TIDMPOW
RNS Number : 3620Q
Power Metal Resources PLC
20 February 2023
20 February 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Athabasca Basin - Uranium Portfolio Update
Power Metal Acquires via Staking Hawkrock East and Hawkrock West
Uranium Properties, Haresign Bay Property Size Reduced
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update in relation to its
uranium property portfolio focused on the Athabasca Basin area in
Saskatchewan, Canada.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"There is significant competition for high quality uranium
ground in and surrounding the Athabasca Basin in Saskatchewan,
Canada. As outlined below, there were other uranium companies also
lodging applications over the Haresign Bay Property which we
announced on 2 February 2023 and which has reduced the amount of
ground we were able to secure at that project.
The interest in the Athabasca Basin is noticeably increasing
meaning we must accelerate the acquisition of additional ground. By
moving quickly, the Power Metal technical team has already taken
action by staking an additional two properties located within the
Basin.
Given the recognition of uranium as a key commodity for future
power generation we are also accelerating our efforts to secure
projects in other regions as quickly as possible to build our
exposure. The level of interest in uranium exploration extends
across many high-profile regions globally and there is no time to
waste on this."
HIGHLIGHTS:
-- All claims were acquired by direct mineral claim staking by
the Power Metal technical team. They were acquired through the
Mineral Administration Registry Saskatchewan ("MARS") electronic
registry system on 15 February 2023. The staking acquisitions
represent significant additions to the Company's uranium portfolio.
Further information on the staking process can be found in the
Further Information section below.
-- The newly acquired Hawkrock East and Hawkrock West uranium
properties (collectively the "Properties") cover a total combined
area of 4,280-hectares (42.80km(2) ) within the prospective
Snowbird Tectonic Zone ("STZ") in the northeastern corner of the
Athabasca Basin.
-- Historical exploration completed covering the Hawkrock East
property identified elevated radon, uranium and
methane-in-groundwater coincident with largely untested
electromagnetic ("EM") geophysics conductors. Previous drilling
completed by the Saskatchewan Mineral Development Corporation
("SMDC") in 1981 identified major faulting and pelitic geology
which is considered by the Company to be comparable to many
Athabasca basin unconformity-related uranium deposits.
-- The Hawkrock West property, located 12km to the west of
Hawkrock East, is centred around multiple EM conductors which are
coincident with elevated uranium pathfinder elements (incl. As, Co,
Ni, Th and Pb) in lake sediment sample assays. Previous drilling
completed by D.F Exploration Ltd in 1997 returned elevated uranium,
thorium and radiation counts-per-second ("CPS") readings of drill
core in close proximity to the Athabasca sandstone and basement
unconformity.
-- Due to a correction following concurrent competing
applications within the MARS electronic claim registry, Power
Metal's previously staked Haresign Bay Property has been reduced in
size from 3,189-hectares (31.89km(2) ) to 165-hectares (1.65km(2) )
with two other uranium focused companies securing the balance. The
Kernaghan Property was unaffected and remains as previously
announced. This reduced the staking cost of Haresign Bay Property
to CAD$300 from CAD$1,913.51. Both Haresign Bay and Kernaghan
properties come with a two-year term with no minimum spend
requirement and which can then be extended for subsequent years by
spending an aggregated minimum of CAD$72,623 per annum.
-- With the addition of the Properties, as well as the reduction
of the Haresign Bay Property, the Power Metal Athabasca uranium
portfolio now consists of sixteen properties, including two
conditional disposals(1,2) , with a combined total area of
965.73km(2) .
FURTHER INFORMATION
Geology
The Properties are located in the northeastern corner of the
prolific Athabasca Basin and within the STZ. The STZ is a 200km
wide structural zone which crosses the Athabasca Basin in a
northeast-southwest orientation. On the other side of the basin,
the STZ is host to the Centennial unconformity related uranium
deposit owned by a joint venture between Orano SA and Cameco Corp.,
where drilled intersections include up to 34m @ 8.8% U(3) O(8)
.(3)
Mineral Claim Staking Process
The mineral claims constituting the Properties were acquired
directly through the Mineral Administration Registry Saskatchewan
("MARS") electronic claim registry system.
Where a previous claim owner is unable to satisfy the claim
maintenance requirements, that ground is reopened to third party
staking. The total cost of staking the Properties was a combined
CAD$3,340.75. The newly staked licences come with a two-year term
with no minimum spend requirement and which can then be extended
for subsequent years by spending an aggregated minimum of
CAD$83,519 per annum.
The Properties staked are pending licence grant which is
expected shortly.
Next Steps
The Company is preparing fact sheets which will include further
information and maps for newly acquired staking. These will be
released to the market once ready. Furthermore, detailed data rooms
are being prepared.
