Power Metal shares jump on latest exploration update

(Sharecast News) - Power Metal Resources said on Friday that recent geophysical surveys and fieldwork at the Reitenbach Uranium Property in Saskatchewan had identified multiple promising targets, particularly in the northeastern portion of the site.

The AIM-traded firm said the exploration, conducted through its uranium-focused joint venture with Fermi Exploration, revealed potential basement uranium sources at the Nuphar and Goodleap targets.

It said the findings were supported by radon anomalies, down-ice uranium dispersion, and favourable lead isotope data.

At the Nuphar target specifically, results suggested a basement uranium source in the northern part of the zone.

In parallel, the joint venture expanded the Reitenbach property by 27.5%, increasing its area from 16,009 to 20,401 hectares.

The additional ground was secured through mineral claim staking via Saskatchewan's MARS electronic registry system.

Power Metal said further work on the property was being finalised, as it continued to advance exploration across its Canadian uranium portfolio.

"It's great to be able to report continued progress across the uranium portfolio as we eagerly look forward to starting drilling in around 10 weeks," said chief executive officer Sean Wade.

"We will be drilling more or less continuously through to October and are very excited indeed about the prospects of a commercial discovery."

Wade said the company would shortly lay out a detailed drill programme, which would set out the expected timing of multiple drill results over that period.

"This is the biggest and best funded exploration project that the company has ever undertaken and marks a major turning point in the scale of our ambition."

At 1029 GMT, shares in Power Metal Resources were up 10.2% at 13.5p.

Reporting by Josh White for Sharecast.com.