Power Metal Resources secures £1.9M for uranium exploration

Power Metal Resources PLC has entered into a £1.9 million Phase 2 funding agreement to increase its interest in the Fermi uranium venture to 45 per cent. The funding will be provided through a £1.3 million warrant exercise by joint venture partner UCAM and a £600,000 contribution from Power Metal.

The capital is designated for deeper drilling at the Perch River uranium property in Saskatchewan and a geophysical survey at Reitenbach. Recent sampling at Perch River identified boron levels and radiogenic lead signatures along the Rapids Fault Structure, which the company views as indicators of potential mineralization.