Power Metal Resources PLC (AIM:POW) said it started a Phase I field programme at its uranium portfolio surrounding the Athabasca Basin, in Saskatchewan, Canada.
The programme follows on from positive findings reported from initial fieldwork last year and covers three Athabasca properties: Clearwater, Thibault Lake, and Tait Hill.
READ: Power Metal keen on more uranium assets after encouraging start in Canada
The exploration team are prioritising the initial follow-up work on the Thibault Lake property where the 2021 mapping and sampling programme returned high-grade uranium sample assays of up to 38,600 parts per million or 3.86% uranium oxide, said the London-listed company.
"The Athabasca uranium portfolio constitutes a priority exploration project for Power Metal, and today's update demonstrates our commitment to getting on with the exploration work,” said chief executive Paul Johnson.
“We have seen considerable interest in the Athabasca area, which we believe is inspired by an extremely positive forward dynamic in the uranium sector. The value of the ground held through our uranium properties is, in our view, increasing considerably and this value will be further enhanced through the current exploration work designed to underpin the uranium prospectivity.”
The company is also preparing a Phase II programme for the Soaring Bay property.