Power Metal Resources plc has advanced exploration work, with some mixed results, on its joint venture uranium licences in Labrador and Northern Saskatchewan in Canada.
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Operating as Fermi Exploration Ltd, the JV comprises 18 properties in and around the Athabasca Basin in Saskatchewan, covering an aggregate 109,375.74 hectares (1,093.76km2).
In Labrador, the sole licence of Drake Lake Silas lies within one kilometre of the Moran Lake ‘C’ zone.
Power Metal’s partner and 70% JV owner is UCAM Ltd.
At Drake Silas, a completed diamond drilling campaign of seven holes for 2,660 metres, confirmed two zones of mineralisation and intersected a “2.05m thick hematite breccia recording 600 ppm uranium and up to 5,000 counts per second (CPS)”.
The company noted that CPS measures radioactivity recorded by handheld radiation detectors. A high CPS suggests uranium or thorium in rocks.
Six diamond drill holes for 1,563m at Perch River did not return significant mineralisation, but mapped key structures and alteration.
Fermi is awaiting assay results and reviewing geological data before deciding its next move.
The JV expects an exploration permit this month for the Badger Lake property, where the S zone will undergo tests.
Fortin River underwent a radon and swamp bed sampling programme to provide data for future exploration.
Power Metal also plans a drill programme at East Hawkrock during the first quarter of 2026.
The JV paused further exploration on West Hawkrock after geophysical analysis failed to indicate “any conductive lithologies at depth, nor any significant gravity lows or other targets on the property”.
Fieldwork continues at Reitenbach, while further analysis is being completed on the Durrant Lake property, which has a drill permit and allocated drilling contractors.
Pardoe is advancing with data integration and geophysical inversion modelling to develop further exploration targets.
Power chief executive officer Sean Wade added that the JV’s summer exploration programmes had delivered “strong technical progress” across multiple projects.
“These developments underscore the scale and diversity of opportunity within the uranium joint venture portfolio.
“With further drilling at new targets planned in the near term, we look forward to building additional momentum as we continue to advance and refine this exciting exploration pipeline.”