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Power Metals Identify Significant Uranium Targets

12 October 2023 11:27
LON: POW
Uranium 1

Power Metals Resources PLC (AIM:POW) have reached another notable milestone in its wholly owned uranium business, announcing significant uranium targets having been identified at its Tait Hill and Soaring Bay Projects.

Uranium Portfolio

The Company’s wholly owned uranium business, collectively referred to as its uranium portfolio, covers a combined 1,012 square kilometres across 17 properties in and around the prolific Athabasca Basin in Saskatchewan, Canada.

Power continues to make advances in these Projects, announcing extensive radon gas sampling, which was completed at the Tait Hill and Soaring Bay Projects during its 2023 Athabasca work programme, have confirmed multiple significant uranium targets.

Tait Hill Project

At the Tait Hill Project, the Company reports strong radon gas sampling results are coincident with multiple radiometric anomalies at the Mullis Lake north and east targets.

The ‘Mullis Lake’ Target is considered by Power Metal to have strong geological similarities to the Rössing uranium deposit, located in Namibia.

The Company outlined the goal of the exploration work at the Mullis Lake target was to test radiometric and hyperspectral anomalies across the predominately untested target, where three 200 metre spaced soil sampling grids were established.

Field teams noted the presence of enriched granite outcrop across the Project; although the vast majority of the sampling area was covered by thin soil, boulder fields and swamps. A total of 248 soil samples, and 43 in-situ radon gas samples were collected.

The ‘Tait Lake’ target was identified by Power Metals through the historic exploration work conducted, which returned exceedingly high soil results up to 13,200 parts per million or 1.3 percent uranium.

The historic exploration also returned lake sediment results in the 99.8th percentile.

Despite these results lending to uranium prospectively at the target, it hadn’t received any significant, systematic work.

On the ‘Tait Lake’ target, a total of 52 soil samples were collected over two areas, targeting the historically elevated soils and radiometric anomalies through the utilisation of 150 metre sample spacing.

These results are significant in aiding the advancement of the Project, as they point to a large target for future exploration.

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Figure 1: Tait Hill Radon Sampling Results and Soil Sampling Areas

Soaring Bay Project

A soil and radon gas survey were conducted at the Soaring Bay Project, which focused along a northwest-southeast trending structural lineament, targeting areas identified by the previous exploration.

A total of 64 soil samples and 36 in-situ radon tests were completed along and around this structural lineament, with the Company reporting strong radon results over a >3 kilometre long northwest-southeast trending shear zone.

Additionally, three areas of the Project were prospected for potential radioactive pegmatites, with Power Metals collecting 16 rock chip samples to provide modern assays and test these historical radiometric anomalies.

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Figure 2: Soaring Bay Project Soil Sampling Locations, and Radon Results

Perch River

The Company announced in September the detection of multiple helium anomalies at the Perch River Project, including an ‘extremely strong’ helium response at the Project’s core, suggesting the presence of substantial concealed uranium mineralisation or the leakage of helium from a buried helium reservoir at depth.

On the heels of these results, pre-planned sampling consisting of 102 samples was conducted over the northern gravity geophysics target. 42 of the soil samples comprised a high-resolution soil sampling grid targeted the recently identified helium hyperspectral anomaly.

This sampling was designed to test the soil geochemistry of the area of the helium anomaly itself and compliment historical exploration data available on the property.

Future Outlook

Power Metals has already completed further prospecting and soil geochemistry work across the key target areas of Tait Hill, Soaring Bay, and Perch River following the highly anomalous satellite remote sensing hyperspectral helium results, with the results from laboratory assay tests on soil samples expected shortly.

The Company also awaits the results from drone based magnetic geophysics surveys over the Clearwater, Cook Lake and E-12 Projects, planning to report these to market once they become available.

Power Metal Resources Chief Executive Officer Sean Wade said the Company’s season of uranium fieldwork continues to surpass its expectations in terms of the quality and number of significant targets discovered.

“Following very low acquisition costs, we believe we are now adding very considerable value to a portfolio with well thought out, methodical and inexpensive exploration, clearly demonstrating the ongoing success of our business model,” he said.

“We now look forward to the next stage, that of crystallising the value created for our shareholders.”

“We are in discussion with various third parties about ways in which we can do that, and I look forward to updating shareholders on those discussions in due course.”

POW’s London Stock Exchange-listed share price has risen 0.8% and is currently trading at 0.63 pence (11.20am UTC+ 8 hours).

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