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#POW Power Metal Resources – Total Voting Rights

In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that as at 30 June 2022 there were 1,477,036,161 ordinary shares of 0.1 pence each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 1,477,036,161 .

The above figure of 1,477,036,161 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

 

For further information please visit  https://www.powermetalresources.com/   or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Power Metal #POW – Uranium Business Update and Togo Agreement

 

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a business update covering the Company’s global uranium interests.

Togo Agreement

· Power Metal has signed an agreement with David Knopf, a consulting geologist governing the evaluation, acquisition and exploration of uranium prospects in Togo, West Africa (the “Agreement”).

· Power Metal is to establish a wholly-owned operating subsidiary in Togo, to act as a holding company for Togo uranium interests (“Togo Subsidiary”).

· Upon successful transfer of newly acquired interests into the Togo Subsidiary, Power Metal will pay agreed finder’s fees to Mr Knopf equating to €27,000 in total for the first acquisition and €15,000 for any subsequent acquisitions (finders fees will be payable in part cash and part Power Metal shares based on the volume weighted average price of Power Metal shares in the ten working days prior to each acquisition).

· In addition, should Power Metal or the Togo Subsidiary announce a Decision to Mine (“DTM”) in respect of any project acquired under the Agreement, further fees would be payable of €100,000 in cash and €200,000 in Power Metal shares (Power Metal Shares based on the volume weighted average price of Power Metal shares in the ten working days prior to each DTM).

· Power Metal will have access to the services of Mr Knopf as well as his Togo based business partner who is an established senior geologist with strong capabilitities in-country who will assist with the organisation and management of local geological operations.

· Existing project targets have been established and the Company is working with the team in Togo to plan next stages of exploration as well as to secure new opportunities as soon as possible.

Athabasca Basin, Saskatchewan, Canada

Power Metal, through its wholly-owned local subsidiary, holds a large strategic footprint in the Athabasca Basin area with 7 properties covering a combined area of 450.01km2. The Company’s in-house uranium specialist has completed a data compilation exercise across all 7 properties, the results of which have previously been announced to the market.  Shareholders wishing to see an overview of the findings from each property are invited to visit the Company’s website where individual uranium project factsheets have been uploaded:

https://www.powermetalresources.com/fact-sheets/

The Power Metal team are currently finalising next stage exploration plans at our 7 Athabasca properties and a further update will be provided covering this in due course.

The Company commissioned a National Instrument 43-101 technical report (“Report”) in respect of the Reitenbach Property as announced in March 2022:

https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basin-canada/15381520

Power Metal expects to release the findings from this report in the near term.

Further information from the data compilation completed over the Reitenbach Property was announced by the Company in February 2022 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/reitenbach-uranium-property-athabasca-basin/15319141

Selta Project, Northern Territory, Australia

The Selta Project (“Selta”) was acquired in November 2021 by Power Metal UK subsidiary First Development Resources Limited through the acquisition of Australian private holding company URE Metals Pty Limited.

In February 2022 an in-depth review (“Review”) of the rare-earth element and uranium potential at the Selta Project was undertaken:

https://www.londonstockexchange.com/news-article/POW/selta-project-update/15328364

The Review confirmed multiple uranium targets at Selta, further details of which were announced in March 2022 and may be viewed in the link below:

https://www.londonstockexchange.com/news-article/POW/selta-project-multiple-target-areas-identified/15371081

Further work is underway to evaluate the findings of the review and determine the next stages for uranium focused exploration.

Paul Johnson, Chief Executive Officer of Power Metal commented:

“This Agreement announced today securing Power Metal a pathway into Togolese uranium opportunities marks our first entry into African uranium exploration.  We are already working with the Togo team in respect of sourcing new uranium opportunities and I expect to report back soon on developments there.

The Togo opportunity complements the Company’s existing uranium interests including the large 7 property portfolio in the Athabasca Basin area of Saskatchewan, Canada, and the Selta Project, forming part of planned listing vehicle First Development Resources Limited.

At Power Metal we see an opportunity to further build our uranium profile. This will be accomplished by undergoing exploration on our existing exploration portfolio, the acquisition of additional interests, as well as through investment holdings in new uranium focused entities that we can help to create.”

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

Alan Green covers a trading update from #MOON Moonpig, a new appointment by #ECR ECR Minerals and #BRES Blencowe Resources Jorc update on the Vox Market Podcast

Alan Green covers a trading update from #MOON Moonpig, a new appointment by #ECR ECR Minerals and #BRES Blencowe Resources Jorc update on the Vox Market Podcast

Listen here

#POW Power Metal Resources – Uranium Portfolio Update – Athabasca Basin

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update on its Clearwater and Thibault Lake Uranium Properties (together the “Properties”), within the Beaverlodge Uranium District, which are part of the larger uranium (U) property portfolio that includes seven 100% owned interests (Table 1) covering an area of 450.01km2 (45,001-hectares), surrounding the Athabasca Basin in northern Saskatchewan, Canada (the “Uranium Portfolio”).

Highlights include:

·Properties host known ‘Beaverlodge style’, structurally related vein-type, uranite (UO₂) (pitchblende) mineralisation, with a former uranium trial mine on the Clearwater Uranium Property, and a historical non-compliant resource of 65,000lb (29.5t) at an average grade of 0.83 % U3O8 reported on the Thibaut Lake Uranium Property.6

·Government data indicates the presence of multiple occurrences of strong vein-hosted uranium mineralisation on both Properties with sample assays of up to 0.63% U3O8 and 6.6% U3O8 being reported for the Clearwater and Thibault Lake Uranium Properties, respectively. 

· Majority of U-in-lake sediment samples taken from both Properties are considered strongly anomalous (greater than 95th percentile) for uranium, with respect to regional data,  suggesting nearby sources of uranium mineralisation.

· Results of a historical data review supplement and support the strong uranium mineralisation identified during Power Metal’s ground exploration completed on both Properties during Q4 2021.

A map highlighting results from the historical data compilation completed on the Clearwater and Thibault Lake Uranium Properties are available through the following links:

https://www.powermetalresources.com/clearwater-overview-map/

https://www.powermetalresources.com/thibaut-lake-overview-map/

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“Today’s update covers the Clearwater and Thibault Lake Uranium properties located a short distance from Uranium City, Saskatchewan, near the northern edge of the Athabasca Basin. Both Properties host ‘Beaverlodge-style’ structurally related uranium mineralisation, with Clearwater also having a historical deposit with a non-compliant uranium resource of 65,000lb at an average grade of 0.83% U3O8.

The findings from our technical review of both Properties confirm significant uranium prospectivity and extensive opportunities for forward exploration work.

Importantly, with today’s announcement we have completed a full technical data review for all seven Power Metal Athabasca region properties, and all seven have demonstrated significant uranium prospectivity.

We now have seven data rooms available which can be used for external third-party discussions, and also for internal exploration planning.

