johnston, 1951 (Orbit Uranium Developments Ltd) Report on
Exploration, November 1951 (74N10-0178)
(4) Gui Por Gold Mines Limited, 1953, Drill Logs and Maps
(74N10-0001)
(5)
https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=1473
(6) Rock Hill Uranium Ltd, DDH Record and Maps, (74N14-008)
(7)
https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=1544
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 - Background
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 and assay
Project to 75% test pits and mapping results from on-site
& sampling. work programme.
---------- --------- ------------------------ ----------------------------
Athabasca Canada 100% Data compilation Interpretation
Uranium across uranium results from all
properties Properties complete.
---------- --------- ------------------------ ----------------------------
Authier North Canada Earn-in Soil & rock sampling Technical Review
Lithium to 100% completed of exploration
results & define
next exploration
steps.
---------- --------- ------------------------ ----------------------------
Ditau Project Botswana 50% Drill programme Field updates and
focused on key receipt & review
targets notably of laboratory assay
drilling of potential results.
carbonatites and
targeting rare-earth
elements.
---------- --------- ------------------------ ----------------------------
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% Review of recent Determine next
exploration findings. exploration steps
and action plan.
---------- --------- ------------------------ ----------------------------
Tati Gold/Nickel Botswana 100% Reverse circulation Technical Review
drill programme of exploration
completed results & define
next exploration
steps.
---------- --------- ------------------------ ----------------------------
Haneti Project Tanzania 35% Diamond drill programme Receipt & review
completed of laboratory assay
results.
---------- --------- ------------------------ ----------------------------
Victoria Goldfields Australia 49.9% Diamond drill programme Field updates and
underway receipt & review
of laboratory assay
results.
---------- --------- ------------------------ ----------------------------
Paterson Projects Australia 83.33% Wallal passive Findings from multiple
seismic and 2D work programmes
seismic processing including final
work programme approvals and preparations
completed. for planned deep
Review of historical diamond drilling.
data and target
generation for
Ripon Hills & Braeside
West projects.
---------- --------- ------------------------ ----------------------------
Selta Project Australia 83.33% Field reconnaissance Field updates.
work now underway,
including mapping
and sampling.
---------- --------- ------------------------ ----------------------------
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