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(Alliance News) - Power Metal Resources PLC on Friday said it was pleased with phase one testing at its licences in Canada's Athabasca Basin, after test results delivered high-grade samples from Thibault Lake.
The London-based metals exploration and development company's Athabasca Basin uranium portfolio is twelve properties strong, located in Saskatchewan, Canada with a combined total area of 829.6 square kilometres.
The exploration fieldwork conducted over the Thibault Lake, Clearwater and Tait Hill uranium properties consisted of ground investigation, gamma-ray spectrometer surveying, and rock sampling over pre-defined target areas.
A total of 46 rock samples were collected as part of the programme, and were analysed at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan.
Power Metal reported two "extremely high-grade samples" at Thibault Lake, including individual assay results up to 4.7% and 2.4% uranium oxide, with further highly radioactive samples located in close proximity.
Exploration at Clearwater, also in the basin, focused on the Toots Lake and A-6 North targets. Historical mine shafts and former workings were identified, while sampling identified up to 1,120 parts per million uranium oxide.
The company said that it considered both Thibault Lake and Clearwater prospective for both Beaverlodge style vein and shear hosted uranium, and pegmatite hosted uranium.
Tait Hill, where uranium was identified at 825 parts per million, is considered prospective for both pegmatite hosted uranium and offers a significant intrusive related target; the 'Mullis Lake Target'.
"We are particularly excited by our Athabasca uranium portfolio, with twelve properties covering some 841 kilometre-square of footprint in this highly sought-after region for uranium exploration," said Chief Executive Officer Paul Johnson.
"Today we have announced positive exploration findings from our latest, Summer 2022 Phase I work programme covering three properties, and we will be launching additional ground exploration in 2023. In the meantime, the commercialisation work in respect of our uranium portfolio continues, including both disposal activities and the search for new uranium focused projects to add into the Power Metal business."
Power Metal shares were trading 1.6% lower at 1.50 pence each in London on Friday afternoon.
By Holly Beveridge; hollybeveridge@alliancenews.com
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