Power Metal reports strong progress on Saskatchewan uranium exploration

Exploration firm Power Metal Resources revealed substantial progress in its uranium exploration business in the Athabasca Basin of Saskatchewan, Canada, on Wednesday, spanning 1,012 square kilometres across 17 properties.

The AIM-traded company said that its 2023 work programme had executed extensive radon gas sampling at both the Tait Hill and Soaring Bay projects, unveiling multiple uranium (U) targets of significance.

The Tait Hill project demonstrated promising potential, with robust radon results coinciding with numerous radiometric anomalies, especially at the Mullis Lake north and east targets.

Mullis Lake was being scrutinised for possible geological similarities to the Rössing uranium deposit in Namibia, given that the radon sampling results suggested a large target for ensuing exploration.

Soaring Bay, on the other hand, yielded potent radon results over a more-than-three kilometre-long northwest-southeast trending shear zone, indicating another lucrative area for uranium exploration.

A newly identified zone, the ‘Southern’ target, emerged within the dataset, exhibiting three exceedingly high results and extending at least one kilometre from the primary shear area, presenting a significant new zone of interest for future exploration initiatives.

The company said its exploration endeavours were further boosted by additional prospecting and soil geochemistry work across pivotal target areas of Tait Hill, Soaring Bay, and Perch River following the revelation of highly anomalous satellite remote sensing hyperspectral helium results.

Drone-based magnetic geophysics surveys had meanwhile been carried out over the Clearwater, Cook Lake, and E-12 Projects, with results pending.

“This season’s uranium fieldwork continues to surpass our expectations in terms of the quality and number of significant targets discovered,” said chief executive officer Sean Wade.

“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.”

Wade said the company now looked forward to the next stage of crystallising the value created for 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.”

At 1349 BST, shares in Power Metal Resources were up 0.8% at 0.63p.

Reporting by Josh White for Sharecast.com.