(Alliance News) - Power Metal Resources PLC on Wednesday said it has added to its property portfolio with the purchase via claim staking of the Badger Lake uranium property in Canada's Athabasca Basin.
Badger Lake covers an area of 16.7 square kilometres. The London-based metals exploration and development company's Athabasca uranium portfolio is now twelve properties strong, with a combined total area of 829.6 square kilometres.
Power Metal also announced the successful completion of exploration programmes at its Thibault Lake, Clearwater and Tait Hill properties, and historical data compilation at recently acquired Reindeer Lake, Old Woman Rapids and Porter Lake in Canada.
In other news, it noted that its investee, First Class Metals PLC, was mulling the acquisition of the Sunbeam project in Ontario, which hosts several gold mining sites.
First Class also announced on Wednesday that it has discovered up to 1.62 grammes of total precious metals per tonne at its West Pickle Lake site.
Power Metal hold 18.5 million shares in First Class, representing 28% of issued share capital.
In Botswana, Power Metal is still targeting a major nickel discovery. Drilling of large-scale conductors at the Molopo Farms Complex project continues, following the discovery of a 'jelly-bean' shaped, geophysical conductor at target area T1-3, reported on September 28.
It has been given the same high-priority ranking as the T1-6 conductor, where drilling is ongoing.
Chief Executive Officer Paul Johnson described the company's drilling project in southwestern Botswana as "important and potentially transformational work".
"Shareholders can expect more developments from Power Metal's current and potential future uranium interests over the balance of 2022 and into 2023," he said.
Power Metal shares were trading 2.7% lower at 1.46 pence each in London on Wednesday afternoon.
By Holly Beveridge; hollybeveridge@alliancenews.com
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Power Metal (POW)