Power Metal Resources PLC (AIM:POW) told investors it has identified "significant" uranium targets at the Tait Hill and Soaring Bay projects in Saskatchewan, Canada.
The company, in a statement, also highlighted exploration progress at its Perch River, Clearwater, Cook Lake and E-12 projects.
"This season's uranium fieldwork continues to surpass our expectations in terms of the quality and number of significant targets discovered,” said chief executive Sean Wade.
"Following very low acquisition costs, we believe we are now adding very considerable value to a portfolio with well thought out, methodical and inexpensive exploration, clearly demonstrating the ongoing success of our business model.”
Wade added: “We now look forward to the next stage, that of crystallising the value created for our shareholders.
"We are in discussion with various third parties about ways in which we can do that, and I look forward to updating shareholders on those discussions in due course."
Exploration progress
At Tait Hill and Soaring Bay, the company reported the completion of extensive radon gas sampling which it said has confirmed multiple significant uranium targets.
Specifically, at Tait Hill it highlighted that the strong radon results are coincident with multiple radiometric anomalies – in the Mullis Lake north and east targets.
The Mullis Lake targets may have geological similarities to the Rössing uranium deposit located in Namibia, Power Metal added, and it said the results obtained from the radon sampling point to a large target for future exploration.
Meanwhile, at Soaring Bay, strong radon results were obtained over a ‘shear zone’ that spanned more than three kilometres.
The team has also identified a significant new zone which will now be known as ‘the southern target’. Here, the company said it observed three very high results extending for over 1 kilometre from the main shear zone of interest.
Further prospecting work undertaken at Tait Hill, Soaring Bay and Perch River awaits results, including lab assays of soil samples.
Elsewhere in the portfolio, drone-based surveying has been completed over the Clearwater, Cook Lake and E-12 projects. Results are pending and are expected "shortly", the company said.