LONDON (ShareCast) - (Sharecast News) - Power Metal Resources announced on Friday that exploration work at its Tait Hill Uranium Property in Canada had confirmed a significant intrusion-related uranium target at the Antler Zone.
The AIM-traded firm said the findings stemmed from work conducted by Fermi Exploration, part of the company's uranium joint venture with UCAM.

It said sampling results had delineated the Antler Zone as a well-defined target measuring one kilometre by 500 metres, initially identified through historical radiometric and magnetic geophysical survey data.

Geochemical and radon gas analysis indicated the potential for intrusion-related uranium mineralisation, with a 700-metre trend of key indicators, including radiometric decay ratios and anomalously high concentrations of uranium, thorium, and rare earth elements.

Radon-in-water anomalies detected in three nearby lakes further support the presence of a proximal uranium source.

Rock sampling at the Antler Zone returned the highest uranium values recorded at Tait Hill to date, including 1.68% uranium in a pegmatite sample.

Additionally, the Northwestern Target area, located seven kilometres north of the Antler Zone, showed anomalous radon levels, elevated uranium in soil samples, and high 206/204Pb ratios, marking it as another promising intrusion-related uranium target.

The company said it was advancing exploration across its uranium portfolio, with ongoing assessment of the newly defined targets at Tait Hill.

"It is very pleasing to be able to report more progress on our well-funded exploration plan," said chief executive officer Sean Wade.

"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."

At 1003 GMT, shares in Power Metal Resources were up 10.34% at 16p.

Reporting by Josh White for Sharecast.com.

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