Proactive Investors - Power Metal Resources PLC (LON:POWP) has taken stakes in more ground around its Perch River uranium project in Athabasca, Saskatchewan, after recently discovering “highly significant helium anomalies”.
The additional stakes increase Power Metal's acreage at Perch River by approximately 38% to a total of 5,455 hectares (Ha) and cover several strong hyperspectral helium anomalies, said the statement.
Sean Wade, Power Metal’s chief executive, added: "It is very pleasing to be able to follow up the good news from the Perch River Project announced recently with this significant development.
"There has been excellent work conducted across our uranium portfolio, and that work is continuing. I know shareholders will be encouraged by the progress we are making, especially since the uranium market is really starting to come to life.”
Uranium prices have recently reached 12-year-highs and are now close to levels before Japan’s Fukushima disaster.