Proactive Investors - Power Metal Resources PLC (LON:POWP) told investors it has unearthed significant uranium mineralisation at the Tait Hill and Soaring Bay properties, in the Athabasca Basin in Saskatchewan, Canada.
Soil sampling results released today, covering targets previously identified in October with initial radon gas sampling, have further demonstrated significant uranium prospectivity and enabled refinement of potential drill targets, the company said.
At Tait Hill, significant uranium anomalies were identified at the Mulis Lake target which the company described as being similar to the Rössing uranium deposit in Namibia.
Meanwhile, at Soaring Bay, it has seen a significant patch of mineralization over 3 kilometres.
"Power Metal provides one of the few opportunities for UK investors to get meaningful exposure to uranium exploration," said chief executive officer Sean Wade.
“We hold the largest ground footprint of any UK listed entity in and around the Athabasca Basin.
He added: "The 2023 Athabasca uranium exploration work continues to deliver exceptional results, with today's news confirming and refining significant uranium prospective targets at the Tait Hill and Soaring Bay properties.
“Added to the results announced in September at Perch River and Badger Lake, so far, four of the nine Athabasca properties we have explored in the 2023 programme have delivered major tangible results.
"Further updates from this programme are expected in the near term, together with news in respect of the planned admission of Uranium Energy (NYSE:UEC) Exploration, where significant progress has been made recently.”
Wade meanwhile also noted that uranium currently trades at around $80 per pound, which is a high last seen some 15 years ago.
“This underlying commodity strength has been bolstered by the increasing global acceptance that expanding nuclear power generation is critical for reliable low-carbon energy with a growing supply deficit facing the industry,” he added.
"In response, Power Metal will continue to advance its uranium interests at pace, and we believe the considerable tangible progress being generated through this work will, in due course, translate into substantial value for shareholders."