Last checked at 20 Sep 2023 07:00
20 September 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Expansion of Perch River Uranium Project
Power Metal Resources PLC (AIM:POW), the AIM listed metals exploration and development company, announces a progress update including project expansion through additional staking to cover further helium anomalies and prospective geology at its 100% owned Perch River Uranium Project ("Perch River" or the "Project") located within the Athabasca Basin, Saskatchewan, Canada.
On 08 September 2023 the Company announced the discovery of highly significant helium anomalies on Perch River which can be viewed at the link below:
https://www.londonstockexchange.com/news-article/POW/helium-anomaly-discovered-on-perch-river/16115743
Highlights
· Hyperspectral data analysis using Sentinel-2 satellite data on mineral reflectance ("Hyperspectral Analysis") conducted at Perch River identified several helium anomalies on the Project, including the discovery of one extremely strong helium response in the centre of the Project as well as several strong anomalies that previously lay north and northeast of the Project boundary (see Figure 1).
· Power Metal's technical team has been able to swifty act in to secure a further 1514.8-Ha at Perch River representing an approximately 38% increase in the Project's size to a total of 5,455-Ha.
· The newly acquired ground covers several strong hyperspectral helium anomalies located along the same geological trend and which further overlie prospective geology.
· As detailed in the Company's announcement of 08 September, Exploration teams were immediately repositioned to Perch River to complete high-resolution soil spacing over the strongest helium responses as well as a previously unsampled gravity low target to the northeast. They have successfully completed their planned field work within the current boundary of the Project with geochemical samples expected to be delivered to the Saskatchewan Research Council Environmental Analytical Laboratories for assay testing shortly.
· An extensive exploration programme is underway across the Company's wider Athabasca properties and multiple further market updates covering the various ongoing work streams across the Company's 100% owned uranium portfolio are expected in the near term.
Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented:
"It is very pleasing to be able to follow up the good news from the Perch River Project announced recently with this significant development.
There has been excellent work conducted across our uranium portfolio, and that work is continuing. I know shareholders will be encouraged by the progress we are making, especially since the uranium market is really starting to come to life. There is a lot more news to come from this key part of our overall portfolio, and I look forward to updating shareholders further in the coming weeks."
Expansion of the Perch River Project
The Perch River Project has been expanded by 1514.8Ha to the north to encompass further prospective geology as well as hyperspectral helium responses.
This additional staking cost CAD $908.89 (approx. £540), with spend commitments of $22,722 (approx. £13,585) per annum with the first two years requiring no expenditures (expiry date of 08 September 2025).
Figure 1: Perch River Project showing the outline of the pre-existing Project boundary along with the expanded claims as well as the location of the now completed high-resolution geochemical sampling.
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 | ||
Sean Wade (Chief Executive Officer) |
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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 |
BlytheRay (PR Advisors) | +44 (0) 20 7138 3204 |
Tim Blythe |
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Megan Ray |
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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.
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 grow the Company, or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.