Significant Uranium Targets Identified at Projects

Significant Uranium Targets Identified at the Tait Hill and Soaring Bay Projects with Further Exploration Progress Update from Perch River, Clearwater, Cook Lake and E-12 Projects

Power Metal Resources PLC (AIM:POW), the London listed exploration company with a global project portfolio, announces key developments to its currently 100% owned uranium business, which covers a combined 1,012km2 across 17 properties (collectively the "Uranium Portfolio") in and around the prolific Athabasca Basin in Saskatchewan, Canada.

Highlights

• Extensive radon gas sampling completed at the Tait Hill and Soaring Bay projects as part of the 2023 Athabasca work programme have confirmed multiple significant uranium ("U") targets.
• Significantly, on Tait Hill strong radon results are coincident with multiple radiometric anomalies at the Mullis Lake north and east targets. The Company considers Mullis Lake may have geological similarities to the Rössing uranium deposit located in Namibia and the results obtained from the radon sampling point to a large target for future exploration.
• At Soaring Bay, strong radon results were obtained over a >3km long northwest-southeast trending shear zone. A significant new zone was also identified within the dataset which has now been named the 'Southern' target where three very high results were identified extending for at least 1km from the main shear zone of interest.
• Further prospecting and soil geochemistry work has also been completed across key target areas of Tait Hill and Soaring Bay and also at Perch River following the highly anomalous satellite remote sensing hyperspectral helium results. The results of laboratory assay tests on soil samples are awaited.
• Drone based magnetic geophysics surveys have been completed over the Clearwater, Cook Lake and E-12 Projects with results expected shortly.

Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented:

"This season's uranium fieldwork continues to surpass our expectations in terms of the quality and number of significant targets discovered.

"Following very low acquisition costs, we believe we are now adding very considerable value to a portfolio with well thought out, methodical and inexpensive exploration, clearly demonstrating the ongoing success of our business model. We now look forward to the next stage, that of crystallising the value created for our shareholders.

"We are in discussion with various third parties about ways in which we can do that, and I look forward to updating shareholders on those discussions in due course."

Tait Hill Project

As discussed on 21 June 2023: https://www.londonstockexchange.com/news-article/POW/key-uranium-exploration-and-corporate-developments/16007249, fieldwork on Tait Hill was planned to concentrate on two main target areas;

• The 'Mullis Lake' Target is considered by Power Metal to have strong geological similarities to the Rössing uranium deposit located in Namibia. The aim of this work was to test radiometric and hyperspectral anomalies over this almost wholly untested target.
• The 'Tait Lake' target where exceedingly high soil results (up to 13,200 parts per million ("ppm") or 1.3% U)1 and lake sediment results (99.8th percentile) were achieved historically2. This area has not received any significant, systematic work, despite the highly anomalous geochemistry.

On the Mullis Lake Target three 200m spaced soil sampling grids were established predominantly focused over radiometric and satellite remote sensing hyperspectral anomalies. On two of these three grids, in-situ radon gas sampling tests (see explanation below) was conducted in key areas alongside the soil geochemical sampling. Field teams also noted the presence of enriched granite outcrop across the project; although the vast majority of the sampling area was covered by thin soil, boulder fields and swamps. A total of 248 soil samples, and 43 in-situ radon gas samples were collected.

On the 'Tait Lake' target, a total of 52 soil samples were collected over two areas, targeting historically elevated soils and radiometric anomalies utilising 150m sample spacing.

Figure 1: Tait Hill Radon Sampling Results and Soil Sampling Areas

Perch River Project

Following the determination of highly anomalous helium results determined by satellite data hyperspectral analysis, as detailed on 08 September 2023: https://www.londonstockexchange.com/news-article/POW/helium-anomaly-discovered-on-perch-river/16115743, in addition to pre-planned sampling on the northern gravity geophysics target, the field team completed a high-resolution soil sampling grid, consisting of 42 soil samples, over the recently identified helium hyperspectral anomaly. This sampling was designed to test the soil geochemistry of the area of the helium anomaly itself, and compliment historical exploration data available on the property.

