Power Metal stakes more ground at Soaring Bay uranium project

31st Mar 2022 14:08

(Sharecast News) - Power Metal Resources updated the market on its Soaring Bay uranium property on Thursday, with its footprint increasing 71% to 79.07 square kilometres after the staking of more uranium-prospective ground.

The AIM-traded firm said Soaring Bay is part of its larger uranium portfolio that includes seven wholly-owned interests now covering an area of 450.01 square kilometres in northern Saskatchewan, Canada.

It said anomalous Radon-222 soil gas results had been identified over 700 metres in strike length, extending into the new staked ground.

A historical review, meanwhile, identified multiple occurrences of radioactive pegmatites, with scintillometer results up to 15,000 counts per second.

The company said the increased area also included two "highly anomalous" uranium-in-lake results, underlining the properties' general prospectivity.

Government data recorded four uranium occurrences on the property, with results returning 0.11% to 0.8% uranium.

"Work on our uranium interests has accelerated with further support in-house to take this important area of our business forward," said chief executive officer Paul Johnson.

"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."

Johnson said the 12 kilometre structural feature identified with anomalous soil gas radon was a "great find".

"This included 700 metres 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."

At 1552 BST, shares in Power Metal Resources were down 2.22% at 1.32p.