I would like to thank the team for working through the immense amount of historical information and undertaking the detailed review thereon. This work has added considerable value to our uranium portfolio at a particularly compelling time with uranium demand and price rising contemporaneously.”

Clearwater Uranium Property Overview

– The Clearwater Property (“Clearwater Property” or “Clearwater”) covers an area of 7,916-hectares (c. 79.16km2) located in northern Saskatchewan, Canada. The property is less than 10km from the northern edge of the Athabasca Basin, within the Beaverlodge Uranium District, 15km from Uranium City, Saskatchewan – a historically prospective area for uranium exploration and mining. Saskatchewan ranked third in the most recent 2020 Fraser Institute Investment Attractiveness Index rankings of global mining jurisdictions.1

– Clearwater hosts nineteen Saskatchewan Mineral Deposit Index (“SMDI”) occurrences, of which 14 are uraniferous, and includes a former uranium trial mine. The uraniferous occurrences in the Beaverlodge Uranium District are predominantly linked with structurally associated vein-type or breccia-type U mineralisation, linked to faults and shears, but may span a wide variety of uranium mineralisation types as typified in the wider Beaverlodge Uranium District. The Ace-Fay-Verna deposit (located 14km southeast of Clearwater) is reported to have historically produced over 12,000 tonnes of U (24 Million lb) at an average grade of 0.28% U. In addition, four base-metal and one precious-metal SMDI occurrences (copper, lead, zinc and silver showings) have been identified on Clearwater.

–   Historical work has been highly localised and centred on select previously identified geochemical anomalies and geophysical results. This historical work, collated by Power Metal, has identified previously drilled uranium-rich mineralisation, elevated uranium anomalism within spring water occurrences and numerous radioactive outcrops with scintillometer readings of over 250 counts per second (“CPS”). In addition, government data indicates strongly anomalous U-in-lake sediment results. The vast majority of the Clearwater Property is underexplored and untested by modern exploration methods.

 

– Clearwater is considered prospective for vein-type or breccia-type structurally hosted ‘Beaverlodge-style’, pegmatite and basement-hosted unconformity related uranium mineralisation.

 

Thibaut Lake Uranium Property Overview

– The Thibault Lake Property (‘Thibault Lake Property” or “Thibault”) covers an area of 4,401-hectares (c. 44.01km2) located approximately 25km north of the Athabasca Basin edge, approximately 15km northwest of the Company’s Clearwater Property, and is also within the Beaverlodge Uranium District.

– Historical work on Thibault, collated by Power Metal, has centred on defining anomalous areas of vein-hosted Uranium mineralisation, and has suggested the possible presence of a historical moderately sized ‘Beaverlodge-style’ uranium occurrence.

– Thibault is centred around six SMDI uranium occurrences which were discovered during previous exploration campaigns. Samples of up to 6.6% U3O8 (5.6% U) have been reported from uranium-rich veins uncovered from historical trenches.

–  The Thibault Lake Property is considered by Power Metal to be prospective for vein hosted ‘Beaverlodge-style’ and pegmatite-hosted uranium mineralisation.

 

FURTHER TECHNICAL INFORMATION

Power Metal recently completed an in-depth historical data compilation across its entire Uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historical work programmes completed across each asset, including the Clearwater and Thibaut Lake Uranium Properties.

A total of 26 historical reports were digitised from work programmes covering at least some part of the Clearwater Property. These date from the 1950s to 1975 and include ground exploration, trenching and lake sampling, with no further work in the most recent 45 years. On  the Thibault Property, a total of 17 historical reports cover the area. Dated between 1954 and 1979 these include trenching, drilling, airborne and ground scintillometer survey results.

Clearwater Compilation Highlights

– The Clearwater Property covers nine Geological Survey of Canada (“GSC”) lake sediment results. With respect to 6,000 regional data points, all are elevated (>80th percentile), four are considered highly anomalous with 48, 55, 57 and 69 ppm U (95th to 97th percentile) reported. The remaining four samples are considered extremely-anomalous, with results between 110 and 233 ppm U (98.5th to 99.4th percentile).

 

–    Water sampling, as part of historical exploration activities, has yielded highly-elevated uranium anomalism (44 U gamma/l) from a spring located in the south of the Clearwater Property (versus a background of ~0.4 U gamma/l).2 This uraniferous spring is in close proximity to previously identified radioactive outcrops, including a 30 m long x 10 m wide lens within granitic gneiss’ that returned select grab sample results between 0.018 and 0.15% U3O8.2

 

– The Property overlies multiple major fault- and shear-zones, which are coincident with known uranium and radioactive occurrences which include:

 

1.   Associated with a shear-zone located in the south of the Clearwater Property, the ‘A-6 occurrence’ returned uraniferous mineralisation of up to 0.145% U3O8 within a massive graphite and graphitic pelite with associated local hematite (iron oxide), pyrite and hydrothermal alteration.3 These features are typical of both basement-hosted unconformity and ‘Beaverlodge-style’ uranium deposits. These represent high-priority exploration targets for the Company that will be targeted during future work programmes.

 

2. Associated with a shear-zone located in the northeast of the Clearwater Property, the ‘A-8 occurrence’ has received multiple drillholes which identified weakly radioactive brecciated pegmatites alongside a 20 m zone of elevated surface radioactivity.4 Ground exploration carried out by Power Metal in 2021 identified uraniferous outcrops 400 m to the northwest  of the A-8 occurrence which returned scintillometer results between 650 and 1,200 CPS hinting at the possible size of this uranium enriched zone.  

 

3.  The Don Henry Mine operated in the early 1950s and consists small mine trial workings including trial pits and a small, inclined shaft. Historical records indicate that channel sampling returned 0.3m at 0.31% U3O85

 

In addition, the Clearwater Property hosts further uraniferous occurrences recorded on the SMDI. These occurrences are also spatially related to the fault systems on the property and are generally hosted within intrusive bodies:

SMDI Number

Occurrence

Result*

1465

Contacts between pegmatites and mafic units/biotite pods

Up to 0.18% U3O8 within a chip sample

1467

Biotite gneiss exhibiting considerable staining

0.53% U3O8 from grab sample

1468

Two narrow parallel fractures 1.5 m apart in granite

0.63% U3O8 from vein samples

1469

Closely spaced fractures at the contact between granite and the country rocks

0.55% U3O8 from a grab sample

1474

Quartz veining in pegmatite dykes and slip planes associated with nearby faulting

0.13 – 0.145% U3O8 from chip/grab sample

2111

Radiometric anomaly and minor scintillometer readings within gneiss

Very high scintillometer readings (exceeding 15,000 cps) in outcrop

*Historical results obtained from the Saskatchewan government Saskatchewan Mineral Deposit Index (SMDI) website. The source of each entry can be viewed by clicking the hyperlinked SMDI number.

The wide geographic spread, and notable uranium grades underscore the general prospectively of the Clearwater Property.

