Power Metal expands Saskatchewan uranium portfolio

Exploration company Power Metal Resources announced a uranium exploration portfolio expansion at its wholly-owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada on Wednesday.

The AIM-traded firm said total land holdings surrounding the Athabasca Basin had now been increased by 144.84 square kilometres, to a total of 411.96 square kilometres, including additional ground staked surrounding its Thibaut Lake, Clearwater, and Reitenbach uranium properties, representing a 54.2% increase in total land holdings.

An additional 107.48 square kilometres were staked surrounding the company's Reitenbach uranium property.

The company said the new claims covered three additional uranium mineral deposit index points, as well as a lake-sediment result of 130 parts of uranium per million, taken from the Geological Survey of Saskatchewan's lake sediment analysis database.

It said the lake sediment result represented the 11th highest sample in the entire provincial database.

The Reitenbach uranium property was now fully contiguous with ground owned by multiple private claim holders, as well as Forum Energy Metals.

An additional 21.95 square kilometres was staked surrounding the company's Thibaut Lake Uranium Property, which was now contiguous with one of the largest private landholders within Saskatchewan, as well as a British Columbia-registered company with unknown owners.

Power Metal said an additional 15.41 square kilometres was also staked surrounding the Clearwater uranium property.

The new claim covered three base-metal mineral deposit index points, with the Thibaut Lake uranium property now contiguous with ground owned by Eagle Plains Resources, as well as with one of the largest private landholders within Saskatchewan.

Historic data compilation was progressing “at pace” across the portfolio, the board said, with full analysis completed on three properties to date.

All property expansions were acquired through staking, and as a result Power Metal, through its wholly-owned subsidiaries, would have a 100% interest with no outstanding royalties or encumbrances.

The claims had been registered with the Mineral Administration Registry Saskatchewan, with the total cost of claim staking coming in at CAD 28,141 (£16.762).

Power Metal said the claims were valid for two years, with no minimum spend commitment required.

“Our plan was to steadily increase our Athabasca land holdings, however given the pace at which ground is being staked by various other parties, and the high-value transactions taking place around the Athabasca Basin, we have accelerated our staking campaign,” said chief executive officer Paul Johnson.

“Power Metal now has exposure to 412 square kilometres of ground that we consider to be highly prospective for uranium mineralisation, representing a strategic portfolio of uranium focused exploration interests within a top mining jurisdiction.

“Our first work programme covering three of the seven properties was completed last week and we await assay results from samples which have been submitted on a rush-basis for expeditious turnaround.”

At 1455 GMT, shares in Power Metal Resources were up 1.24% at 1.71p.