Power Metal acquires Saskatchewan's Pardoe Uranium Project

(Sharecast News) - Exploration company Power Metal Resources announced the acquisition of the Pardoe Uranium Project in northern Saskatchewan, Canada on Wednesday, through direct mineral claim staking. The AIM-traded firm said the acquisition would expand its portfolio of global exploration projects, underscoring its focus on uranium exploration in highly prospective regions.

It described the Pardoe Project as sitting 35 kilometres southeast of the Athabasca Basin - an area known for significant uranium deposits.

The project area features more than 33 kilometres of inferred geophysical linear structures and multiple historical uranium occurrences, but has yet to undergo targeted or systematic exploration.

Following a review of historical exploration data, Power Metal said it identified five priority target areas within the Pardoe Project.

Fieldwork to assess those targets was planned for summer 2025.

The acquisition was completed via the Mineral Administration Registry Saskatchewan (MARS) system, leveraging the expertise of the Fermi Exploration technical team.

"It is very pleasing to be able to report another successful staking and the increase of our uranium footprint in and around the Athabasca Basin," said chief executive officer Sean Wade.

"We look forward to updating further on this and our other high impact exploration programmes in due course."

At 1058 GMT, shares in Power Metal Resources were up 0.58% at 14.33p.

Reporting by Josh White for Sharecast.com.