Power Metal Resources PLC (AIM:POW), an exploration company seeking large-scale metal discoveries across its global project portfolio, said it has increased its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada through direct mineral claim staking.
The claims were acquired during the most recent Mineral Administration Registry Saskatchewan (MARS) electronic registry system claim reopening on 31 January 2023. The staking acquisitions represent some of the most significant additions to the company's uranium portfolio, Power Metals said.
The newly acquired Haresign Bay uranium property covers a total area of 3,189.2 hectares (31.89 square kilometres) located 35 kilometres south of the Athabasca Basin. Haresign Bay is surrounded by claims held by uranium-focused companies F3 Uranium Corp, Baselode Energy Corp, CanAlaska Uranium Ltd and Skyharbour Resources Ltd.
The newly acquired Kernaghan uranium property covers a total area of 4,566.2 hectares (45.66 square kilometres) within the northeastern edge of the Athabasca Basin. Kernaghan is bordered on three sides by claims held by uranium-focused companies including Standard Uranium Ltd, IsoEnergy Ltd, and Purepoint Uranium Group Inc.
During the most recent claim reopening, Power Metal also staked an additional 1,982-hectare (19.82 square kilometres) claim area bordering the western extension of its Thibault Lake uranium property. Significantly, the company said, the extension covers a historical showing which returned a trenching result of 1.09% U308 over 10.7 metres (m), greatly increasing the overall prospectively of the extended Thibault Lake uranium property.
With the addition of the Kernaghan and Haresign Bay uranium properties, as well as the additional staking at Thibault Lake, Power Metal noted that its Athabasca uranium portfolio now consists of 14 properties, including two conditional disposals, with a combined total area of 940 square kilometres.
In a statement, Paul Johnson, chief executive officer of Power Metal Resources commented: "The uranium acquisitions by staking announced today are a further leap forward for Power Metal's strategic uranium interests in and surrounding the prolific Athabasca Basin located in northern Saskatchewan, Canada.
"The two new properties now secured are adjacent to and largely surrounded by major uranium companies and they demonstrate significant uranium prospectivity with geology considered by the company to be analogous to major producing mines and other uranium deposits within the Athabasca Basin."
Johnson added: "Power Metal started the move to build a uranium exploration business in September 2021 and we believe we are now in a particularly strong position. Our intentions do not stop here, with plans to further expand our uranium-focused interests where suitable opportunities are identified.
"Uranium has a strong following in capital markets and recently the spot uranium price has moved again above USD$50/lb. With the world dynamic shifting strongly in favour of nuclear power generation we believe that Power Metal should continue this push to build its uranium exploration and development business interests in the London financial markets."