Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Power Metal Resources (LON: POW) shares have gained Tuesday afternoon following an update on its Uranium portfolio from its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.
The company said more ground has been staked to provide coverage of additional uranium prospective areas.
A compilation of data for the Tait Hill property shows historic vibracore drilling and bulk sampling results demonstrating uranium mineralization on the property and extending outside the previous property boundary.
Data for the Clearwater property mapped 16 radioactive occurrences falling outside of the existing property boundaries. As a result, the additional ground has now been staked to cover the new findings.
Several significant historic uranium occurrences have been mapped across the Tait Hill, Clearwater, and Thibaut Lake Properties, and a Phase 1 work programme has begun.
Power Metal said work will focus on identifying uranium and rare-earth element mineralisation with samples collected to be submitted for laboratory assay testing.
Paul Johnson, CEO of Power Metal Resources said: “Power Metal is eager to advance its 100% owned uranium exploration portfolio surrounding the prolific Athabasca Basin in Northern Saskatcehwan, Canada. Given the growing interest in Athabasca uranium projects of late, we believe the inherent value of our seven project portfolio has already appreciated greatly when compared against similar opportunities currently being transacted in the area.
“Rapid and efficient exploration could add further value, hence we are wasting no time and launching this Phase I exploration programme.”
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