Power Metal Resources PLC (AIM:POW) has acquired two new uranium properties in Canada’s famed Athabasca Basin.
The newly acquired Hawkrock East and Hawkrock West uranium properties cover a total combined area of 4,280 hectares within the prospective Snowbird Tectonic Zone in the northeastern corner of the Athabasca.
Historical exploration at Hawkrock East identified elevated radon, uranium and methane-in-groundwater coincident with largely untested electromagnetic geophysics conductors.
Previous drilling completed by the Saskatchewan Mineral Development Corporation in 1981 identified major faulting and pelitic geology which is considered by Power Metals to be comparable to many uranium deposits in the Athabasca Basin.
The Hawkrock West property, located 12km to the west of Hawkrock East, is centred around multiple electromagnetic conductors which are coincident with elevated uranium pathfinder elements in lake sediment sample assays.
Previous drilling completed by DF Exploration Ltd in 1997 returned elevated uranium, thorium and radiation counts-per-second readings of drill core in close proximity to the Athabasca sandstone and basement unconformity.
Competition for ground at Haresign Bay, however, meant that the company ended up with a smaller landholding there than had previously been hoped for.
“Interest in the Athabasca Basin is noticeably increasing meaning we must accelerate the acquisition of additional ground,” said Power Metals chief executive Paul Johnson.
“By moving quickly, the Power Metal technical team has already taken action by staking an additional two properties located within the Basin. Given the recognition of uranium as a key commodity for future power generation we are also accelerating our efforts to secure projects in other regions as quickly as possible to build our exposure. The level of interest in uranium exploration extends across many high-profile regions globally and there is no time to waste on this."
All claims were acquired by direct mineral claim staking by the Power Metal technical team. They were acquired through the Mineral Administration Registry Saskatchewan electronic registry system on 15 February 2023.