TIDMPOW
RNS Number : 0287Y
Power Metal Resources PLC
02 September 2022
2 September 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Athabasca Basin - Strategic Uranium Project Staked
Power Metal Acquires via Staking the Strategic Durrant Lake
Uranium Property
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an exploration update
concerning its uranium property portfolio focused on the Athabasca
Basin area in Saskatchewan, Canada.
HIGHLIGHTS:
-- Durrant Lake Uranium Property ("Durrant Lake" or the
"Property") acquired by direct Mineral Claim staking. The newly
acquired claim covers a total area of 58.66km(2) within the eastern
side of the Athabasca Basin and is bordered on three sides by
claims held by uranium focussed companies Orano SA, Denison Mines
Corp and ISO Energy Ltd.
-- Durrant Lake, which was staked directly by the Power Metal
technical team, is the first uranium portfolio property to be
situated within the confines of the prolific Athabasca Basin.
-- With the addition of Durrant Lake, the Power Metal Athabasca
uranium portfolio now consists of eleven properties, including a
conditional disposal(1) , with a combined total area of 780km(2)
.
-- The Athabasca Basin hosts over seven past and current uranium
operations including McArthur River, the world's largest high-grade
uranium deposit and the Cigar Lake mine which was the world's top
uranium producer in 2020.(2)
A map of the Durrant Lake Uranium Property location is available
at the following website link:
https://www.powermetalresources.com/durrant-lake-uranium-overview/
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"The Durrant Lake Uranium Property located within the Athabasca
Basin, which hosts some of the world's highest grade uranium
deposits, represents a significant addition to the Company's
already sizeable Saskatchewan focused uranium portfolio.
We look forward to providing further updates on developments
across our Athabasca uranium interests in the near term."
FURTHER INFORMATION
Mineral Claim Staking Process
The Mineral Claim constituting the Durrant Lake Uranium Property
was acquired directly through the Mineral Administration Registry
Saskatchewan (MARS) electronic registry system.
Where a previous claim owner is unable to satisfy the claim
maintenance requirements, that ground becomes reopen to third party
staking at a set time each month. At reopening, areas of high
uranium prospectivity can become segmented as different parties
compete to register Mineral Claims over the newly opened ground. In
the case of the open ground covering the wider Durrant Lake area,
Iso Energy Ltd acquired approximately 4.30 km(2) of the newly
reopened ground, with Power Metal acquiring 58.66km(2) ,
representing the vast majority of the newly available area (c.
62.96km(2) ).
The cost of staking of the Property was Canadian $3,519.78. The
newly staked licence comes with a two-year term with no minimum
spend requirement and which can then be extended for subsequent
years by spending a minimum of Canadian $87,990 per annum.
The Durrant Lake Property
The Durrant Lake Uranium Property is surrounded by ground held
by major uranium operators and explorers including Orano SA,
Denison Mines Corp (TSX: DNN) and Iso Energy Ltd (TSX-v: ISO).
The Hurricane Zone, which is part of the Iso Energy Ltd's 100%
owned Laroque East property, is a 575m long by 75m across and up to
11m thick uranium deposit that is located less than 15km northeast
of the Durrant Lake Uranium Property. The Hurricane Zone includes
notable drill intercepts of up to 33.9% U(3) O(8) over 8.5m,
including 57.1% U(3) O(8) over 5.0m.(3)
Property Geology
Geological reports highlight that the Property is underlain by
around 200-300m of sandstone that sits unconformably over
crystalline basement, which is logged as metasedimentary and
intrusive lithologies of the Mudjatik Domain.
The unconformity between the sandstone and the underlying
crystalline basement lithologies is the main target for uranium
exploration in Saskatchewan, and deposits such as McArthur River
(416 Mlb at 15% U(3) O(8) ) , Cigar Lake (152.4 Mlb at 7.55% U(3)
O(8) ), Hurricane and Phoenix (60 Mlb at 19.1% U(3) O(8) ) are
located at, or in close proximity to this geological contact
zone.
URANIUM PROPERTIES - HOLDING STRUCTURE
Power Metal has a 100% subsidiary Power Metal Canada Inc ("Power
Canada"), which acts as the holding Company for certain Canadian
project operations. Power Canada has a wholly owned subsidiary,
102134984 Saskatchewan Ltd, which is the holder of the Company's
Athabasca uranium portfolio.