Thibault Compilation Highlights

– The Thibault Property covers four GSC lake sediment results. With respect to regional data, two are considered highly anomalous 24.5 and 38.6 ppm U (97th and 98.5th percentile, respectively) and one is considered extremely anomalous, with a value of 108 ppm U (99. 8th percentile).

–  Previous drilling near the eastern part of the Thibault Property led to the delineation of a historical non-compliant vein-hosted deposit of approximately 65,000lb (~29.5 tonnes) at an average grade 0.83 % U3O8. In addition, historical trenching on the property has identified narrow (0.1m wide) veins which returned results between 1.6 to 6.6% U3O8 (tri-uranium octoxide), which were shown to extend for at least 25m along strike – these occurrences included visible uranite mineralisation.6

–  Exploration and sampling undertaken by Power Metal in late 2021 has yielded impressive radioactivity in outcrop including results between 450 and 46,000 CPS, (0.04 – 0.165% U3O8).

–  The Thibault Property hosts seven SMDI uranium occurrences, all of which are classified as ‘Beaverlodge-style’ and associated with either faults, amphibolite units or granite, with uranium values of up to 3.85% U3O8.7

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Saskatchewan Uranium Portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings

 

Project

Licence ID

Area – Hectare

Clearwater Uranium Property

MC00015079

1,110

MC00015083

563

MC00015082

3,191

MC00015151

760

MC00015646

761

MC00015658

1,541

Tait Hill Uranium Property

MC00015078

1,576

MC00015081

968

MC00015153

1,530

MC00015152

1,886

MC00015647

725

MC00015648

1129

Thibaut Lake Uranium Property

MC00015077

2,206

MC00015659

2,195

Soaring Bay Uranium Property

MC00015080

1,255

MC00015155

3,375

MC00015874

748

MC00015875

2529

Cook Lake Uranium Property

MC00015212

984

E-12 Uranium Property

MC00015213

1,323

Reitenbach Uranium Property

MC00015214

2,135

MC00015474

1,235

MC00015655

4,570

MC00015656

5,322

MC00015657

856

MC00015824

528

Total Land Holdings

45,001

 

 

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

Power Metal Resources #POW – Highlights of Historical Data Compilation Over Soaring Bay Uranium Property south of the Athabasca Basin; Further Prospective Land Staked.

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update on its Soaring Bay Uranium Property (“Soaring Bay” or the “Property”). Soaring Bay is part of the larger uranium portfolio that includes seven 100% owned interests (Table 1) now covering an area of 450.01km2 (45,001 hectares) located in northern Saskatchewan, Canada.

Highlights Include:

·    Soaring Bay footprint increased by 71% to 79.07km2 following additional staking of adjacent uranium-prospective ground.

·    Anomalous Radon-222 soil gas results identified over 700m in strike length extending into new staked ground.

·    Historical review has identified multiple occurrences of radioactive pegmatites with scintillometer results up to 15,000 counts per second (“CPS”).

·    Increased area also includes two highly anomalous U-in-lake results, underlining the properties’ general prospectivity.

·    Government data records four uranium occurrences on the Property with results returning 0.11 – 0.8% Uranium (“U”).

A map highlighting results from the historical data compilation completed over the Soaring Bay Property, and further prospective ground recently staked can be found below at the following link:

https://www.powermetalresources.com/soaring-bay-property-overview/

Soaring Bay Uranium Property Overview

–      The Soaring Bay Property is located in northern Saskatchewan, Canada, approximately 100 km south of the Athabasca Basin. Saskatchewan ranked third in the most recent 2020 Fraser Institute Investment Attractiveness Index rankings of global mining jurisdictions.1 Following a review of the historical information compiled by Power Metal, further prospectivity outside of the Property claim boundary was identified and as a result, an extra 32.77km2 (3,277-hectares) has been staked bringing the Property’s total land holding to 79.07km2 (7,907-hectares).

–      Historical work on the Property, collated by Power Metal, has identified anomalous Radon-222 results located along a prominent 700m long structural lineament, multiple anomalous and generally elevated U-in-lake sediment results, and highly elevated scintillometer results (up to 15,000 CPS) from multiple outcrop occurrences. The licence area of Soaring Bay was extended to capitalise on these various features, further increasing overall prospectivity. Radon-222 (222Rn)  is a naturally occurring radioactive gas.

–      The Property is centred around four Saskatchewan Mineral Deposit Index (“SMDI”) uranium occurrences which were discovered during historical small-scale excavations on the Property. Samples of up to 0.92 % U3O8 (0.8% U) were recovered from historical trenches. In addition, two SMDI copper occurrences are present within the Property.

–      The Soaring Bay Uranium Property is considered prospective for intrusive and pegmatite-hosted uranium mineralisation, and, although being largely untested, rare-earth element mineralisation.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented: 

“Work on our uranium interests has accelerated with further support in-house to take this important area of our business forward. 

We have seven properties surrounding the Athabasca Basin in Saskatchewan Canada and, following technical review of our data compilation, the Soaring Bay Uranium Property has delivered an exciting set of results.

The 12km structural feature identified, with anomalous soil gas Radon is a great find.  This included 700m of anomalous readings some of which fell outside of the Property footprint.  Fortunately, we were able to secure the additional ground, which remained un-staked, to cover this highly anomalous area in full.

Work continues at pace on our Athabasca uranium interests and further updates are expected in the near future.”

FURTHER TECHNICAL INFORMATION

Power Metal recently completed an in-depth historical data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historical work programmes completed across the various Properties, including the Soaring Bay Uranium Property.

A total of 5 historical reports were digitised from work programmes covering at least some part of the Soaring Bay. These date from 1970-1980 and include ground exploration, trenching and lake sediment sampling, with no exploration occurring within the last 40 years.

Soaring Bay Compilation Highlights

–      Anomalous Radon-222 soil gas readings ranging between 33 and 244 CPS (area background average: ~1-2 CPS) located along a prominent 12km long northwest-southeast oriented fault. including highlight results of 70, 85 and 244 CPS, representing 96th percentile compared to other structural features analysed locally.2 The anomalous results (>96th percentile) extend for a combined 700m along the 12 km long structural feature; the expanded licence has increased Power Metal’s holding of this structural feature from 1.6 km to 5.6 km.

–      Radon-222 anomalies can be an important indicator for uranium mineralisation as Radon-222 is a daughter product of the uranium-235 decay chain.  As a naturally occurring radioactive gas it can migrate to the surface and concentrate within faults, providing a possible vector towards sites of uranium mineralisation. Due to Radon-222’s short half-life (3.8 days) occurrences of strong radon anomalism commonly suggest a local source to the causative uranium mineralisation. The 3276.8-hectare extension staked by Power Metal encompasses the entire 12 km long fault and all reported anomalous elevated Radon-222 soil gas results are concentrated over the 700m strike length.

