8th Sep 2023 09:05
(Alliance News) - Power Metal Resources PLC on Friday said it has discovered a significant helium anomaly at its fully owned Perch River uranium project in the Athabasca Basin, Saskatchewan, Canada.
Power Metal is a metals exploration company focused on North America, Africa, and Australia. Shares in the firm were trading 8.7% higher at 0.76 pence each in London on Friday morning.
It said that hyperspectral data analysis conducted at Perch River has identified several helium anomalies on the project, including the discovery of one extremely strong helium response in the centre.
According to Power Metal, the very strong helium response could be indicative of significant buried uranium mineralisation or leakage of helium from a buried helium reservoir at depth .
As a response to the discovery of this significant helium target, the crews currently active on the company's uranium portfolio have been repositioned in order to complete a high-resolution soil sampling grid over this target area, it said.
Power Metal plans to engage a helium gas specialist to determine optimal next steps to further develop this target.
"It is very exciting to be able to deliver this news to shareholders. As we have previously reported, this season's wider uranium fieldwork remains ongoing and further updates will be provided in due course. However, the indications we have had from Perch River could be hugely significant and warranted immediate release," said Chief Executive Officer Sean Wade.
"Whilst it is always important to manage expectations, it is fair to say that the discovery of such a strong anomaly has far exceeded our expectations and sets the scene for what we hope to be a strong schedule of newsflow from our uranium portfolio overall."
By Holly Beveridge, Alliance News reporter
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