Power Metal announces accelerated uranium exploration plan
Power Metal Resources
13.75p
16:55 20/12/24
Power Metal Resources announced an accelerated exploration plan for its uranium-focused joint venture with UCAM on Wednesday, targeting its Badger Lake Property in Canada’s Athabasca Basin.
FTSE AIM All-Share
710.60
17:04 20/12/24
Mining
10,313.46
17:14 20/12/24
The AIM-traded firm said the site, located near major uranium deposits, would undergo a series of geophysical and geochemical surveys aimed at refining drill targets for a planned February-March drill programme.
It said the joint venture had engaged Axiom Exploration Group to begin helicopter-borne magnetic and electromagnetic surveys across Badger Lake and three additional properties - Perch River, East Hawkrock, and West Hawkrock - starting on 14 November.
To enhance subsurface mapping at Badger Lake, an innovative ambient noise tomography (ANT) survey would be conducted in collaboration with Fleet Space Technologies.
The method, successfully used by other uranium developers in the region, records seismic wave changes to reveal critical geological structures with minimal environmental impact.
Power Metal said the techniques were designed to identify conductive zones and fault structures that commonly associate with uranium deposits, providing essential data for drill planning.
Preliminary radon, soil, and biogeochemical sampling at Badger Lake concluded in October, with assays pending.
Results from the surveys would inform the final stages of drill preparation.
The board said the joint venture was also collaborating with local experts and First Nations representatives to facilitate drilling permit applications.
“I am very pleased to be able to update shareholders on the joint venture’s exciting initial plans for its uranium portfolio,” said chief executive officer Sean Wade.
“We have a substantial budget committed to exploration, we believe, in fact, the second largest currently being deployed in the Athabasca Basin area.”
Wade said that in order to maximise its chances of discovery, the firm would continue to undertake the necessary sampling and surveying work before it started drilling, which it currently expected would be in late February or early March next year.
“I very much look forward to being able to regularly update shareholders on our progress across this licence area.”
At 1425 GMT, shares in Power Metal Resources were down 4.15% at 12.7p.
Reporting by Josh White for Sharecast.com.