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(Alliance News) - Power Metal Resources PLC on Wednesday said that it has identified "significant" uranium targets at the Tait Hill and Soaring Bay projects, which are in and around the Athabasca Basin in Saskatchewan, Canada.
Power Metal is a metals exploration company focused on North America, Africa, and Australia. Shares in the firm were up 7.8% at 0.67 pence each in London on Wednesday morning.
Following "extensive" radon gas sampling at both Tait Hill and Soaring Bay, Power Metal said it has confirmed multiple uranium targets at the sites.
In particular, it noted that radon results from Tait Hill were coincident with multiple radiometric anomalies at the Mullis Lake north and east targets. Power Metal believes that Mullis Lake, which is also located in the Athabasca Basin, may have geological similarities to the Rossing uranium deposit located in Namibia.
Strong radon results were also recorded at Soaring Bay. A new zone, now named the "southern" target, was identified within the dataset, where three very high results were seen extending for at least one kilometre from the main shear zone of interest.
Further prospecting and soil geochemistry work has now been completed across Tait Hill and Soaring Bay, as well as at Perch River. Power Metal is now waiting for the results of laboratory assay tests on soil samples.
"This season's uranium fieldwork continues to surpass our expectations in terms of the quality and number of significant targets discovered. Following very low acquisition costs, we believe we are now adding very considerable value to a portfolio with well thought out, methodical and inexpensive exploration, clearly demonstrating the ongoing success of our business model," said Chief Executive Officer Sean Wade.
"We now look forward to the next stage, that of crystallising the value created for our shareholders. We are in discussion with various third parties about ways in which we can do that, and I look forward to updating shareholders on those discussions in due course."
By Holly Beveridge, Alliance News reporter
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