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Power Metal Resources PLC Accelerates Badger Lake Uranium Project Following Key Discoveries

27 September 2023 10:00

Power Metal Resources PLC (AIM: POW) has announced crucial advancements in its 100% owned Badger Lake Uranium Project, located in the Athabasca Basin, Saskatchewan, Canada, with hyperspectral satellite data revealing striking parallels to Nexgen Energy Ltd.’s nearby Arrow Deposit, representing a significant milestone and emphasising the immense potential in the Company’s uranium portfolio.

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Figure 1: Badger Lake Uranium Project, and Arrow Uranium Project (Nexgen) Dielectric Constant

A Glimpse into the Discoveries

At the heart of this announcement lies the Hyperspectral Analysis study commissioned by the Company, employing advanced techniques to analyse hyperspectral satellite data and revealing compelling similarities between Badger Lake and Nexgen Energy Ltd.’s Arrow Deposit, situated roughly 30 kilometers northwest of Badger Lake.

The Hyperspectral Analysis centered on identifying spectral signatures related to alteration, gas emissions, and electric flux properties in the Arrow Deposit’s vein-type uranium deposits.

By transferring these findings to Badger Lake, the study generated 30 potential exploration targets using European Space Agency Sentinel-2 visible to near-infrared (VNIR) and short-wave infrared (SWIR) satellite data, along with Japanese ALOS-1 Synthetic Aperture Radar (SAR) satellite data.

The Significance of the Findings

The discovery of a 300-metre-wide Dielectric Constant (DC) anomaly in the eastern region of Badger Lake is particularly noteworthy, with this anomaly aligning with resistivity geophysics anomalies associated with mineralisation observed in the Arrow Deposit.

This alignment is bolstered by historical data, such as the airborne electromagnetic (EM) geophysics anomaly known as EMO8, detected in 2002 by COGEMA Resources Inc, adding to the growing body of evidence supporting the prospectivity of Badger Lake.

Additionally, historical surveys conducted in 1978, including Uranium-in-lake sediment results and a Very Low Frequency (VLF) Geophysical survey, further endorse the potential of Badger Lake as a valuable uranium exploration target.

A Glimpse at the Badger Lake Uranium Project

The Badger Lake Uranium Project spans 16.71 square kilometres in the prolific Athabasca Basin, strategically located near major uranium operators and explorers like Orano SA, Hathor Exploration (a Rio Tinto subsidiary), and NexGen Energy Ltd, just 30 kilometres east of the Patterson Lake Trend known for significant uranium deposits.

Geological reports reveal a sandstone overlaying crystalline basement at Badger Lake, a common setting for uranium-rich environments, with the unconformity contact between the two being a key target for exploration.

Historical data indicates the presence of a conductor aligned with the BP-07-01 drillhole, which, until now, remained unexplored.

The Road Ahead

Recognising the immense potential and significance of these findings, Power Metal Resources PLC is now expediting its planned high-resolution electromagnetic UAV survey over Badger Lake.

Amidst the upward trajectory of global uranium prices and increased attention on uranium exploration firms, Power Metal Resources’ progress comes at a opportune moment, coinciding with the spot price surging beyond $65 per pound—a level not seen since the Fukushima nuclear incident in Japan in 2011.

Power Metal Resources PLC Chief Executive Officer Sean Wade emphasised the significance of these discoveries within their broader uranium portfolio.

“It is thanks to the experience and skills of our in-house technical team and their commissioning of hyperspectral analysis at Badger Lake that has led to the discovery of yet another extremely attractive exploration target within our Saskatchewan uranium portfolio – further highlighting the quality of our 100% owned uranium assets,” he said.

“This is a significant milestone for Power Metal and follows closely on from the recently announced discovery of a significant helium anomaly at Perch River.”

“Shareholders are aware that we have work underway on ten of our seventeen properties within and surrounding the Athabasca Basin in Saskatchewan, Canada. Further updates across our portfolio are expected in the near term.”

“Given the rising price of the uranium commodity and the increasing interest in uranium exploration juniors, we are particularly excited about our progress and are very much looking forward to the release of additional findings, when available, from our active uranium exploration work programmes.”

“These findings could not come at a better time for shareholders and serve to highlight the huge potential value inherent in our uranium portfolio and in the Power Metal business model more generally.”

POW’s London Stock Exchange-listed share price is currently trading at 0.8 pence (9:15 am UTC+ 8 hours).

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