Power Metal Resources has built a significant global portfolio of metals through their ‘Explore, Crystallise’ strategy which now spans North America, Africa and Australia.
In 2022, Power Metal’s strategy has had a notable focus on the growing demand for battery metals and minerals facilitating the clean energy revolution.
According to data from Benchmark Minerals, 300 new mines are needed by 2035 to meet demand for electric vehicles and battery metals.
These battery metals include cobalt, nickel and lithium – all constituents of the Power Metal exploration portfolio.
In addition to battery metals, Power Metal Resources is looking to nuclear energy and the potential increased demand for uranium.
Lithium
Lithium demand has become synonymous with the electric vehicle revolution and demand for the metal is set to enter a structural supply deficit within the next decade as EV manufacturing increases.
If demand has any chance of being met, a significant level of fresh lithium supply is required to come online through the establishment of new mines.
Power Metal Resources is planning to bring a number of these new mines to production as they undergo early evaluation of projects thought to hold economically viable lithium deposits.
These assets are located in Canada and Australia. They include the Selta Lithium Project in Australia, and the North Wind project and Authier North property in Canada.
Selta
The Selta project is held within Power Metal’s subsidiary First Development Resources. Power Metal Resources has a 58.59% interest in First Development Resources and the effort to list First Development in the near future is gathering speed. Selta is located in Australia’s Northern Territory and holds 700 potential outcropping pegmatites within a target area of circa 180km2.
North Wind
The recently acquired North Wind project in Ontario has found anomalous lake sediment ranging from 18.63 to 34.95 ppm Lithium and is undergoing further studies.
Authier North
The Authier North Property borders licenses holding significant lithium resources. Sayona Mining’s (ASX:SYA) Authier project located to the south west of Authier North has a JORC compliant reserve of 17.1 Mt at 1.01% Li2O. Sayona’s project has a NPV of CAD$216 million and a pre-tax internal rate of return at 33.9%. Power Metal will hope similar mineralisation will be revealed as Authier North is explored.
Nickel
Power Metal Resources has a 27.91% interest in First Class Metals which has encountered high-grade nickel at their West Pickle Lake joint venture with Palladium One. Assays from drill hole TK-21-070 revealed exceptionally high-grade 3.1% Nickel Equivalent.
Power has been increasing their exposure to nickel and platinum group metals by upping their stake in the Molopo Farms project in Botswana. A drill campaign has encountered nickel sulphides with results up to 1.69% Ni and works continue to further evaluate the project.
Power Metal Resources also has a 35% interest in the Haneti nickel sulphide project in Tanzania through an investment in Katoro Gold. The Haneti Nickel Project is highly prospective for nickel and is undergoing an extensive drill programme.
Cobalt
Power Metal Resources’ cobalt exposure is achieved through projects already discussed in this article in the Haneti and West Pickle Lake projects. Cobalt is typically found alongside nickel in sulphide ores such as those encountered at the Haneti project and West Pickle.
Uranium
Power Metal Resources are one of just a few companies listed in London with any exposure to Uranium. Uranium is not a metal associated with EVs and battery storage, but a metal that will power the generation of clean energy from nuclear power plants.
Power’s uranium assets are located in the Athabasca Basin, Canada. Power has been attracted to the area by high-grade uranium mineralisation results of 1.09% U308 over 10.7m at Thibault Lake, grab samples up to 3.54% U308 in Cook Lake, as well as soil samples up to 13,200ppb U at the Tait Hill property.
These had already been discover and were made available to Power through geological databases including airborne magnetics and government bedrock mapping. Power has identified new potential targets and the project now has 12 prospective properties.