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Power Metal Resources Reveals New Uranium Targets in Athabasca Region

19 December 2023 13:23

Power Metals Resources PLC (AIM:POW) is advancing its uranium business in Saskatchewan’s Athabasca Basin through its 2023 exploration program, the largest to date, revealing promising results at the Clearwater and Cook Lake Projects, setting the stage for intensified uranium exploration.

Encouraging Exploration Findings

The 2023 exploration program has already confirmed prospective uranium anomalies at several properties, including Clearwater and Cook Lake.

The UAV magnetic geophysics surveys conducted at these locations have uncovered two new magnetic targets each, expanding the scope of potential uranium mineralisation.

This augurs well for Power Metals as uranium prices enter a bullish phase, aligning with growing interest in junior explorers with attractive projects in the Athabasca Basin.

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Table 1: The results to date have been encouraging and prior to today’s announcement, significant prospective uranium anomalies have been confirmed at four properties as detailed above.

Clearwater Project Highlights

The UAV magnetic geophysics survey at Clearwater pinpointed multiple 1st and 2nd order magnetic lineament structures, indicative of structurally related vein-type uranium mineralisation.

Significantly, the Toots Lake Target expanded by about 800 metres, and a new target area, the Nesbitt Fault Target, was identified, aligning with the Company’s emphasis on Beaverlodge Type uranium deposits linked to faults and shear structures.

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Figure 1: Clearwater Project 2023 Magnetic Survey Results.

Cook Lake Project Insights

The Cook Lake Project, facing the challenge of minimal outcrop, saw the completion of its first-ever magnetic survey via UAV.

The survey successfully delineated two priority target areas – the Central Target and the Northern Target.

The Central Target, marked by a strong magnetic low and radiometric anomalies, suggests potential unconformity-related uranium mineralisation.

Similarly, the Northern Target, with moderate magnetic low features and coincident anomalies, provides a promising area for future fieldwork.

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Figure 2: Cook Lake Project 2023 Magnetic Survey Results.

Geological Rationale and Challenges

Both Clearwater and Cook Lake Projects have unique geological characteristics.

The Clearwater Project, deemed prospective for Beaverlodge Type uranium deposits, relies on the precise identification of faults and shear structures.

Meanwhile, the Cook Lake Project, with minimal outcrop, presents challenges in selecting priority areas for detailed fieldwork.

The application of modern surveying techniques, particularly UAV magnetic surveys, has proven instrumental in overcoming these challenges.

Future Prospects

As the 2023 exploration program continues, the Company anticipates further exploration findings from properties like Kernaghan, Durrant Lake, Reitenbach, and E-12.

Sean Wade, CEO of Power Metal Resources, expressed confidence that the Company’s 2023 Athabasca exploration program has significantly enhanced the value of their extensive uranium-focused properties in the region.

“At a time when the uranium price is entering a major bull market phase, and interest in junior explorers with attractive projects in the Athabasca Basin grows, we find ourselves in an enviable position,” he said.

“We anticipated positive exploration findings, given the work undertaken by our team to carefully select properties for staking based on extensive historical exploration data and with a view to the application of the latest geological techniques. However, the scale of positive results has been, in our opinion, quite remarkable.”

“Further exploration results are pending, which will be factored into our ongoing work to crystallise value for shareholders, demonstrated recently by the progress we have made with the planned IPO of Teathers Financial Plc (to be renamed Uranium Energy Exploration) . We will also incorporate this work into the forward exploration plans for our retained Athabasca portfolio.”

“These are exciting times for the Company and my personal thanks are due to our technical team, contractors and consultants for the delivery of this continual stream of encouraging findings.”

POW’s London Stock Exchange-listed share price has risen 19.33% and is currently trading at 0.90 Great British Pence (1.15pm UTC+ 8 hours).

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