URANIUM PROPERTIES - 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
Athabasca uranium portfolio.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property
Holdings
Project Licence ID Area Area
(Hectare) (km(2) )
Clearwater Uranium
Property MC00015079 1,110 11.1
------------ ----------- -----------
MC00015083 563 5.63
--------------------------------------- ----------- -----------
MC00015082 3,191 31.91
--------------------------------------- ----------- -----------
MC00015151 760 7.6
--------------------------------------- ----------- -----------
MC00015646 761 7.61
--------------------------------------- ----------- -----------
MC00015658 1,541 15.41
--------------------------------------- ----------- -----------
Tait Hill Uranium
Property MC00015078 1,576 15.76
------------ ----------- -----------
MC00015081 968 9.68
--------------------------------------- ----------- -----------
MC00015153 1,530 15.3
--------------------------------------- ----------- -----------
MC00015152 1,886 18.86
--------------------------------------- ----------- -----------
MC00015647 725 7.25
--------------------------------------- ----------- -----------
MC00015648 1,129 11.29
--------------------------------------- ----------- -----------
MC00016158 3,242 32.42
--------------------------------------- ----------- -----------
Thibault Lake Uranium
Property MC00015077 2,206 22.06
------------ ----------- -----------
MC00015659 2,195 21.95
--------------------------------------- ----------- -----------
AC00018709 1,982 19.82
--------------------------------------- ----------- -----------
Soaring Bay Uranium
Property MC00015080 1,255 12.55
------------ ----------- -----------
MC00015155 3,375 33.75
--------------------------------------- ----------- -----------
MC00015874 748 7.48
--------------------------------------- ----------- -----------
MC00015875 2,529 25.29
--------------------------------------- ----------- -----------
Cook Lake Uranium
Property MC00015212 984 9.84
------------ ----------- -----------
E-12 Uranium Property(1) MC00015213 1,323 13.23
------------ ----------- -----------
Reitenbach Uranium
Property(2) MC00015214 2,135 21.35
------------ ----------- -----------
MC00015474 1,235 12.35
--------------------------------------- ----------- -----------
MC00015655 4,570 45.7
--------------------------------------- ----------- -----------
MC00015656 5,322 53.22
--------------------------------------- ----------- -----------
MC00015657 886 8.86
--------------------------------------- ----------- -----------
MC00015824 528 5.28
--------------------------------------- ----------- -----------
MC00016155 1,333 13.33
--------------------------------------- ----------- -----------
Reindeer Lake MC00015522 3,336 33.36
------------ ----------- -----------
Porter Lake MC00015561 5,657 56.56
------------ ----------- -----------
MC00015562 5,199 51.98
--------------------------------------- ----------- -----------
Old Woman Rapids MC00015563 4,851 48.51
------------ ----------- -----------
MC00015564 5,063 50.63
--------------------------------------- ----------- -----------
MC00015565 3,044 30.44
--------------------------------------- ----------- -----------
Durrant Lake MC00016142 5,866 58.66
------------ ----------- -----------
Badger Lake MC00016253 1,671 16.71
------------ ----------- -----------
Haresign Bay MC00016910 100* 1.00*
------------ ----------- -----------
MC00016911 33* 0.33*
--------------------------------------- ----------- -----------
MC00016912 33* 0.33*
--------------------------------------- ----------- -----------
Kernaghan MC00016760 4,566 45.66
------------ ----------- -----------
Hawkrock East MC00016968 2,345 23.45
------------ ----------- -----------
Hawkrock West MC00016967 3,220 32.20
------------ ----------- -----------
Total Licence Holding Area 96,573 965.73km(2)
----------- -----------
*Resulting licence area after reduction
NOTES AND REFERENCES
1: The E-12 Property, currently included as one of the 16
uranium portfolio properties, is subject to a conditional disposal
to Teathers Financial PLC for a consideration of GBP250,000. Work
is ongoing to complete that transaction. See Company announcement
released on 4 November 2022.
2: The Reitenbach Property, currently included as one of the 16
uranium portfolio properties, is subject to a conditional disposal
to Teathers Financial PLC for a consideration of GBP360,000. Work
is ongoing to complete that transaction. See Company announcement
released on 8 August 2022.
3: Jiricka, D.E., and Witt, G., 2008, The Centennial deposit-an atypical unconformity-associated uranium deposit: Calgary, Mining Forum, April 2008.
Glossary:
Electromagnetic Conductors: In the Athabasca Basin area, uranium
mineralisation is often associated with graphitic fault conductors
within the crystalline basement. Graphite and faults are more
conductive than the surrounding rocks, and thus offer a proven
geophysical target for future exploration.
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.
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