–      The Property covers four Geological Survey of Canada (GSC) lake sediment results. With respect to regional data, all are elevated (>80th percentile), and two are considered highly anomalous 37 ppm (98.5th percentile) and 69 ppm U (99.5th percentile). These two anomalous values were covered by the new staking, further underlining the prospectivity of the expanded licences.

–      Historical geological mapping, trenching and prospecting has highlighted the presence of multiple radioactive outcrop occurrences over the Property. In the southwest, a pegmatite returned a reading of up to 7,000 CPS, with other occurrences of 5,000 CPS located within close proximity.2 In the west of the Property, an isolated pegmatite yielded values of up to 15,000 CPS 2, which was acquired through the 3,276.8-hectare extension staked by Power Metal. In addition, the SMDI records four uranium occurrences on the Property with results ranging from 1,500 to 10,000 CPS, and 0.14 to 0.92 % U3O8 (0.11 – 0.8% U).3 Previous work has also suggested that the pegmatite occurrences may also be prospective for rare-earth element (REE) and molybdenum (Mo) in addition to uranium mineralisation.2

–      A historical airborne radiometric survey identified several elevated radiometric readings (between 400 and 900 CPS) across the Property.2 These anomalies are coincident with the identified 12km long structural feature and the four previously identified SMDI uranium occurrences.

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Saskatchewan uranium portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Area

(Hectare)

Clearwater Uranium Property

MC00015079

1,110

MC00015083

563

MC00015082

3,191

MC00015151

760

MC00015646

761

MC00015658

1,541

Tait Hill Uranium Property

MC00015078

1,576

MC00015081

968

MC00015153

1,530

MC00015152

1,886

MC00015647

725

MC00015648

1,129

Thibaut Lake Uranium Property

MC00015077

2,206

MC00015659

2,195

Soaring Bay Uranium Property

MC00015080

1,255

MC00015155

3,375

MC00015874

748

MC00015875

2,529

Cook Lake Uranium Property

MC00015212

984

E-12 Uranium Property

MC00015213

1,323

Reitenbach Uranium Property

MC00015214

2,135

MC00015474

1,235

MC00015655

4,570

MC00015656

5,322

MC00015657

856

MC00015824

528

Total Licence Holding Area

45,001

 

*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 24 March 2022

GLOSSARY

Counts Per Second: Measurement of the amount of ionising radiation. with each ‘Count’ being ionising radiation entering a Scintillometer. Higher readings are generally indicative of radioactive material within the sample being tested.  Natural background radiation varies depending on regional geology, or other radioactive sources, but is typically between 2 – 10 CPS.

Reference Notes:

1 https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf

2 Sawyer D.A. (Great Plains Development Company of Canada Ltd) Marling Oil Corporation): Compilation of Field Investigation on G.P. #10 (74EB03-0001)

3 https://applications.saskatchewan.ca/mineral-deposit-index

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

NOTES TO EDITORS

Power Metal Resources plc – Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

 

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

Project

Location

POW %

Work Completed or Underway

Results Awaited

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Athabasca Uranium

Canada

100%

Data compilation across uranium properties

Interpretation results from 2 of 7 properties.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Technical Review of exploration results & define next exploration steps.

Ditau Project

Botswana

50%

Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements.

Field updates and receipt & review of laboratory assay results.

Kalahari Copper Belt

Botswana

50%

Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

Field programme findings and defined drill targets for near term drilling.

Molopo Farms

Botswana

53%

Review of recent exploration findings.

Determine next exploration steps and action plan.

Tati Gold/Nickel

Botswana

100%

Reverse circulation drill programme completed

Receipt & review of laboratory assay results.

Haneti Project

Tanzania

35%

Diamond drill programme completed

Receipt & review of laboratory assay results.

Victoria Goldfields

Australia

49.9%

Diamond drill programme underway

 

Field updates and receipt & review of laboratory assay results.

Paterson Projects

Australia

83.33%

Wallal passive seismic and 2D seismic processing work programme completed.

Review of historical data and target generation for Ripon Hills & Braeside West projects.

 

 

Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling.

Selta Project

Australia

83.33%

Field reconnaissance work now underway, including mapping and sampling.

Field updates.

 

#POW Power Metal Resources – Uranium Portfolio Update – Athabasca Basin Canada

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a uranium portfolio update from its properties surrounding the Athabasca Basin in Saskatchewan, Canada.

Through its wholly owned Canadian operating companies Power Metal holds seven 100% owned uranium focused properties (see Table 1) covering an area of 417.24 km2 (41,724 hectares).

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“Power Metal recently retained a UK-based geological consultant with extensive Athabasca Basin experience to help push forward the Company’s various initiatives and projects within the exciting uranium space. The consultant previously completed a M.Sc. thesis from the University of Ottawa where they researched the geochemistry, alteration, and structural geology of one of the many world-class unconformity-related uranium deposits located within the Athabasca Basin.

We have been able to accelerate our Athabasca technical review work and have now completed  the technical review of historical data for four of our seven Athabasca properties.  All four properties show considerable uranium prospectivity which is notable.

At Reitenbach, we have decided to move expeditiously into the production of a NI 43-101 technical report, which is an important step should we wish to utilise the property within a corporate transaction.

We see considerable value within our uranium interests, and through a combination of ground exploration, technical review and corporate activities we intend to maximise that value.”

Reitenbach Uranium Property

–  Power Metal has engaged Dahrouge Geological Consulting Ltd., out of Edmonton, Alberta, to undertake a National Instrument 43-101 compliant report on the 100% owned Reitenbach uranium Property.

–  Commissioning, and completion of the report will better position Power Metal to enable potential commercial transactions with the Reitenbach Property in the future.

Cook Lake Property Overview

–  The Cook Lake Property (“Cook Lake”) covers a total of 980 hectares (c. 9.8 km2) located in north-eastern Saskatchewan, Canada. It is located less than 50 km southeast from the Athabasca Basin edge, within the prospective Wollaston Domain – a historically underexplored geological belt. Saskatchewan ranked third in the most recent 2020 Fraser Institute Investment Attractiveness Index rankings of global mining jurisdictions.1

–  Cook Lake is centred around six Saskatchewan Mineral Deposit Index (“SMDI”) uranium occurrences. Of these, four are boulder uranium occurrences with reported uranium results of up to 1% to 3% Uranium (U),2 and a further two outcrop uranium occurrences are also present within the Property.

–  Historical work at Cook Lake, collated by Power Metal, has identified elevated U-in-lake sediment results, extensive uraniferous boulder fields, multiple instances of elevated uranium values in soils coincident with elevated scintillometer readings and prospective lithologies without outcrop. The encouraging historical results compiled will help guide Power Metal as it plans for future work programmes on the Property.

–  Cook Lake is considered by the Company to be prospective for basement-hosted unconformity related, as well as intrusive and pegmatite-hosted uranium mineralisation.

