Power Metal Resources PLC Share News (POW)

(Alliance News) - Power Metal Resources PLC on Monday said it made strong progress in exploration during the summer, after it completed two diamond drilling programmes in Canada.

The metals exploration company, which has projects in North America, Africa, Saudi Arabia and Australia, provided an update on its and Fermi Exploration Ltd's work in Labrador and Northern Saskatchewan in Canada.

Fermi is a uranium-focused joint venture, which includes Power Metal's portfolio of uranium licences.

The company said a seven-hole, 2,660 metre diamond drilling programme has been completed on the Drake Lake-Silas property in Labrador, which intercepted a 2.05 metre thick hematite breccia recording 600 parts per million of uranium and up to 5,000 counts per second.

A six-hole, 1,563 metre diamond drilling programme was carried out on the Perch River property, to test an inferred shear structure at depth.

Power Metal Resources said a permit application to conduct mineral exploration on the Badger Lake property is in progress. Approval is expected in mid-September.

Once the application is approved, Power Metal said the team will test a gravity geophysics high coincident with electromagnetic geophysical and geochemical anomalies in the s-zone.

The company also noted that a radon and swamp bed sampling programme has been completed on the Fortin River property to inform future exploration on that property.

A drill programme is planned on the East Hawkrock property, Power Metal Resources added, which is due to start in the first quarter of 2026.

"Fermi Exploration's summer exploration programmes have delivered strong technical progress across multiple projects, with encouraging geological and mineralisation results emerging at Drake Lake-Silas and comprehensive target testing at Perch River.

"Alongside this, we continue to advance permitting at Badger Lake, where drilling is expected to begin in the coming weeks, and detailed geophysical analysis at East Hawkrock," said Chief Executive Officer Sean Wade.

He continued: "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."

Shares in Power Metal Resources were down 8.4% at 16.94 pence in London on Monday morning.

By Michael Hennessey, Alliance News reporter

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