The Power Metal Canada Uranium Property Map is available to view
at the following link:
https://www.powermetalresources.com/power-metal-canada-uranium-map/
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property
Holdings*
Project Licence ID Area Area
(Hectare) (km(2) )
Clearwater Uranium
Property MC00015079 1,110 11.1
----------------------- ------------ ----------- ---------
MC00015083 563 5.63
------------------------------------ ----------- ---------
MC00015082 3,191 31.91
------------------------------------ ----------- ---------
MC00015151 760 7.6
------------------------------------ ----------- ---------
MC00015646 761 7.61
------------------------------------ ----------- ---------
MC00015658 1,541 15.41
------------------------------------ ----------- ---------
Tait Hill Uranium
Property MC00015078 1,576 15.76
----------------------- ------------ ----------- ---------
MC00015081 968 9.68
------------------------------------ ----------- ---------
MC00015153 1,530 15.3
------------------------------------ ----------- ---------
MC00015152 1,886 18.86
------------------------------------ ----------- ---------
MC00015647 725 7.25
------------------------------------ ----------- ---------
MC00015648 1,129 11.29
------------------------------------ ----------- ---------
Thibaut Lake Uranium
Property MC00015077 2,206 22.06
----------------------- ------------ ----------- ---------
MC00015659 2,195 21.95
------------------------------------ ----------- ---------
Soaring Bay Uranium
Property MC00015080 1,255 12.55
----------------------- ------------ ----------- ---------
MC00015155 3,375 33.75
------------------------------------ ----------- ---------
MC00015874 748 7.48
------------------------------------ ----------- ---------
MC00015875 2,529 25.29
------------------------------------ ----------- ---------
Cook Lake Uranium
Property MC00015212 984 9.84
------------ ----------- ---------
E-12 Uranium Property MC00015213 1,323 13.23
------------ ----------- ---------
Reitenbach Uranium
Property* MC00015214 2,135 21.35
----------------------- ------------ ----------- ---------
MC00015474 1,235 12.35
------------------------------------ ----------- ---------
MC00015655 4,570 45.7
------------------------------------ ----------- ---------
MC00015656 5,322 53.22
------------------------------------ ----------- ---------
MC00015657 856 8.56
------------------------------------ ----------- ---------
MC00015824 528 5.28
------------------------------------ ----------- ---------
Reindeer Lake** MC00015522 3,336 33.36
----------------------- ------------ ----------- ---------
Porter Lake** MC00015561 5,656 56.56
------------ ----------- ---------
MC00015562 5,198 51.98
------------------------------------ ----------- ---------
Old Woman Rapids** MC00015563 4,851 48.51
------------ ----------- ---------
MC00015564 5,063 50.63
------------------------------------ ----------- ---------
MC00015565 3,044 30.44
------------------------------------ ----------- ---------
Durrant Lake*** AC00018000 5,866 58.66
------------ ----------- ---------
Total Licence Holding Area 78,018 780 km(2)
----------- ---------
*Reitenbach Property conditionally disposed to Teathers
Financial PLC as announced 8 August 2022.
**Property acquisition announced on 25 July 2022 - licence
transfers complete.
***Newly staked Property
NOTES AND REFERENCES
1: The Reitenbach Property, currently included as one of the 11
uranium portfolio properties, is subject to a conditional disposal
to Teathers Financial PLC for a consideration of GBP360,000. Work
is ongoing to complete that transaction. See Company announcement
of 8 August 2022.
2: World Nuclear Association: https://world-nuclear.org/information-library/country-profiles/countries-a-f/canada-uranium.aspx
3: IsoEnergy Ltd, Larocque East summary:
https://isoenergy.ca/projects/larocque-east/
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 - Background
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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Results from ground
Uranium programme underway exploration including
at 3 properties. Continuing spectrometer analysis,
data analysis across sampling and mapping.
the property portfolio.
--------- --------- ----------------------------- --------------------------
Authier Canada Earn-in Property Evaluation Update covering
North to 100% Report completed. exploration plans
Lithium for target areas
identified during
the Evaluation.
--------- --------- ----------------------------- --------------------------
Molopo Botswana 53%(#) Final preparations Commencement of
Farms for the launch of T1-6 drill programme,
K1-6 conductor target and findings therefrom
drilling and MLEM and results from
surveys over T1-6, MLEM surveys.
T1-14, T1-3 and T2-3
targets.
--------- --------- ----------------------------- --------------------------
Tati Botswana 100% RC drilling underway Review of mine dumps
Project and previously sampling sampling, and processing
of mine dumps complete. potential. Results
from RC drill programme.
--------- --------- ----------------------------- --------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
Exploration work programmes may also be underway within Power
Metal investee companies and planned IPO vehicles where Power Metal
has a material interest, the findings from which will be released
on their respective websites, with simultaneous updates through
Power Metal regulatory announcements where required. These
interests are summarised in the table below:
Company Status/Operations Link
First Class Investment - POW 28.19% www.firstclassmetalsplc.com
Metals PLC Exploration in the Schreiber-Hemlo
region of Ontario, Canada
------------------------------------ ------------------------------------------------------------
First Development Planned IPO - POW 62.12% www.firstdevelopmentresources.com
Resources PLC Exploration in Western Australia
and the Northern Territory
of Australia
------------------------------------ ------------------------------------------------------------
Golden Metal Planned IPO - POW 83.13% www.goldenmetalresources.com
Resources PLC Exploration and development
in Nevada, USA
------------------------------------ ------------------------------------------------------------
Kavango Resources Investment - POW 14.03% www.kavangoresources.com
PLC (subject to completion of
Kanye Resources disposal
announced 8.7.22)
Exploration in Botswana
------------------------------------ ------------------------------------------------------------
New Ballarat Planned IPO - POW 49.9% A new website is currently
Gold PLC Exploration in the Victoria in development which
Goldfields of Australia will be found at www.newballaratgoldcorp.com
.
In the interim further
information in respect
of NBGC can be found
at:
https://www.powermetalresources.com/project/victoria-goldfi
elds/
.
------------------------------------ ------------------------------------------------------------
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