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(Sharecast News) - Exploration firm Power Metal Resources said on Tuesday that it had staked a claim in the Fortin River Uranium Project in Saskatchewan, Canada.
Power Metal said preliminary results from a recent geophysical survey flown over the project indicated the potential presence of a 1.7km wide meteor impact crater.
The AIM-listed group also noted that 62.0m pounds of uranium was mined from a major deposit located within the nearby Carswell Crater.
Power Metal stated the Fortin River project was staked by direct mineral claim staking undertaken by the Fermi Exploration technical team, through the Mineral Administration Registry Saskatchewan electronic registry system.
The total cost of staking the 3,859 hectares was CAD $2,220 (£1,230), with the newly staked licences coming with a two-year term and no minimum spend requirement, which can then be extended for subsequent years by minimum work expenditure of CAD $57,885 (£32,376) per annum.
Chief executive Sean Wade said: "This is a very exciting development in one of our more recently staked projects and we very much look forward to investigating it further and reporting back. Momentum is building across the uranium project set and we are looking forward to a very exciting few months ahead."
As of 1015 GMT, Power Metal shares were down 3.28% at 14.02p.
Reporting by Iain Gilbert at Sharecast.com
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