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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Battery Metals Plc | LSE:ABM | London | Ordinary Share | GB00BYWJZ743 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.55 | 0.50 | 0.60 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMPOW
RNS Number : 1180W
Power Metal Resources PLC
20 December 2021
20 December 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Exploration Update - Athabasca Basin
2021 Exploration Programme Delivers High-Grade Uranium Rock Samples up to 3.86% U(3) 0(8) (38,600ppm)
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 ("U(3) 0(8) ")(.)
- 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% U(3) 0(8) ). 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% U(3) 0(8) ), as well as five (5) of the seven (7) samples which assayed >1,100ppm U(3) 0(8) . 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 U(3) 0(8) , including all samples which returned greater than 200ppm U(3) 0(8) .
- 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
U3O8 wt Title Property % * 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 ----------- -------- ----------- Thibaut 149634 Lake 0.04 400 ----------- -------- ----------- Thibaut 149635 Lake 0.115 1,150 ----------- -------- ----------- Thibaut 149636 Lake 0.003 30 ----------- -------- ----------- Thibaut 149637 Lake 0.165 1,650 ----------- -------- ----------- Thibaut 149638 Lake 0.122 1,220 ----------- -------- ----------- Thibaut 149639 Lake 0.267 2,670 ----------- -------- ----------- Thibaut 149640 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 ----------- -------- -----------
* U(3) O(8) 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
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 Results Awaited or Underway Alamo Gold USA Earn-in Excavation of multiple Field results from Project to 75% test pits and mapping on-site work programme. & sampling. ---------- ---------- ------------------------ ------------------------- Authier North Canada Earn-in Soil & rock sampling Laboratory assay Lithium to 100% completed results of samples collected ---------- ---------- ------------------------ ------------------------- Ditau Project Botswana 50% Preparatory exploration Field programme work underway on findings and defined target I10 leading drill targets for to planned accelerated near term drilling. drilling targeting rare-earth elements and base metals ---------- ---------- ------------------------ ------------------------- Kalahari Copper Botswana 50% Exploration programme Field programme Belt underway across findings and defined the South Ghanzi drill targets for Project and further near term drilling exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas ---------- ---------- ------------------------ ------------------------- Molopo Farms Botswana 53% Kavango Option Results from various to acquire an interest work activities in local project underway as part holding company. of the Kavango Option fee payable Option through defined work programme ---------- ---------- ------------------------ ------------------------- Tati Gold/Nickel Botswana 100% Reverse circulation Laboratory assay drill programme results awaited completed ---------- ---------- ------------------------ ------------------------- Victoria Goldfields Australia 49.9% Ongoing exploration Results from field across 848km(2) programme including of granted exploration drill programme licences underway ---------- ---------- ------------------------ ------------------------- Wallal Gold/Copper Australia 83.33%(1) Passive seismic Results awaited Project and 2D seismic processing work programme completed ---------- ---------- ------------------------ -------------------------
(1) 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
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December 20, 2021 02:00 ET (07:00 GMT)
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