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Power Metal Resources Confirm Uranium Mineralisation at Tait Hill & Soaring Bay

21 November 2023 10:14
Power

Power Metal Resources PLC (AIM:POW) has revealed promising advancements in uranium exploration at Tait Hill and Soaring Bay in the Athabasca Basin, located in Saskatchewan, Canada, presenting compelling soil geochemical sampling results across its 1,012 square kilometre uranium portfolio.

Tait Hill’s Mullis Lake Target

The Company has identified several target areas within the Tait Hill property, one of which is the Mullis Lake target. Exploration of this target has yielded substantial uranium anomalies in soil, with Power reporting results up to 164ppm Uranium.

These findings align strongly with radon anomalies the Company previously identified, suggesting a large and potentially lucrative exploration target.

The geological similarities between Mullis Lake and the renowned Rössing uranium deposit in Namibia further enhance the prospectivity of this area, presenting a promising avenue for future exploration.

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Figure 1: Mullis Lake Target Results

Soaring Bay’s Structural Lineament

Like Tait Hill, Soaring Bay’s soil geochemistry results have revealed areas of robust anomalism complementing the multiple radiometric anomalies identified.

Particularly noteworthy is the identification of an estimated three kilometre long northwest-southeast trending mineralised shear zone. The soil and radon survey along this structural lineament has uncovered enriched uranium products, confirming historical radon occurrences and expanding the scope for exploration southwest of the structural lineation.

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Figure 2: Soaring Bay Property Structural Lineation Soils & Radon

Kernaghan and Durrant Lake Properties

While results from high-resolution airborne electromagnetic geophysics surveys on the Kernaghan and Durrant Lake properties are pending, the ongoing exploration efforts underscore Power Metal’s commitment to advancing its uranium interests swiftly.

The Company holds the largest ground footprint among UK-listed entities in and around the Athabasca Basin, solidifying its position as a key player in uranium exploration.

Soaring Bay 2023 Recap

The 2023 recap of the Soaring Bay Project reveals a comprehensive exploration program focusing on a northwest-southeast trending structural lineament.

A total of 64 soil samples, 36 in-situ radon samples, and 16 rock samples were collected within this structural lineament across two grid areas.

The survey involved systematic soil and radon sampling along the linear feature and in multiple survey lines oriented 90 degrees off the fault, aiming to test for buried mineralisation along the extent of the fault. Notably, this feature had not been explored since the 1980s, prompting the need for a thorough radon and soil survey combined with modern assay methods for valuable information in future field campaigns.

The Southern Structural Lineation Target exhibited significant radon enrichment along the structural lineation, with results reaching up to 6.46 pCi/m2/sec.

Sustained results were observed along two occurrences between 300 and 200 metres long, with additional elevated radon results to the southwest.

The soil sampling results highlighted three areas of interest, showcasing elevated uranium levels and a potential common link with Rare Earth Elements (REE).

The extreme southeast of the grid exhibited the strongest sustained radon response over a broad area. Similarly, the Northern Structural Lineation Target displayed moderate radon anomalism, coinciding with sustained and moderately anomalous uranium-in-soil results.

Further analysis, particularly regarding the significance of pegmatites within Soaring Bay, is anticipated as the Company continues its in-depth evaluation.

Tait Hill Project – 2023 Recap

During the 2023 field season, Power Metal Resources executed an extensive exploration program at the Tait Hill Project, focusing on the Mullis Lake and Tait Lake targets.

This initiative, comprising high-resolution radon gas and soil geochemical sampling grids, prospecting, rock sampling, and geological mapping, marked the most comprehensive effort in several years.

The exploration at the Mullis Lake Target revealed three defined sub-targets, each showcasing distinctive uranium enrichment patterns.

  • Sub-target A, located north of the main mapped intrusion, displayed significant uranium anomalies with soil results reaching 164 ppm U.
  • Sub-target B, situated northeast of the intrusion, exhibited a sustained 1,800 m long area of elevated radon, coinciding with historical radiometric anomalies.
  • Sub-target C, targeted for radiometric highs parallel to the mapped granite, yielded localized areas with uranium enrichment in soil up to 22 ppm U.

The systematic soil and radon sampling over the Mullis Lake Target generated multiple robust targets for follow-up work, notably identifying sustained elevated radon results extending approximately 1.8 km from the main granitic body.

Additionally, the Tait Lake Target, defined by historical peat/marsh samples with highly anomalous uranium results, was explored with two sampling grids.

The Western Grid, centred over anomalous historical uranium geochemical results, returned sustained and localised uranium enrichment in soil, suggesting transport from surrounding uranium-rich geology.

The Eastern Grid, designed to investigate historical peat/marsh and lake sediment samples, revealed highly anomalous uranium-in-soil results and multiple elevated uranium concentrations within the footprint of nearby radiometric uranium highs.

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Figure 3: Tait Lake Target

CEO’s Perspective

Sean Wade, Chief Executive Officer of Power Metal Resources PLC, emphasised the exceptional progress made in the 2023 Athabasca uranium exploration program.

“Power Metal provides one of the few opportunities for UK investors to get meaningful exposure to uranium exploration,” he said.

“We hold the largest ground footprint of any UK listed entity in and around the Athabasca Basin, Saskatchewan, Canada currently amounting to over 1,000 square kilometres.”

“The 2023 Athabasca uranium exploration work continues to deliver exceptional results, with today’s news confirming and refining significant uranium prospective targets at the Tait Hill and Soaring Bay properties. Added to the results announced in September at Perch River and Badger Lake, so far, four of the nine Athabasca properties we have explored in the 2023 programme have delivered major tangible results.”

“Further updates from this programme are expected in the near term, together with news in respect of the planned admission of Uranium Energy Exploration, where significant progress has been made recently.”

“It is notable that our work continues whilst the spot price of uranium is approaching US$80/lb, a level last seen around 15 years ago. This underlying commodity strength has been bolstered by the increasing global acceptance that expanding nuclear power generation is critical for reliable low-carbon energy with a growing supply deficit facing the industry.”

“In response, Power Metal will continue to advance its uranium interests at pace, and we believe the considerable tangible progress being generated through this work will, in due course, translate into substantial value for shareholders.”

POW’s London Stock Exchange-listed share price is currently selling at 0.68 British pence (9.30 am UTC+ 8 hours).

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