14th Feb 2025 11:55
(Alliance News) - Power Metal Resources PLC shares climbed on Friday as it reported a significant uranium target site in Canada.
The metals exploration company with projects in North America, Africa, Saudi Arabia and Australia said sampling results have confirmed the Antler Zone target at the Tait Hill Uranium Property in Canada.
Power Metal Resources shares were up 10% to 16.00 pence in London on Friday morning.
The testing was carried out by the joint venture with UCAM Ltd, called Fermi Exploration, which includes Power Metal's uranium licenses.
The firm said geochemical and radon gas results show the potential for uranium mineralisation at the 1 kilometre by 500 metre zone.
The company said there was a 700 metre trend of key indicators including radiometric decay ratios and high uranium, thorium and rare earth element concentrations.
Rock samples in the zone contained the property's highest uranium values to date, including 1.7% in a pegmatite, the company said.
Power Metal said the Northwestern target area, 7 kilometres north of the Antler Zone, is also a promising target due to anomalous radon levels and elevated uranium in soil samples.
Chief Executive Officer Sean Wade said: "It is very pleasing to be able to report more progress on our well-funded exploration plan. Jack and his team are doing fantastic work establishing drill targets, which, weather permitting, we hope to get started on over the next few months. I look forward to being able to update shareholders further as these high-impact exploration programmes start to take shape."
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.