Power Metal Resources reports exploration progress at Drake Lake

(Sharecast News) - Power Metal Resources announced on Monday that its uranium-focused joint venture with UCAM has been renamed Fermi Exploration, in tribute to physicist Enrico Fermi.

The AIM-traded firm said the venture encompassed its uranium licences in Canada, and operates as a private limited company based in Vancouver.

It also updated the market on exploration at the Drake Lake-Silas Uranium Project, where airborne magnetic and gravity geophysical survey data was acquired at no cost due to the inclusion of the property in a neighboring survey.

Analysis of the data revealed a gravity low adjacent to a magnetic high, which Power Metal interpreted as indicative of a potential iron-oxide-copper-gold mineralised intrusive body.

Historical sampling in the area has shown elevated levels of copper and uranium.

Fieldwork in September identified five targets for further exploration, including a combined gravity low/magnetic high anomaly, a potential alteration zone, a historical uranium occurrence, and a prospective gravity low.

Four of the targets were sampled, with assay results currently pending.

"It is very pleasing to be able to further update shareholders on the progress at Drake Lake-Silas, as we close in on our most prospective targets," said chief executive officer Sean Wade.

"We are also very pleased to announce the name of the joint venture company, Fermi Exploration, which we are sure is going to become a very well-known name in the world of uranium exploration."

At 1355 GMT, shares in Power Metal Resources were up 4.7% at 15.31p.

Reporting by Josh White for Sharecast.com.