Power Metal Resources has added to its uranium property portfolio in the current exploration hotspot of the Athabasca Basin area in Saskatchewan, Canada.
Richards Lake was acquired by direct mineral claim staking undertaken by the Power Metal technical team at a cost of around C$1,800, it said in a statement.
The property was staked during the most recent Mineral Administration Registry Saskatchewan (MARS) electronic registry system claim reopening on 31 January 2024, with the licences granted a few days later.
Sean Wade, Power Metal’s chief executive, commented: "I am very pleased to report this additional staking to our already significant uranium portfolio focused on the Athabasca Basin area.
"Competition remains extremely high for these properties, and I am very grateful to the technical team for their skilful management of the staking process.
“With the addition of Richards Lake, an in-basin property, we have further augmented our uranium footprint, one that we believe will add considerable value for our shareholders as corporate and investor interest in the Athabasca Basin area continues to increase."
Richards Lake covers a total of 3,109.26 hectares within the northern edge of the Athabasca Basin. It is is surrounded by claims held by uranium-focused companies, including ALX Resources, ATHA Energy Corp (CSE:SASK, OTCQB:SASKF) and Skyharbour Resources.
Minimal historical exploration has been carried out, but previous operators have noted east-west trending electromagnetic geophysical conductors which extend through the centre of the property, which is located 14km south of the Fond du Lac uranium deposit.
Richards Lake takes Power Metal’s portfolio in the area to eighteen uranium properties, including two conditional disposals, with a combined total area of 1,043.40 sq km.