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14 Jan, 2022 14:20 14 Jan, 2022 14:20

Power Metal progresses uranium plans in Saskatchewan

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Power Metal ResourcesSharecast graphic / Josh White

Exploration company Power Metal Resources updated the market on its uranium portfolio on Friday, which includes seven wholly-owned properties across 411.96 square kilometres surrounding the Athabasca Basin in northern Saskatchewan, Canada.

The AIM-traded firm said it had completed an in-depth historic data compilation across its entire uranium portfolio surrounding the prolific Athabasca Basin, and now possessed a “robust” fully-digitised database covering all historic work programmes completed across the various properties.

It recently retained a UK-based geological consultant with “extensive” Athabasca Basin experience to help push forward its various initiatives and projects within the exciting uranium space.

The company said the consultant previously completed an M.Sc. thesis at 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.

Several extensive historical datasets were successfully procured, the data from which, combined with the results obtained from the recently-completed phase one work programme, would allow the company to begin planning various 2022 exploration initiatives across the portfolio.

Further maps and highlights from across the portfolio would be released by the company in the coming months, it said.

Reflecting the interest shown from third parties in the properties, Power Metal said it was preparing a data room to provide a focal point for those wishing to undertake due diligence reviews.

“Our move into uranium exploration has been planned for some time and commenced with the September staking surrounding the Athabasca Basin,” said chief executive officer Paul Johnson.

“The staking undertaken was highly selective, focusing on areas where historical recorded work had demonstrated uranium mineralisation or where other geological features suggested that ground would be prospective.”

Johnson said that, although selective, the seven properties were “clearly attracting” some interest, with Power Metal looking at potential commercialisation options alongside planning for proactive 2022 exploration programmes.

“To maximise any commercial outcome, and to optimise exploration we have gathered as much data as possible in respect of the properties, and the information gleaned is, in our view, highly valuable.”

At 1358 GMT, shares in Power Metal Resources were down 1.59% at 1.55p.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.