Power Metal Resources plc has expanded its uranium portfolio with a new property and increased the footprint of an existing one in the Athabasca Basin area, Saskatchewan, Canada.
EXPLORATION
Badger Lake covers 16.71km2 and takes the company’s uranium holding in the region to 12 properties, including the conditional sale of Reitenbach, with a combined area of 829.58km2.
The new acquisition is surrounded by major uranium operators and explorers including Orano SA, Hathor Exploration (owned by Rio Tinto) and NexGen Energy Ltd.
The existing Tait Hill property has expanded by 32.42km2 to 110.56km2 and now includes the full extent of an identified zone, the Mullis Lake target, as well as an anomalous lake sediment result.
The company noted “multiple” locations of anomalous radioactivity from a completed exploration programme over the Thibault Lake, Clearwater and Tait Hill properties, with rock sample assay results pending.
Compilation of historical data is also now complete of Reindeer Lake, Old Woman Rapids and Porter Lake.
The Cook Lake and E12 uranium properties have undergone a hyperspectral remote sensing review to help develop future exploration targets.
All samples collected during the 2022 field programme will be analysed for uranium, rare earth elements and base metals.
Chief executive Paul Johnson said that the company expected to develop its current and future uranium interests over 2022 to 2023.
“We view the uranium portfolio of Power Metal to be a key part of our company, seeing us uniquely well positioned for what we expect to be a significant increase in the level of interest in junior resource companies offering uranium exposure.
“Being listed in London, where there are few uranium investment opportunities, the building of our uranium portfolio in the Athabasca, and globally, is even more significant.”