Power Metal Resources PLC (AIM:POW) said it is reviewing a number of strategic options for its Reitenbach uranium property, including a potential outright sale.
The property, which covers about 146km2, is part of a larger uranium portfolio which includes seven 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.
Further updates regarding Reitenbach are expected in the coming weeks, said the AIM-listed exploration company.
"Power Metal has seen considerable interest in the company's uranium properties surrounding the Athabasca Basin, and we see significant value creation potential through the disposal of certain interests either through direct sale to third parties or the creation of new listings in the London markets,” said chief executive Paul Johnson.
“We are therefore accelerating our property review work to assemble in-depth datarooms for each property. The review of historical data and exploration results of the Tait Hill property were announced previously and Reitenbach property is covered in today's announcement,” he said.
Reitenbach is close to, or has contiguous claim borders, with several publicly listed uranium companies including Forum Energy Metals Corp (TSX-V:FMC, OTCQB:FDCFF), Cameco Corp, and Appia Energy Corp. (CSE:API)
Power Metal said it recently completed an in-depth historical data compilation across its entire uranium portfolio surrounding the prolific Athabasca Basin and now possesses a fully-digitised database covering all historic work programmes completed across the various properties, including Reitenbach.