In addition, a small soil sampling grid was completed over the northern gravity low anomaly totalling 102 samples to compliment and complete the historical dataset available over the area.

Figure 2: Perch River Project Soil Sampling Locations

Soaring Bay Project

Fieldwork on Soaring Bay included a soil and radon gas survey focussed along a northwest-southeast trending structural lineament, targeting areas identified by the previous exploration on the project. In total, 64 soil samples, and 36 in-situ radon tests were completed from along, and around this structural lineament.

In addition, three areas of the Soaring Bay project were prospected for radioactive pegmatites, to provide modern assays and test historical radiometric anomalies. In total, 16 chip samples were collected.

The samples from all three projects are currently undergoing analysis at SRC Geoanalytical in Saskatoon, Saskatchewan, and ALS Analytical in Vancouver, British Columbia.

Figure 3: Soaring Bay Project Soil Sampling Locations, and Radon Results

Fieldwork Overview

For the Tait Hill and Perch River projects, fieldwork was supervised by a member of the Power Metal technical team enabling rapid modification of scope to meet the changing access abilities on the projects. The field team were based in the town of Stoney Rapids, Saskatchewan, approximately equidistant between the Tait Hill and Perch River projects, with both projects accessed via helicopter.

Fieldwork on the Soaring Bay property was completed from the town of La Ronge, Saskatchewan with the project also accessed via helicopter for the duration of the programme.

Radon Results Overview

Radon is a gas generated by the radiogenic decay of uranium, it has a short half-life (eight days) and therefore could indicate a nearby source of uranium. Because of the short half-life it is not possible to carry out a laboratory test on collected radon; and therefore, any measurements must be completed 'in-situ'.

The method works by excavating a small hole into the soil, with a plastic 'collector' lid, in which sits an electrically charged plate protected by a series of membranes. As positively charged radon ions interact with the charged plate, it lowers the electrical charge, which can then be compared with the charge that is measured before/after placement. The readings are presented as pCi/m2/sec (pCi = PicoCurie, being a measure of the radioactive decay of radon) and the relative bins for anomalism are shown on both Figure 1 and Figure 3.

At Tait Hill forty-three in-situ radon samples were collected from the Mullis Lake north and east targets. The sampling locations were chosen to test various radiometric and hyperspectral anomalies.

These results indicate;

• The close proximity of both a source of radon, and a radiometric high on Mullis Lake northern target. This may be suggestive of a potential uranium source, over an area of approx. 1.5 km2.
• On the Mullis Lake eastern target, a radiometric anomaly is associated with elevated radon results, this location is related to the major igneous intrusion to the west and is considered a significant target. A secondary target, associated with elevated helium hyperspectral response is present, to the northeast of the eastern target.

Soil sampling has been completed across the area, with results pending. Further discussion will be provided upon receipt of the soil sampling results.

At Soaring Bay, 36 in-situ radon samples were collected. Three in the north, and 33 in the south. Radon sampling at Soaring Bay was focussed along a prominent northwest-southeast trending linear structure. Sampling was also completed along four select transects to the southwest of the main linear structure. These sample locations were located to test the potential for buried mineralisation along the fault system.

Significantly, the sampling to the southwest identified a new target, the "Southern" target, which is in close proximity to an anomalous U-in lake sediment result in this area. This target is also associated with elevated helium results, determined via hyperspectral analysis.

Overall, these results are highly supportive of possible uranium mineralisation along the fault structure and validate the previously identified prospectivity over the project. Further discussion and details on the soil sampling completed will be provided upon receipt of the soil sampling results.

REFERENCES

1 CanAlaska Uranium Ltd, 2009 Report on 2008 Exploration Programme, Grease River Property (74O09-0024)

2 Geological Survey of Canada, Northern Saskatchewan Lake Sediment (https://geohub.saskatchewan.ca/datasets/saskatchewan::lake-sediment-geochemistry/about)

URANIUM PROPERTIES - HOLDING STRUCTURE

Power Metal has a 100% subsidiary Power Metal Canada Inc ("Power Canada"), which acts as the holding company for certain Canadian project operations. Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company's Athabasca uranium portfolio.