TIDMPOW
RNS Number : 4657Y
Power Metal Resources PLC
14 January 2022
14 January 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Portfolio Update - Athabasca Basin
Extensive Historic Data Compilation Completed Across the
Portfolio
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 uranium
portfolio which includes seven 100% owned interests (the
"Portfolio" or "Properties") covering 411.96km(2) surrounding the
Athabasca Basin in northern Saskatchewan, Canada.
Further information in respect of the Properties, including a
location map may be viewed in the website link below:
https://www.powermetalresources.com/project/athabasca-basin/
Portfolio Updates:
- Power Metal has completed an in-depth historic data
compilation across its entire uranium Portfolio surrounding the
prolific Athabasca Basin, Saskatchewan, and now possesses a robust
fully-digitised database covering all historic work programmes
completed across the various Properties.
- Power Metal recently retained a UK-based geological consultant
with extensive Athabasca Basin experience to help push forward the
Company's various initiatives and projects within the exciting
uranium space. The consultant previously completed a M.Sc. thesis
from the University of Ottawa where they researched the
geochemistry, alteration, and structural geology of one of the many
world-class unconformity-related uranium deposits located within
the Athabasca Basin.
- Several extensive historical datasets were successfully
procured, the data from which, combined with the results obtained
from the recently completed Phase I work programme, will allow the
Company to begin planning various 2022 exploration initiatives
across the Portfolio.
- Further maps and highlights from across the Portfolio will be
released by the Company in the coming months. Select findings from
the historic data compilation programme for the Tait Hill Property
are however highlighted below, demonstrating the information
gathered for one property.
- Reflecting the interest shown from third parties in the
Properties, a dataroom is being prepared to provide a focal point
for those parties wishing to undertake due diligence review.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"Our move into uranium exploration has been planned for some
time and commenced with the September 2021 staking surrounding the
Athabasca Basin. The staking undertaken was highly selective,
focusing on areas where historical recorded work had demonstrated
uranium mineralisation or where other geological features suggested
that ground would be prospective.
Although selective, the seven properties are clearly attracting
some interest and we are looking at potential commercialisation
options alongside planning for proactive 2022 exploration
programmes.
To maximise any commercial outcome, and to optimise exploration
we have gathered as much data as possible in respect of the
Properties, and the information gleaned is, in our view, highly
valuable."
Tait Hill Property ("Tait Hill" or the "Property") Data
Compilation Highlights
- All data from an high-resolution airborne magnetic,
electromagnetic, and radiometric survey flown by Terraquest Ltd.,
on behalf of Canalaska Uranium Ltd., was obtained by Power Metal.
The 2008 high-resolution survey included 4,290 total line-km flown
at 150m line-spacing which covers the entire modern day Tait Hill
Property.(1)
- Detailed analysis was undertaken by Canalaska Uranium Ltd.,
for various radiometric products produced by the airborne survey
including uranium (U), thorium (Th) and potassium (K).
Specifically, isolated points in the dataset which have high U/Th
ratios relative to background, are considered good candidates for
uranium-rich surface showings and should be prioritised during
future work programmes.(1) A total of 11 unique points were
identified by the survey within the Tait Hill Property.
- The airborne survey (1(st) vertical derivative product)
highlights multiple northwest-southeast trending magnetic high
features which transect the Property. Mapping over the area
determined that they correspond to uranium-rich granite and
pegmatitic dykes with anomalous scintillometer readings ranging
from 350 to 2,500 counts per second ("CPS"). Further investigation
is warranted along these structures which are mapped for a combined
16km through the Property.(2)
- Several zones of uranium-rich mineralisation were identified
in the historic results from Tait Hill including rock samples up to
15,150ppm (1.52%), 7,653ppm, and 6,610ppm U, as well as uranium in
soil samples up to 14,358ppm (1.44%), 7,049ppm, and
6,692ppm.(2,3)
- The rock sample that returned 15,150ppm U was taken
immediately west of Tait Lake, and was located along a
northeast-southwest oriented uranium-rich boulder train which
follows the general direction of ice movement in the region
(southwest). It was recommended that additional work be completed
on this boulder train as further work may lead to the possible
source area for these uranium-rich boulders.(2)
- A new high-priority zone was identified during the 2008 field
campaign which was named the 'NE Shearika Zone'. Here, several
uranium-rich rock samples (including 7,654ppm, 6,611ppm, 3,633ppm,
and 1,609ppm U) were collected along a sharp contact zone between a
granitic intrusion (magnetic high) and the surrounding
meta-sedimentary rocks (magnetic low). This contact zone is traced
for over 3km within the Tait Hill Property.(3)
A map highlighting some of the results from the historic data
compilation completed on the Tait Hill Property can be found at the
following link:
Tait Hill Historic Data Compilation Map|Power Metal Resources
plc (LON: POW)
Reference Notes:
1: Operations Report for Canalaska Uranium Ltd., High Resolution
Magnetic, XDS VLF-EM & Radiometric Airborne Survey Grease River
Project Northern Saskatchewan: April 15, 2008
2: Canalaska Uranium, Report on the 2007 Exploration Programme
Grease River Project: July, 2008
3: Canalaska Uranium, Report on the 2008 Exploration Programme
Grease River Project: March, 2009
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 and assay
Project to 75% test pits and mapping results from on-site
& sampling. work programme.
---------- ---------- ------------------------ ----------------------
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%(1) 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
---------- ---------- ------------------------ ----------------------
H aneti Project Tanzania 35% Diamon drill programme Results from field
underway programme including
drill programme
underway
---------- ---------- ------------------------ ----------------------
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%(2) Passive seismic Results awaited
Project and 2D seismic
processing work
programme completed.
Ground reconnaissance
work underway.
---------- ---------- ------------------------ ----------------------
(1) should Kavango exercise their option to acquire Kalahari
Key, Power Metal interest would reduce to 40% of the Molopo Farms
Complex project
(2) 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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