Power Metal Resources PLC (AIM:POW) has said it is "very pleased" with the results from the recently completed 2022 Phase I field programme covering its Thibault Lake, Clearwater and Tait Hill uranium properties located in the Athabasca Basin area of Saskatchewan, Canada.
Following the earlier releases announcing the fieldwork commencement on 10 August 2022, as well as the completion of work on 5 October 2022, full assays results have now been received, analysed and compiled by the company's technical team.
The company said several additional uranium occurrences have yet to be prospected by Power Metal, and the data obtained during this and the 2021 work programmes, as well as historic data compiled by the company, will be crucial in allowing Power Metal to unlock additional value from the portfolio during the 2023 exploration season.
In a statement, Paul Johnson, chief executive officer of Power Metal commented: "We are particularly excited by our Athabasca uranium portfolio, with twelve properties covering some 841km2 of footprint in this highly sought-after region for uranium exploration. Two of our properties, Reitenbach and E-12 are in the process of disposal as previously announced, and we continue to attract interest across the remainder of the portfolio and have established data rooms for each property to enable us to efficiently engage with third parties.
"Notwithstanding this, we intend to retain a number of the properties and to conduct proactive exploration across them. Today we have announced positive exploration findings from our latest, Summer 2022 phase I work programme covering three properties, and we will be launching additional ground exploration in 2023.
"In the meantime, the commercialisation work in respect of our uranium portfolio continues, including both disposal activities and the search for new uranium-focused projects to add into the Power Metal business," he added.
2022 Phase I field programme highlights:
- A total of 46 rock samples were collected as part of the 2022 Phase I programme including 29 samples from Tait Hill, 8 from Thibaut Lake, and 8 from Clearwater. All samples were analysed at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. Power Metal employed a uranium-exploration analytical package which includes uranium, various base/trace-metals, as well as a suite of rare-earth elements (REEs).
- Two extremely high-grade samples were returned from Thibault Lake including individual assay results up to 4.7% and 2.4% U3O8, with further highly radioactive samples located in close proximity.
- During fieldwork on Clearwater, historical mine shafts and former workings were identified, illustrating the property's overall prospectivity; the Power Metal sampling carried out as part of this programme identified up to 1,120 parts per million (ppm) (0.112%) U3O8.
- Work on Tait Hill has supported the potential identification of a target considered to be geologically analogous to the Rössing Uranium deposit in Namibia, with up to 825ppm uranium identified at the Mullis Lake Target which will be one of the focuses of future work programmes.
The exploration fieldwork conducted over the Thibault Lake, Clearwater and Tait Hill uranium properties consisted of the ground investigation, gamma-ray spectrometer surveying and rock sampling and over pre-defined target areas.
Both Thibault Lake and Clearwater are considered prospective for both Beaverlodge style vein/shear-hosted uranium and pegmatite-hosted uranium. Tait Hill is considered prospective for both pegmatite-hosted uranium and offers a significant intrusive related target; the 'Mullis Lake Target'.
The results from the exploration programs support these assessments.
Power Metal has a 100%-owned subsidiary Power Metal Resources Canada Inc, which acts as the holding company for certain Canadian project operations. Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the company's Athabasca uranium portfolio.