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Power Metal grow Athabasca Uranium

3 February 2023 10:34
LON: POW

Power Metal Resources continue to build up its Uranium portfolio, having acquired a number of new claims in the renowned Athabasca basin, bringing the company Athabasca uranium holdings to a total combined area of 940 square kilometres.

The company made a number of additional claims during the Mineral Administration Registry Saskatchewan electronic registry system claim reopening on the 31st January.

The first of the new acquisitions, Haresign Bay, covers over 31 square kilometres and is perched along the trend of the Key Lake Uranium mine, the third largest deposit within the Basin boasting an average grade of 2% U3O8.

Haresign Bay also comes with an already defined target in the Upper Roberta Lake target in the southwestern part of the property which was defined by a gravity low anomaly coincident with elevated Radon222-in-lake water results.

The second property is Kernaghan which covers over 45 square kilometres and is bordered by a number of uranium focussed companies including Standard Uranium Ltd., IsoEnergy Ltd., and Purepoint Uranium Group Inc.

Karnaghan represents Power’s third property located entirely within the Athabasca basin and included multiple anomalous Radon222-in-lake water results which are oriented within a northeast-southwest trending belt that is coincident with a magnetic low feature.

Power also staked a 19.82 square kilometre extension to its Thibault lake property covering a historical showing which returned a trenching result of 1.09% U308 over 10.7m, increasing Thibault Lake’s productivity significantly.

The company said these acquisitions represent some of the most significant to its uranium portfolio.

“The two new properties now secured are adjacent to and largely surrounded by major uranium companies and they demonstrate significant uranium prospectivity with geology considered by the Company to be analogous to major producing mines and other uranium deposits within the Athabasca Basin,” the chief executive Paul Johnson said.

“Uranium has a strong following in capital markets and recently the spot uranium price has moved again above USD$50/lb. With the world dynamic shifting strongly in favour of nuclear power generation we believe that Power Metal should continue this push to build its uranium exploration and development business interests in the London financial markets.”

POW’s London Stock Exchange-listed share price is currently trading at 1.23 British pence (9:00 am UTC+ 8 hours).

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