Power Minerals (ASX:PNN) will move forward with first-pass drilling at its recently granted Whichely exploration licence (EL6961) on South Australia’s Eyre Peninsula for Q2 2024.
The $15.72 million market capitalisation company says drilling is subject to requisite approvals from the Department of Energy and Mining.
Drilling is being planned after the company announced today (22 January 2024) it has expanded its footprint for uranium exploration in South Australia adjacent to its existing Cungena licence via the new licence.
Power reports the new licence provides an ‘extensive’ target area for its uranium exploration plans and covers a ‘large’ portion of the palaeo-drainage that flows west towards the coast line from the divide with the Yaninee palaeo-drainage.
The Yaninee paleo-drainage contains the Yaninee uranium occurrence which has been previously drill tested by Minotaur Exploration (ASX:MEP).
Meanwhile, the company notes it is assessing the uranium potential of both licences following geochemical analyses detecting possible anomalous uranium concentrations across its landholding.
However, Power says its flagship Salta Lithium Project in Argentina remains the focus for development.
Managing Director Mena Habib says the company is keen to further explore the uranium potential of the Eyre Peninsula in hopes of uncovering ‘significant’ value to the project at a time of growing demand for the nuclear energy metal.
“While we continue to develop the Salta Lithium Project in Argentina as our flagship project, the company is keen to further explore the uranium potential of its Eyre Peninsula project area, and the strategic addition of the Whichelby licence substantially expands our contiguous uranium prospective ground position.
We aim to uncover the uranium potential of our project area, which would add significant value to the Project, at a time when demand for uranium continues to grow and there is appetite to bring new projects to market.”
Power Minerals is a lithium-focused explorer and developer committed to the exploration and development of its core asset, the Salta Lithium Brine Project in the prolific lithium triangle in the Salta Province of Argentina.
The company also holds the Whichely and Cungena exploration licences in South Australia, which are considered prospective for uranium mineralisation.
As of 30 September 2023, Power Minerals had $2.366 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Power Minerals
