Power Metal Resources PLC (AIM:POW) said it expanded its uranium exploration portfolio at Athabasca Basin in northern Saskatchewan, Canada by 54%.
The London-listed exploration company said its total land holdings surrounding the Athabasca Basin increased by 144.84 km2 to 411.96 km2, including additional ground surrounding the company's Thibaut Lake, Clearwater, and Reitenbach uranium properties.
"The additional areas staked by the company are prospective for uranium and base-metals in areas surrounding the Athabasca Basin,” said chief executive Paul Johnson.
“Our plan was to steadily increase our Athabasca land holdings, however given the pace at which ground is being staked by various other parties, and the high-value transactions taking place around the Athabasca Basin, we have accelerated our staking campaign.
"Power Metal now has exposure to 412 km2 of ground that we consider to be highly prospective for uranium mineralisation, representing a strategic portfolio of uranium focused exploration interests within a top mining jurisdiction.
"Our first work programme covering three of the seven properties was completed last week and we await assay results from samples which have been submitted on a rush-basis for expeditious turnaround," he said.
Power Metal added 107.48 km2 to the Reitenbach uranium property. The new claims cover three additional uranium mineral deposit index points as well as a lake-sediment result of 130 parts per million uranium, taken from the Geological Survey of Saskatchewan's lake sediment analysis database.
Reitenbach is now fully contiguous with ground owned by multiple private claim holders, as well as Forum Energy Metals Corp (TSX-V:FMC, OTCQB:FDCFF).
The claims have been registered with the Mineral Administration Registry Saskatchewan and the total cost of the claim was C$28,141 (£16,700). The claims are valid for two years and there is no minimum spend commitment required.