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Power Metal glowing on Athabasca uranium

5 December 2022 13:39
LON: POW

As uranium looks to heat up on the market once again, Power Metal Resources continue to bring in the good news from Canada’s legendary Athabasca basin with results from its 2022 exploration program delivering high-grade rock samples up to 4.7 per cent triuranium octoxide.

Power collected a total of 46 rock samples from across Athabasca portfolio, returning two extremely high-grade samples from the Thibault Lake property, including a top assay of 4.7 per cent U308 with more highly radioactive samples in close proximity.

Fieldwork also identified historical mine shafts and former workings at the Clearwater property, indicating the sites prospectivity with grades up to 1,120 parts per million uranium oxide.

Exploration at the Tait Hill property focused on the Mullis Take target, which returned up to 825 ppm uranium from an outcrop of brecciated pegmatite dyke interpreted as a significant target for follow up.

Mullis lake is believed to have geological similarities to the Rossing Uranium mine in Namibia, accounting for about eight per cent of the world’s uranium production, with Power Metal recently staking additional land around the target for further exploration.

The company said the new data will be invaluable as it advances discussions with third parties regarding disposal of two properties.

“Two of our properties, Reitenbach and E-12 are in the process of disposal as previously announced, and we continue to attract interest across the remainder of the portfolio and have established data rooms for each property to enable us to efficiently engage with third parties,” chief executive Paul Johnson said.

“Notwithstanding this, we intend to retain a number of the properties and to conduct proactive exploration across them. Today we have announced positive exploration findings from our latest, Summer 2022 phase I work programme covering three properties, and we will be launching additional ground exploration in 2023.”

POW’s London Stock Exchange-listed share price is trading at 1.5 British pence (1.37 pm UTC+ 8 hours).

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