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Power Metal expands into Canadian uranium

16 September 2021 10:03
LON: POW

Power Metal Resources Canada, a subsidiary of London-listed Power Metal Resources, has expanded its global project portfolio, claiming the timely ownership of four uranium properties in the Canadian province of Saskatchewan’s prolific Athabasca Basin.

 As demand for uranium soars, the company will begin a detailed review of nearly 11,000-hectares of land it has analysed as highly prospective for uranium comprising of seven licences surrounding the northern province located around 520 kilometres northeast of Calgary.

 The properties include Clearwater, Tait Hill, Thibaut Lake, and the aptly named Soaring Bay uranium properties close to some of the world’s largest and highest-grade uranium mines, counting Cameco Corporation’s Cigar Lake and McArthur River uranium mine.

 The acquisition builds upon Power Canada’s strategic energy metal business, highlighted with the Authier North project comprising a strategic landholding immediately north of Sayona Mining Limited’s Authier Lithium project in Quebec.

 “Power Metal has been reviewing uranium opportunities across three different continents for some time, and today we make our first important public step into the uranium commodity space,” chief executive Paul Johnson said.

 “The properties have been selected after careful review and are strategically located where there is material evidence of uranium prospectivity as demonstrated by historic exploration reports as well as through various uranium focused government databases.”

 Power Metal plans to provide previous data on the properties, including the company’s next steps regarding the properties in the coming weeks.

The company’s London Stock Exchange-listed share price had risen 13.16 per cent today, trading at £2.15 British pounds (8: 50 am GMT+8  hours).

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