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Power Metal expanding the Athabasca

21 February 2023 11:48
LON: POW

Power Metal Resources continue to expand in the Athabasca and have acquired by staking the Hawkrock East and West uranium properties as exploration lights up for yellowcake in Canada’s heavily enriched uranium basin.

It brings Power Metal territory in the region to 16 properties with a combined total area of over 965 square kilometres as uranium is increasingly viewed as a vital component of future energy production.

Historical exploration over Hawkrock East identified elevated radon, uranium and methane-in-groundwater coincident with largely untested electromagnetic geophysics conductors and past drilling spotted major faulting and pelitic geology, considered to be comparable to many unconformity-related uranium deposits in the area.

And 12 kilometres away, Hawkrock East is centred around multiple electromagnetic conductors coincident with elevated uranium pathfinder elements, with previous drilling returning elevated uranium, thorium and radiation counts-per-second readings in close proximity to the Athabasca sandstone and basement conformity.

The company said there was hot competition for high quality uranium territory surrounding the basin.

“The interest in the Athabasca Basin is noticeably increasing meaning we must accelerate the acquisition of additional ground. By moving quickly, the Power Metal technical team has already taken action by staking an additional two properties located within the Basin,” chief executive Paul Johnson said.

“Given the recognition of uranium as a key commodity for future power generation we are also accelerating our efforts to secure projects in other regions as quickly as possible to build our exposure. The level of interest in uranium exploration extends across many high-profile regions globally and there is no time to waste on this.”

Power Metal are now preparing fact sheets to relay more information and maps for its new acquisition alongside detailed data rooms.

POW’s London Stock Exchange-listed share price is currently trading at 1.15 British Pencce (10.01 am UTC+ 8 hours).

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