15 February 2024
Power Metal Resources PLC
("Power Metal" or the "Company")
Athabasca Basin - Strategic Uranium
Property Staked
Power Metal Acquires the Richards Lake Uranium
Property via Direct Staking
Power Metal Resources PLC (AIM:POW), the
London-listed exploration company seeking large-scale metal
discoveries across its global project portfolio, announces an
update concerning its uranium property portfolio focused on the
Athabasca Basin area in Saskatchewan, Canada.
Sean
Wade, Chief Executive Officer of Power Metal Resources plc,
commented:
"I
am very pleased to report this additional staking to our already
significant uranium portfolio focused on the Athabasca Basin area.
Competition remains extremely high for these properties, and I am
very grateful to the technical team for their skilful management of
the staking process. With the addition of Richards Lake, an
in-basin property, we have further augmented our uranium footprint,
one that we believe will add considerable value for our
shareholders as corporate and investor interest in the Athabasca
Basin area continues to increase."
HIGHLIGHTS:
§ Newly acquired Richards
Lake Uranium Property ("Richards Lake" or the "Property") was
acquired by direct mineral claim staking undertaken by the Power
Metal technical team. The Property was staked during the most
recent Mineral Administration
Registry Saskatchewan ("MARS") electronic registry system
claim reopening on 31 January 2024, with the licences granted a few
days later. Additional information on the staking process can be
found in the further information section below.
§ Richards Lake project area
covers a total 3,109.26 hectares (31.09 km2) within the
northern edge of the Athabasca Basin. Richards Lake is surrounded
by claims held by uranium-focused companies, including ALX
Resources, ATHA Energy Corp and Skyharbour Resources Ltd (see
Figure 1).
§ Property has been subject
to minimal historical exploration, but previous operators have
noted east-west trending Electromagnetic ("EM") geophysical
conductors which extend through the centre of the
Property1. The Property is located 14km south of the
Fond du Lac Uranium deposit.
§ Richards Lake acquisition
further supplements the Company's Athabasca uranium portfolio. With
the addition of Richards Lake the portfolio now consists of
eighteen uranium properties, including two conditional disposals,
with a combined total area of 1,043.40 km2.
FURTHER
INFORMATION
Mineral Claim
Staking Process
The mineral claim constituting
Richards Lake was acquired directly through the Mineral Administration Registry Saskatchewan
("MARS") electronic registry system.
Where a previous claim owner is
unable to satisfy the claim maintenance requirements, that ground
is reopened to third party staking at a set time each month. Select
reopenings are highly competitive with many parties attempting to
acquire the newly available land.
The total cost of staking was
Canadian $1,865.56. 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 a minimum of Canadian
$46,638.90 per annum.
The
Richards Lake Uranium Property
Richards Lake is located within the
prolific Athabasca Basin, approximately 14km from the Basin's
northern edge. Based on nearby borehole records, the
sandstone-basement unconformity on the Property is expected to be
at around 200m depth. The property is crossed by two inferred
northwest-southeast trending faults.
The Property has never been
subject to detailed geophysical analysis, being
part of a larger Electromagnetic survey in the mid-2000s. The
property has also not received geochemical sampling or drilling,
and thus represents a greenfield uranium project in a prolific
uranium district.
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.
The Power Metal Canada Uranium
Property Map is presented in Figure 2, below.
Media
Figure 1: Richards Lake Uranium Property Overview
Map
Figure 2: Power Metal Canada Uranium
Property Map
NOTES
Glossary:
EM Geophysical
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.
Reference:
1Fission Energy Corp, 2008, Report on 2007
Summer Exploration Of The Davy Lake Property (West, East And North
Blocks), Northern Saskatchewan, Report No: 74J13-0010
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
|
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Sean Wade (Chief Executive
Officer)
|
|
|
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SP Angel Corporate Finance (Nomad
and Joint Broker)
|
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Ewan Leggat/Caroline Rowe/Harry Davies-Ball
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+44 (0) 20 3470 0470
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SI Capital Limited (Joint
Broker)
|
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Nick Emerson
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+44 (0) 1483 413 500
|
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First Equity Limited (Joint
Broker)
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David Cockbill/Jason
Robertson
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+44 (0) 20 7330 1883
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BlytheRay (PR Advisors)
|
+44 (0) 20 7138 3204
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Tim Blythe
|
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Megan Ray
|
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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.