Power Metal Resources plc confirmed “favourable” geological conditions for uranium mineralisation but “no elevated radioactivity” at Badger Lake in the Athabasca Basin area, northern Saskatchewan, Canada.
EXPLORATION
A now completed diamond drilling programme of four holes for a total of 1,922 metres aimed to test “fault structures and analogies of major deposits”.
Drilling intersected “highly encouraging hydrothermal alteration”, including “distinct bleaching and preserved palaeoweathering profiles”.
These confirmed potential REDOX [reduction-oxidation] fronts needed for uranium precipitation, said the company.
Power Metal has sent core samples for comprehensive laboratory analysis while it also plans its next steps.
“This initial drill programme has successfully validated our geological models for Badger Lake,” added chief executive officer Sean Wade.
“While still early in our exploration, encountering such geological conditions is a significant milestone for the project.”
The uranium joint venture, named Fermi Exploration Ltd, is between Power Metal with 30% and UCAM Ltd, which holds 70% following a £10 million investment.
The portfolio contains 18 properties over a combined 111,125.74 hectares in Saskatchewan and one property in Labrador.