E-12 Property Overview

–  The E-12 Property (“E-12”) covers a total of 1,300 hectares (c. 13 km2) and is located 58 km to the west of the Cook Lake Property. E-12 is less than 20 km from the Athabasca Basin edge.

–  The Saskatchewan 905 Provincial Highway passes through the property, allowing for easy and efficient access for exploration crews during future work programmes.

–  E-12 is centred around two SMDI occurrences, including boulder results up to 0.17% U (1,700ppm U). Historical work has highlighted elevated U-in-lake sediment results within the northern part of the property, as well as extensive uraniferous boulder fields coincident with elevated scintillator readings within nearby soils and shallow gravels.

–  E-12 is considered by the Company to be prospective for basement-hosted unconformity related, as well as intrusive and pegmatite-hosted, uranium mineralisation.

COMPILATION TECHNICAL INFORMATION

Power Metal recently completed in-depth historical data compilation across its entire uranium property portfolio surrounding the prolific Athabasca Basin, Saskatchewan, creating a robust fully-digitised database covering all historical work programmes completed across the various properties, including the Cook Lake Property.

A total of 9 historical reports were digitised from work programmes covering at least some part of the Cook Lake Property. These cover all the documented exploration works relating to the Cook Lake, undertaken between 1969 and 1988, the last time any known work was carried out.

The E-12 Property is similarly underexplored, being the subject of 11 work programmes between 1964 and 1979, with only two minor exploration programmes completed in 1993 and 2011.

Cook Lake Property Data Compilation

A map highlighting some of the results from the historical data compilation completed on the Cook Lake Property can be found below at the following links:

https://www.powermetalresources.com/cook-lake-property-overview-map/

–  Power Metal has identified 43 northeastsouthwest oriented uranium-rich boulder trains with elevated scintillator readings (>1,000 counts-per-second (“CPS”)) within the Cook Lake Property. This NE-SW orientation direction is consistent with the general direction of ice movement within the region (SW). A SMDI point on the Cook Lake Property highlighted a significant historical boulder result between 1%-3% U (10,000ppm – 30,000ppm U) alongside elevated thorium (Th) and molybdenum (Mo) values, located in the northern part of the Property.2 Historical reports have highlighted the presence of a boulder which assayed 0.6% U (6,000ppm U), located in the eastern part of Cook Lake.3 Significantly, historical prospecting demonstrates that the boulders are composed of lithologies that have been identified within outcrops on the Cook Lake Property, suggesting the boulders could be derived from, or local to Cook Lake.

–  Marling Oil Corporation (1980) defined numerous areas of at Cook Lake with elevated U-in-soil values that were coincident with elevated scintillometer readings (>100 CPS) in soils potentially due to radioactive shallowly buried gravels and boulders.3 These locations are coincident with extensive boulder trains identified at Cook Lake and suggest that the surficial expression of mineralisation is widespread and potentially local. In addition, two instances of boulder fields with elevated scintillometer readings (>250 CPS) in the north of Cook Lake have been identified3.

–  Historical radiometric surveys have highlighted several elevated airborne radiometric results across Cook Lake.  Many of these are coincident with interpreted electro-magnetic (“EM”) geophysical conductors, which are commonly associated with unconformity related uranium deposits within the Athabasca Basin.

–  A review of historical work has identified two promising outcrop occurrences; These include a pegmatite which assayed 640ppm (0.06%) U and frost heaves of felsic metasediments, which contained radioactive pegmatitic veins.

–  A total of 5 historical lake sediment results were digitised within the Cook Lake Property, with one result >90th percentile (14.2ppm U), and one >95th Percentile (25.6ppm U) compared to regional lake sediment data.

E-12 Property Compilation

A map highlighting some of the results from the historical data compilation completed on the E-12 Property can be found below at the following links:

https://www.powermetalresources.com/e-12-property-overview-map/

–  Power Metal has identified a 36 uranium-rich boulder trains, trending in a northeastsouthwest direction, within the E-12 Property. Seven elevated boulders trains (>1,000 CPS) are located within the northern part of the E-12 Property, including localised, anomalously enriched boulders with scintillator results up to 8,000 CPS (>95th percentile of regional data).

–  L.A. Bayrock (1980) defined numerous areas on E-12 with elevated scintillometer readings (>250 CPS), these locations are close to the uraniferous boulder trains identified by Power Metal.5

–  Historical geophysical surveys have highlighted multiple elevated airborne radiometric anomalies localised within the northern and central parts of the E-12 Property.4  In addition, E-12 hosts multiple EM conductors, which are commonly associated with unconformity related uranium deposits within the Athabasca Basin.

The Company continues to uncover exciting historical results from its uranium portfolio within Saskatchewan, Canada. These results, and the fully digitised dataset now held by Power Metal, continue to add value to the portfolio. Additional news releases highlighting these findings will be released to the market over the coming weeks and months as and when they become available.

Uranium Property Holding Structure

Power Metal has a wholly owned subsidiary, Power Metal Canada Inc (“Power Canada”), which acts as the holding company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Saskatchewan uranium portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Area – Hectares

Clearwater Uranium Property

MC00015079

1,110

MC00015083

563

MC00015082

3,191

MC00015151

760

MC00015646

761

MC00015658

1,541

Tait Hill Uranium Property

MC00015078

1,576

MC00015081

968

MC00015153

1,530

MC00015152

1,886

MC00015647

725

MC00015648

1129

Thibaut Lake Uranium Property

MC00015077

2,206

MC00015659

2,195

Soaring Bay Uranium Property

MC00015080

1,255

MC00015155

3,375

Cook Lake Uranium Property

MC00015212

984

E-12 Uranium Property

MC00015213

1,323

Reitenbach Uranium Property

MC00015214

2,135

MC00015474

1,235

MC00015655

4,570

MC00015656

5,322

MC00015657

856

AC00017691

528

Total Land Holdings

41,724

 

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Power Metal Resources #POW – Selta Uranium REE Project – All Licences Granted

Selta Uranium and Rare Earth Element Project – All Exploration Licences Granted

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update in respect of the Selta Project (“Selta” or the “Project”) prospective for Rare Earth Element (“REE”) and Uranium (“U”) mineralisation located in the Northern Territory, Australia.

A map showing the location of the Selta Project may be viewed through the following link:

https://www.powermetalresources.com/selta-project-overview-map-2/  

BACKGROUND

Selta is held within URE Metals Pty Limited (“URE”), an Australian private company and wholly owned subsidiary of First Development Resources Limited (“FDR”) which is planning to list on the London capital markets in Q2 2022.

The formal grant of the Selta Project licences triggers the issue of FDR stock to the vendors of URE and reflecting this Power Metal currently holds an 83.33% interest in FDR.

