London-listed Power Metal Resources PLC (AIM:POW) has outlined its largest-ever uranium exploration campaign, with work to be carried out in at least 10 of its 17 Canada-based properties in 2023.
Points of focus for the group’s campaign include:
- A geochemical sampling programme at Tait Hill
- Electromagnetic surveys at Durrant Lake, Kerneghan, E-12, Cook Lake, Clearwater
- A prospecting programme at Soaring Bay and
- A radiometric survey at Reitenbach
All sites are located in the vicinity of the prolific Athabasca Basin in Saskatchewan, Canada.
Power Metal also announced the acquisition of the 9.41km2 Perch River Uranium project, which the company considers to be prospective for both basement- and sandstone-hosted unconformity-related uranium deposits.
The recent addition of the Perch River Project was “a strategic move, increasing the company's overall footprint in and around the Athabasca Basin, and enhancing what we consider to be a globally significant package of uranium licences”, noted chief executive Sean Wade.
Power Metal also said the planned listing of Uranium Energy Exploration, into which the group has conditionally disposed the Reitenbach and E-12 properties, on the London markets is set to be expedited.
Commenting on the company’s plans, Wade said: "I am pleased to be able to make this important announcement to demonstrate the value we expect to deliver to shareholders through the exploration of our uranium portfolio.
“This will be the company's largest uranium-focussed exploration programme to date, coming at a time when investor attention is increasingly focussed on the commodity and its upside potential as a clean energy alternative fuel.”
Results are expected to come in the second and early third quarters of 2023, with the intention of having a well-defined picture of the opportunity by the fourth quarter.