TIDMPOW
RNS Number : 7526Y
Power Metal Resources PLC
08 September 2022
8 September 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Reitenbach Uranium Disposal - Progress Update
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces a progress update in respect
of the conditional disposal of its Reintenbach uranium property
("Reintenbach" of the "Property") located east of the Athabasca
Basin in Northern Saskatchewan, Canada.
The conditional disposal of Reitenbach to Teathers Financial Plc
("Teathers Financial" or "Teathers"), was announced on 8 August
2022 and may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/disposal-of-reitenbach-uranium-property-canada/15575269
Teathers is an unlisted public company which is planning an
initial public offering ("IPO") on the London capital markets.
Subject to the conditional terms of the agreed Property Purchase
Agreement (the "Agreement") being met, the Power Metal group would
be expected to hold an estimated 40-55% interest in the newly
listed company.
HIGHLIGHTS
-- Teathers to be renamed Uranium Energy Exploration PLC for its
planned listing on the London capital markets.
-- Preparations for planned listing progressing well and GBP125k
pre-IPO fundraising round completed.
-- Multiple significant uranium prospective anomalies identified
across the Property.
-- A significant 'New Lake Geochem Zone' has been identified
which is demonstrated by high-
tenor uranium results from historical lake sediment geochemical
sampling
-- Additional staking of 1,333 hectares (13.33Km(2) ) completed
to cover new prospective zone and increasing the size of the
Property to 15,979 hectares (159.79km(2) ).
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"The planned disposal of the Reitenbach uranium Property into
what will be Uranium Energy Exploration PLC is progressing well,
with significant corporate and technical progress having been made
in the last 4 weeks since the transaction was announced.
We are seeing uranium shares move sharply higher across UK,
Canadian and Australian exchanges, reflecting the increasing
recognition across the globe of an urgent need for the uptake in
utilisation of nuclear power generation.
Regrettably the UK capital markets do not have many uranium
focused shares, and there is limited opportunity for UK investors
to participate in the uranium sector. This new planned listing will
add another opportunity, and we understand the investor engagement
thus far, has demonstrated there is a great deal of interest.
Should you wish to be kept informed of developments, please
email info@uraniumenergyexploration.com."
FURTHER INFORMATION
Corporate:
- Teathers Financial recently completed a GBP125,000 pre-IPO financing.
- Teathers has secured the company name, Uranium Energy
Exploration and ticker symbol UEE, in advance of its planned
listing on the London capital markets in the near term.
- Teathers has also secured the website holding page
(https://uraniumenergyexploration.com) as well as the Twitter
handle @uranium_energy as it continues to build out its online
presence.
Reitenbach Technical:
Prior to the acquisition of the Property becoming unconditional,
Power Metal's technical team have continued to undertake
exploration work on the Property. The outcome of that work is
outlined below.
- Hyperspectral remote sensing analysis utilising Sentinel-2
satellite data on hydrogen and helium gas reflectance was recently
obtained over the Reitenbach area. The results of this spectral
survey highlighted the existence of several anomalies located
across the Property.
- These spectral results, combined with government and
historical geophysical data, have allowed for the refinement of
several high-priority targets for inspection during future work
programmes, which includes a strong northeast-southwest trending
anomaly in close proximity to the original 'Lake Geochem Zone'
identified in 2021 by Power Metal.
- A significant 'New Lake Geochem Zone' was also identified
through further historical data digitisation, which includes lake
sediment sample results up to 346ppm Uranium ("U") (with 6 results
returning > 285ppm U) which represent very high tenor results
for this type of geochemical sample. The combined Lake Geochem Zone
now stretches for greater than 7km.
- The spectral results also have highlighted a significant
hydrogen and helium anomaly present along the regionally important
Needle Falls Shear Zone.
- As a result of the spectral results and the identification of
the 'New Lake Geochem Zone', an additional 1,333 hectares have been
claim staked (13.33 km(2) ), bringing the total Property area under
licence to 159.79 km(2) . The new ground staked covers the
extension of a northeast-southwest trending uranium-rich boulder
train as well as spectral anomalies identified at the 'New Lake
Geochem Zone'. All Reitenbach Property claims are being held by
Power Metal, in trust for Teathers, pending completion.
A map highlighting the newly staked area and results from the
'New Lake Geochem Zone' be viewed on the Company's website through
the following link:
https://www.powermetalresources.com/reitenbach-property-overview-sept-22/
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 and sampling Review of mine dumps
Project of mine dumps complete. sampling and 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 - www.firstclassmetalsplc.com
Metals PLC POW 28.19%
Exploration in
the Schreiber-Hemlo
region of Ontario,
Canada
--------------------- ------------------------------------------------------------------
First Development Planned IPO - www.firstdevelopmentresources.com
Resources POW 62.12%
PLC Exploration in
Western Australia
and the Northern
Territory of
Australia
--------------------- ------------------------------------------------------------------
Golden Planned IPO - www.goldenmetalresources.com
Metal Resources POW 83.13%
PLC Exploration and
development in
Nevada, USA
--------------------- ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 14.03% (subject
PLC to completion
of Kanye Resources
disposal announced
8.7.22)
Exploration in
Botswana
--------------------- ------------------------------------------------------------------
New Ballarat Planned IPO - A new website is currently in development
Gold PLC POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration in .
the Victoria In the interim further information
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
--------------------- ------------------------------------------------------------------
Uranium Planned IPO - www.uraniumenergyexploration.com
Energy Exploration POW on listing
PLC estimated 40-55%
--------------------- ------------------------------------------------------------------
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