URE was acquired by FDR in a transaction managed and funded by Power Metal and the announcement dated 19 November 2021 in respect of this transaction may be viewed through the following link which includes details of the FDR stock issuance on grant of the Selta licences:

https://www.londonstockexchange.com/news-article/POW/uranium-rare-earths-acquisition-australia/15219001  

HIGHLIGHTS

–  URE has received formal notification from the Northern Territory Government Department of Industry, Tourism and Trade that all three Selta Project Mineral Exploration Licences have now been granted for a term of six years  (16 February 2022 to 15 February 2028).

–  The grant includes Exploration Licence (“EL”) 32737 (780.85km2), EL 32738 (312.17km2) and EL 32755 (481.9km2) (see below for further information).

–  In total URE now holds 1,574.92km2 under granted licences with a key focus on uranium and REE mineralisation.

–  FDR have commenced an in-depth review of all available geological, geophysical and geochemical data associated with the Selta Project and adjacent ground. The objective of the review is to identify priority targets for further investigation.

Tristan Pottas Chief Executive Officer of First Development Resources Ltd commented:

“Our work to date in respect of the Selta Project has highlighted considerable geological potential, notably focused on uranium and Rare Earth Elements.  An in-depth review of the Project is now underway and this couldn’t be more timely with the announcement today that all licences have been granted.

The team considers the Selta Project to be a key FDR business interest and the accumulating evidence from fellow licence holders in the vicinity of the Project supports this proposition, as you will see in the ‘Selta Project – Background’ section below.

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

“The grant of the Selta licences provides a real boost to FDR, as the company seeks a listing in London in the coming months.

Today’s news is also a significant step forward for Power Metal, providing our shareholders with exposure to another uranium exploration opportunity and complementing the wholly owned uranium projects surrounding the Athabasca basin in Saskatchewan, Canada.

Power Metal is experiencing considerable interest in its uranium exploration properties and we see this as an area of real value generation going forward.”

SELTA PROJECT – BACKGROUND

The Selta Project, considered by FDR to be prospective for uranium (“U”) and rare-earth elements, (“REEs”) is located in Australia’s Northern Territory within the prospective but largely under-explored central Aileron Province, between the Georgia and Ngalia Basins, in a region the Northern Territory Government has declared prospective for uranium mineralisation.

The Project comprises three granted exploration licences covering a total land area of 1,574.92 km 2  including EL 32737 – 780.85km 2 , EL 32738 – 312.17 km 2  and EL 32755 – 481.90 km 2 .

The Northern Territory hosts some of Australia’s best known and high-grade uranium deposits and has a long history of uranium mining. In addition, the Aileron Province is a major exploration target for base metals including nickel (“Ni”) and copper (“Cu”), REEs and orogenic gold (“Au”) with numerous companies actively exploring within the region.

The Selta Project borders Prodigy Gold NL (ASX:PRX), IGO Ltd (ASX:IGO) and Canadian listed Megawatt Lithium and Battery Metals Corp (CSE:MEGA) (“Megawatt”); and is less than 70 km northwest of Arafura Resources’ (ASX:ARU) high-grade, world-class Nolans Bore REE deposit.

The Nolans Bore REE-phosphate-uranium-thorium deposit is one of the largest deposits of its kind in the world with a JORC (2012) compliant Mineral Resource of 56 million tonnes at an average grade of 2.6% total rare-earth oxides and 11% phosphate (P 2 O 5 ). Commercial production is targeted for late 2024, with the Feasibility Study considering a 4,440 tonne per annum neodymium (“Nd”) – praseodymium (“Pr”) oxide producing open pit mining operation with a 38 year mine-life and an NPV 8%   of US$1.011B. 1

The Selta Project’s southern claim boundary abuts the Megawatt landholding. Promising surface samples collected within the Megawatt property coupled with a known radiometric trend is currently postulated by the Company to link the Megawatt property with Arafura’s ground to the south-east.

MegaWatt recently announced exploration for REEs and uranium was set to commence at their adjacent Arctic Fox Project, located immediately south of Selta, and their Isbjorn Project also within the Central Northern Territory region. 2

The Selta Project area is currently located along strike to the northwest of a radiometric trend and future work will seek to extend that trend within the Selta Project. The underlying geology within the Selta Project is interpreted by the Company to be comparable to the Nolans Bore deposit with REE and U mineralisation at Nolans Bore being hosted within G6 granites which are postulated by the Company to be compositionally similar to the G5 granite prevalent across the Selta Project.

Notably, within 5km of the Selta Project’s eastern boundary are three REE occurrences with results up to 543ppm Nd and 148ppm praeseodymium hosted within the G5 granite. Selta’s exploration potential has been enhanced by encouraging historical surface sampling results 3 of up to 3.8 ppm U in soil samples, 27.2 ppm U in stream sediment samples and up to 244 ppm U in rock chip samples, all of which led to a study by The Australian Mineral Development Laboratories 3  stating:

 “…the amount of uranium moved by solution or erosion is large enough for there to be several potentially economic orebodies.”

In addition to uranium the Company believe that the Selta project has significant potential for Cu, Au and silver (Ag) mineralisation.

Prodigy Gold’s Reynold Range Gold Copper Project, which borders the Selta Project’s lease area, has delivered encouraging results  across four prospects for Cu, Au and Ag with reverse circulation drilling intercepts yielding 29m @ 2.32g/t Au (Falchion Prospect) and 17m @ 3.93g/t Au  (Sabre Prospect) and surface samples of up to 7.5g/t Au, 783g/t Ag and 19.3% Cu  (Scimitar Prospect) and 0.55g/t Au, 271g/t Ag and 20.3% Cu at the Reward Prospect. 4

REFERENCES

1.  Arafura Resources Limited Annual General Meeting Presentation, 21/10/2021. Available at  https://wcsecure.weblink.com.au/pdf/ARU/02438942.pdf  

2.  Megawatt Exploration for REEs & Uranium within Central Northern Territory Properties Set to Commence and Marketing Agreement. Available at Megawatt Lithium and Battery Metals Exploration for REEs & Uranium within Central Northern Territory Properties Set to Commence … – MegaWatt (megawattmetals.com)

 

3.  The Australia Mineral Development Laboratories (CR 74/19) Sixth Progress Report MP 4976/73 Geochemical Survey, Arunta Area Amdel (December 1973)

4.  PRX ASX Release – 20 May 2021. Available at:  https://wcsecure.weblink.com.au/pdf/PRX/02376469.pdf  

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Power Metal Resources #POW – Historic Data Compilation over the Reitenbach Uranium Property Delivers Exciting Results

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update on its Reitenbach Uranium Property (“Reitenbach” or the “Property”), which is part of the larger uranium portfolio which includes seven 100% owned interests (Table 1) covering an area of 417.24 km2 (41,724 hectares), surrounding the Athabasca Basin in northern Saskatchewan, Canada.

