Power Metal finds ‘significant’ uranium anomalies

Power Metal Resources plc reported “significant” uranium prospectivity at the Tait Hill property at the Athabasca Basin in Saskatchewan, Canada.

MULLIS LAKE

During the 2023 field season at the property’s Mullis Lake target, the company found uranium anomalies of up to 164ppm in soil.

The figure is “strongly coincident” with radon anomalies found in October as well as historical radiometric anomalies.

The deposits have “large footprint, high tonnage, but relatively low-grade mineralisation” and described as ‘intrusive-type’ uranium deposits.

The company said that the results obtained from the soil and radon gas sampling pointed to a “large target for future exploration”.

Power Metal has also defined three sub-targets at the broader Mullis Lake target.

Sub-target A lies to the north of the main mapped intrusion, sub-target B is to the northeast and sub-target C is southeast of the main mapped intrusion.

SPIN-OFF

Also within the company’s portfolio, soil geochemistry results at the Soaring Bay property showed areas of “strong anomalism” highlighting a “significant >3km long northwest-southeast trending mineralised shear zone”.

Chief executive Sean Wade said that the fieldwork continued to “deliver exceptional results”.

“Added to the results announced in September at Perch River and Badger Lake, so far, four of the nine Athabasca properties we have explored in the 2023 programme have delivered major tangible results.”

Power Metal has also completed high-resolution airborne electromagnetic geophysics surveys on the Kernaghan and Durrant Lake properties with results pending.

The company expects Metal expects to announce in the near term news of planned admission of its spin-off Uranium Energy Exploration, previously named Teathers Financial.