LONDON (ShareCast) - (Sharecast News) - Power Metal Resources updated the market on its Reitenbach Uranium Property in the Athabasca Basin, northern Saskatchewan, Canada on Tuesday.
The AIM-traded firm said Reitenbach covers 14,646 hectares, and is centred around seven Saskatchewan Mineral Deposit Index (SMDI) uranium occurrences, covering a "highly anomalous" lake-sediment sample of 130 parts per million of uranium.

An additional licence was staked recently, to better cover the "highly prospective" area.

Reitenbach is in close proximity, or has contiguous claim borders with several publicly-listed uranium companies, including Forum Energy Metals, Cameco, and Appia Energy.

The property is prospective for both porphyry-style, including thorium-molybdenum-rare-earth element, and metasedimentary-hosted uranium mineralisation.

Power Metal said it was reviewing multiple strategic outcomes for the property, including the potential outright sale of the asset.

Further updates were expected by the board in the coming weeks.

"Power Metal has seen considerable interest in the Company's uranium properties surrounding the Athabasca basin, and we see significant value creation potential through the disposal of certain interests either through direct sale to third parties or the creation of new listings in the London markets," said chief executive officer Paul Johnson.

"We are therefore accelerating our property review work to assemble in-depth data rooms for each property.

"The review of historical data and exploration results of the Tait Hill property were announced previously and Reitenbach Property is covered in today's announcement."

Johnson said recognising the importance of uranium to Power Metal's business, it had recruited an additional uranium focused team member, who was working to advance its uranium-focussed interests.

"Further updates will follow as material developments occur."

At 1513 GMT, shares in Power Metal Resources were up 11.32% at 1,48p.

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