A map highlighting some of the highlight results from the historic data compilation completed on the Reitenbach Uranium Property can be found at the following link:

https://www.powermetalresources.com/reitenbach-property-overview/

Reitenbach Property Overview

–      The Reitenbach Property covers a total of 14,646-hectares (c. 146km2) located in northeastern Saskatchewan, Canada. Saskatchewan ranked third in the most recent 2020 Fraser Institute Investment Attractiveness Index rankings of global mining jurisdictions.1

–      The Property is centered around seven Saskatchewan Mineral Deposit Index (“SMDI”) uranium occurrences, and covers a highly anomlous lake-sediment sample of 130 parts per million (“ppm”) Uranium (“U”), the 11th highest (99.9th percentile) lake uranium assay in the Geological Survey of Saskatchewan lake sediment analysis database (“GSSSD”) of 13,195 individual lake sediment samples from the Precambrian Shield area of Saskatchewan. An additional licence was staked recently in order to better cover this highly prospective area (see linked Figure 1)2

–      Reitenbach is in close proximity, or has continguous claim borders with several publically listed uranium companies including Forum Energy Metals Corp., Cameco Corp., and Appia Energy Corp.

–      The Property is prospective for both porphyry-style (incl. thorium-molybdenum-rare-earth element) and metasedimentary-hosted uranium mineralisation.

–      The Company is reviewing multiple strategic outcomes for the Property, including the potential outright sale of the asset. Further updates in respect to the Property are expected in the coming weeks.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:  

“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.

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.

Recognising the importance of uranium to our business, we have recruited an additional uranium focused team member who is working with us now to advance our uranium focused interests.

Further updates will follow as material developments occur.”

FURTHER TECHNICAL INFORMATION

Power Metal recently completed an in-depth historical data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historic work programmes completed across the various Properties, including the Reitenbach Uranium Property.

A total of 10 historic reports were digitised from work programmes covering at least some part of the Property. These date back to 1969, with only one work programme (2007 airborne survey) completed since 1979. As a result, the Property has seen minimal recent exploration.

Reitenbach Compilation Highlights

–      Multiple historic operators noted that the Property has the potential to host either low-grade, large-tonnage porphyry-style uranium mineralistion, or higher-grade, lower-tonnage sediment-hosted mineralisation within unexposed metasedimentary rocks. Two reports highlighted the similarities between Reitenbach and the Rossing Uranium mine (“Rossing”) in Namibia, owned by the China National Uranium Corporation Limited, known as the world’s longest running open-pit uranium mine.3,4,5 The average grade mined from Rossing in 2020 was 335ppm U.3

–      The Reitenbach Property is noted as having less than 1% of exposed outcrop, making traditional ground-based exploration difficult. As a result, historic operators have relied heavily on airborne geophysics and boulder sampling, a technique typically used in northern Saskatchewan where mineralised boulders are mapped in order to vector towards a covered outcrop source of uranium mineralisation. Lake sediment results were originally used as a first pass method in order to determine areas with relative uranium enrichment to be targeted for further exploration.

–      Several high-priority radiometric anomalies were identified on Reitenbach from multiple historic airborne surveys. The majority have now been digitised and can be found on the map available through the link above.

–      Historic results highlighted a NE-SW trending boulder train located in the southern part of the Property, with results up to 5,720ppm U (incl. a result of 2,520ppm U). This area is coincident with both:

1)    the regionally important Needle Falls Shear Zone (“NFSZ”), it is noted that 200km to the SW along the NFSZ is the Duddridge Lake uranium deposit; and

2)    the 130ppm U GSSSD result, the 11th highest lake sample uranium result in the entire province. Further work is required in this area to determine the bedrock source of this uranium mineralisation.4 An additional licence was staked recently in order to better cover this highly prospective area (see linked Figure 1).

–      In the northern part of the Property, at least 8 historic boulder samples grading >250ppm U were digitised, including highlight results up to 2,320ppm and 2,883ppm U. Notably, a 1977 lake sediment sampling programme which oversaw the collection 3,042 total lake sediment samples covering an area of approximately 2,800km2 (including the Reitenbach Property area), returned two extremely anomalous results of 508ppm, and 452ppm U. Both of these results are located within Reitenbach, and they represent the highest two results from the entire survey.5

The Company’s interpretation work continues to uncover exciting findings within the historical dataset from our Athabasca uranium portfolio in Saskatchewan, Canada.

With the fully digitised historical dataset now held by Power Metal, we can continue to add value to the uranium portfolio through our interpretation work.  We anticipate additional updates to the market  highlighting our findings in the coming weeks.

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Saskatchewan uranium portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Area – Hectare

Clearwater Uranium Property

MC00015079

1,110

MC00015083

563

MC00015082

3,191

MC00015151

760

MC00015646

761

MC00015658

1,541

Tait Hill Uranium Property

MC00015078

1,576

MC00015081

968

MC00015153

1,530

MC00015152

1,886

MC00015647

725

MC00015648

1129

Thibaut Lake Uranium Property

MC00015077

2,206

MC00015659

2,195

Soaring Bay Uranium Property

MC00015080

1,255

MC00015155

3,375

Cook Lake Uranium Property

MC00015212

984

E-12 Uranium Property

MC00015213

1,323

Reitenbach Uranium Property

MC00015214

2,135

MC00015474

1,235

MC00015655

4,570

MC00015656

5,322

MC00015657

856

AC00017691

528

Total Land Holdings

41,724

*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 10 November 2021

Reference Notes:

1:             https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf

2:             https://geohub.saskatchewan.ca/datasets/gsc-lake-sedimentanalyses/explore?location=57.252950%2C-105.528550%2C6.69

3:             https://www.rossing.com/shareholding.html

4:             Robert J., Munday (Sasktchewan Department of Natural Resources): Ground Evaluation of Airborne Radiometric Anomalies in Crown Reserve 619, Northern Saskatchewan, During Summer 1975 (64L-0018)

5:             David A. Harrigan (Saskatchewan Mining Development Corporation): Final Report – 1977 Field Season Wollaston East Project – SMDC Permits 7-10, CBS 4907 NTS 64 L-1, 2, 7, 8 (64L-0012)

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

NOTES TO EDITORS

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

Project

Location

POW %

Work Completed or Underway

Results Awaited

Alamo Gold Project

USA

Earn-in to 75%

Excavation of multiple test pits and mapping & sampling.

Field and assay results from on-site work programme.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Laboratory assay results of samples collected

Ditau Project

Botswana

50%

Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals

 

Field programme findings and defined drill targets for near term drilling.

Kalahari Copper Belt

Botswana

50%

Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

Field programme findings and defined drill targets for near term drilling

Molopo Farms

Botswana

53%A

Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme

Results from various work activities underway as part of the Kavango Option

Tati Gold/Nickel

Botswana

100%

Reverse circulation drill programme completed

Laboratory assay results awaited

Haneti Project

Tanzania

35%

Diamond drill programme underway

Results from field programme including drill programme underway

Victoria Goldfields

Australia

49.9%

Ongoing exploration across +1500km2 of granted exploration licences

 

Results from field programme including drill programme underway

Wallal Gold/Copper Project

Australia

83.33%B

Passive seismic and 2D seismic processing work programme completed.

