LONDON (ShareCast) - (Sharecast News) - Power Metal Resources announced on Wednesday that its uranium joint venture, Fermi Exploration, has received the drilling permit for the Perch River Property in Saskatchewan's Athabasca Basin, paving the way for a maiden drill campaign.
The AIM-traded firm said the programme would comprise seven to eight diamond drill holes targeting a previously identified electromagnetic conductor and coincident geochemical anomaly.

Drill rig mobilisation was scheduled for the third week of June, with drilling to commence shortly thereafter.

An ambient noise tomography geophysical survey was currently underway over the Rapids Target to assess subsurface structures and alteration zones typically associated with unconformity-related uranium deposits.

At the same time, processed results from a recent Falcon gravity and magnetic survey were pending, with further geophysical analysis ongoing.

Power Metal holds a portfolio of uranium licences within the Fermi Exploration joint venture, with Perch River considered one of its most prospective assets.

"I am excited to commence the next stage of exploration work at the Perch River Property with the upcoming drill programme," said chief executive officer Sean Wade.

"The Power Metal and Fermi Exploration teams have already successfully carried out various key workstreams to help identify Perch River's potential for hosting a significant uranium deposit, and we hope that this drill programme will further solidify our confidence in the prospectivity of the licence.

"I look forward to updating shareholders on the completion of the geophysical surveys and the subsequent commencement and advancement of the drill programme."

At 1535 BST, shares in Power Metal Resources were flat at 13p.

Reporting by Josh White for Sharecast.com.

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