Power Metal Resources PLC on Monday said it has gained ‘significant additions’ to its uranium portfolio after a claim staking process on February 15.

The metals exploration company, focused on North America, Africa and Australia, said the newly acquired Hawkrock East and Hawkrock West uranium properties cover a combined area of 42.8 square kilometres, and are located in the northeastern corner of the Athabasca Basin in Saskatchewan, Canada.

‘Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third party staking,’ the company said, with total cost of staking the properties at C$3,340, around £2,063.

Licence grants for the properties are expected shortly, Power Metal noted.

Power Metal noted that its previously staked Haresign Bay property has been reduced in size from 31.9 square kilometres to 1.7 square kilometres, with two other uranium focused companies having taken the balance.

The company said that with the additional properties, and the reduction of Haresign, the area of its Athabasca uranium portfolio is now 965.73 square kilometres.

Chief Executive Officer Paul Johnson said: ‘There is significant competition for high quality uranium ground in and surrounding the Athabasca Basin in Saskatchewan, Canada. As outlined below, there were other uranium companies also lodging applications over the Haresign Bay property which we announced on 2 February 2023 and which has reduced the amount of ground we were able to secure at that project.

‘The interest in the Athabasca Basin is noticeably increasing meaning we must accelerate the acquisition of additional ground. By moving quickly, the Power Metal technical team has already taken action by staking an additional two properties located within the Basin.’

Power Metal shares were up 1.0% trading at 1.21 pence per share on Monday morning in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.