Ground reconnaissance work underway.

Results awaited

A should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

B assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

#POW Power Metal Resources – Uranium Exploration Update – Athabasca Basin

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces its 2021 work programme results from three of its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Previously on 05/11/2021 the Power Metal announced that its Phase I work programme was complete, and that additional ground surrounding the company’s Tait Hill Property was acquired. A link to the announcement can be found below.

https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15201678

HIGHLIGHTS:

– Phase I exploration conducted over three of the seven Athabasca uranium properties, namely Tait Hill, Thibault Lake and Cleawater.

–     20 rock samples were collected for assay testing and the results demonstrate high grade uranium with the highest grade of 38,600ppm or 3.86% uranium oxide (“U308“).

–  Multiple targets have been idenfitied for follow up exploration work in 2022.

Maps demonstrating the location of sample results across the three properties may be viewed on the Company’s website through the following links:

https://www.powermetalresources.com/tait-hill-phase-1-programme-results/

https://www.powermetalresources.com/thibaut-lake-phase-1-programme-results/

https://www.powermetalresources.com/clearwater-phase-1-programme-results/

 

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“The confirmation of high grade uranium through assay testing of rock samples samples from the recent exploration programme is extremely positive and demonstrates the value of the diligent review work undertaken when the footprint was selected for staking earlier in the year.

There is considerable interest in the Athabasca uranium opportunity and Power Metal has, in my view and as evidenced today, built a compelling uranium exploration project portfolio in the area.

We remain of an acquisitive mindset with regard to uranium properties and are currently reviewing additional Canadian and African uranium exploration opportunities.”

 

EXPLORATION PROGRAMME ADDITIONAL INFORMATION:

– A total of 20 rock samples were collected as part of the Phase I programme including eight (8) from Tait Hill, seven (7) from Thibaut Lake, and five (5) from Clearwater. All samples were analysed at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. Power Metal employed a uranium-exploration analytical package which includes uranium, various base/trace-metals, as well as a suite of rare-earth elements (“REEs”).

– At Tait Hill, four (4) of the Properties eighteen (18) Saskatchewan Mineral Deposit Index point (“SMDI”) uranium occurences were visited by exploration crews. Several samples returned highly anomalous uranium mineralisation including rock samples up to 4,700ppm (0.47% U308). The rocks were collected along a northeast-southwest trending line of uranium-rich boulders. Tait Lake which is centrally located within the Tait Hill Property (see map), where 308,000kg of uranium with a insitu value of US$25.6 million (c. US$28 million at US$42/lb uranium) was calculated by the Saskatchewan Mining Development Corporation following a detailed lake-sediment drilling programme completed in 1980, was not visited as part of this programme.1 The historic work programme was completed solely on Tait Lake and the calculated resource is for Tait Lake and a few of the uranium-rich lakes immediately surrounding Tait Lake, which are majority held within the current Tait Hill Property.

– Power Metal has also successfuly obtained a high-resolution magnetics, electromagnetic (“EM”) and radiometric airborne survey flown Terraquest Ltd., on behalf of Canalaska Uranium Ltd., over the entire Tait Hill Property In 2008 the 4,290 line-km survey was flown at 150m-line spacing and successfully identified ten (10) radiometric anomalies at Tait Hill which were never followed up on. In addition, several magnetic and EM anomalies and lineaments were identified which will assist the Company is planning future work programmes on the Tait Hill Property.

– At Thibaut Lake, two (2) of the Properties six (6) SMDI uranium occurences were visited by exploration crews. Several samples returned highly anomalous uranium mineralisation including rock samples up to 38,600ppm (3.86% U308), as well as five (5) of the seven (7) samples which assayed >1,100ppm U308. The extremely high-grade sample was strongly mineralised with yellow carnotite and black pitchblende and displayed strong hematite alteration. The result greatly exceeds any historic samples taken within the area and represents a new exciting discovery for the Company.

– At Clearwater, three (3) of the Properties fourteen (14) SMDI uranium occurences were visited by exploration crews. Several samples returned strongly anomalous uranium mineralisation including rock samples up to 770ppm U308, including all samples which returned greater than 200ppm U308.

– Other notable rare-earth element results include thorium (Th) up to 1150ppm and zirconium up to 1,860ppm from the Tait Hill Property, as well as base-metal results including silver (Ag) up to 31.8ppm and lead (Pb) up to 8,320ppm from the Thibault Lake Property.

The Company is very pleased with the results obtained from the Phase I work programme where only one day of prospecting was spent on each of the three Properties. Several additional uranium occurrences have yet to be prospected by Power Metal, and the data obtained during this programme, as well as additional historic data acquired by the Company as part of the now completed historic data compilation, will be crucial in allowing the Company to unlock additional value from the Portfolio during the 2022 exploration season.

Table 1: 2021 Work Programme Rock Sample Assay Results

Title

Property

U3O8 wt % *

U308 (ppm)

149626

Tait Hill

0.47

4,700

149627

Tait Hill

0.02

200

149628

Tait Hill

0.007

70

149629

Tait Hill

0.011

110

149630

Tait Hill

0.024

240

149631

Tait Hill

0.105

1,050

149632

Tait Hill

0.017

170

149633

Tait Hill

0.006

60

149634

Thibaut Lake

0.04

400

149635

Thibaut Lake

0.115

1,150

149636

Thibaut Lake

0.003

30

149637

Thibaut Lake

0.165

1,650

149638

Thibaut Lake

0.122

1,220

149639

Thibaut Lake

0.267

2,670

149640

Thibaut Lake

3.86

38,600

149641

Clearwater

0.038

380

149642

Clearwater

0.023

230

149643

Clearwater

0.043

430

149644

Clearwater

0.065

650

149645

Clearwater

0.077

770

* U3O8 Assay by ICP, SRC Geoanalytical Laboratories, Saskatoon, Saskatchewan,

Reference Notes:

1: C. E. Roy and S. A. Earle, Saskatchewan Mineral Development Corporation Exploration – Summer 1980, Grease River-Scott Lake Project, CBS 5479, 5539, 5869 (74O09-0022). December, 1980

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

 

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

Power Metal Resources #POW Fundraising – Paul Johnson talks to Alan Green

Power Metal Resources #POW Fundraising – Paul Johnson and Alan Green discuss junior resource stocks and the sense that the sector ‘malaise’ is starting to bottom out. We discuss the placing announced this morning, which raised just over £1m to accelerate strategic expansion. We look at developments at the Katoro Haneti JV, discuss expansion at the Athabasca uranium project near Saskatchewan and the ‘bonanza’ silver grades at the Canada Silver Peak project. Paul discusses the progress of the IPO’s, including Golden Metal and FDR and outlines upcoming developments in Q1 2022.

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