15 September 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project, Botswana - Two Significant Anomalies Identified

Power Metal Resources PLC (AIM:POW), the AIM listed metals exploration and development company, announces the results of geochemical soil sampling confirming two significant gold anomalies at its 100% owned Tati Gold Project ("Tati" or the "Project") located on the Tati Greenstone Belt ("TGB") near Francistown, Botswana.

Updates from the ongoing exploration programme were provided on 31 August 2023 which can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/exploration-project-development-update/16104218

Highlights

·    Infill geochemical soil sampling assay results, over areas of historical soil sampling, has confirmed two significant gold-in-soil geochemical anomalies and continuity within the 8km gold trend at Tati ¹.

·    A total of 280 infill soil samples at a sample spacing of 40m, collected within two grids  (northwest and southern grids) in the southeastern quadrant of the POW licence, have confirmed and supplemented the wider spaced historical soil data (400m & 800m line spacing).

·    The additional sampling, which included independent analysis for 33 elements including gold, has provided further resolution to areas of anomalous gold helping to determine the apparent anomaly strike directions which remain open in both grids. The anomalies are highlighted in Figure 1 below, with Figure 2 demonstrating the positioning within the wider Tati Project licence area.

·    Significantly, the Southern anomaly demonstrates a clear circa 400m southward trending extension (remaining open to the south and southwest) of the soil anomaly associated with the Cherished Hope historical mine workings which were the subject of the Power Metals successful diamond drilling programme in Q3 2022 ¹.

·    Immediate ground follow up of select soil samples along this southwestern extension from Cherished Hope has identified an area which has evidence of disturbance (possibly ancient pitting) and this area will be subject to follow up during a subsequent work programme.

·    The current drilling footprint at Cherished Hope is around 150m in strike length, therefore the confirmation of the Southern soil anomaly could represent a significant drill target extension.

·    The Company's technical team are finalising an expedited follow up exploration programme with a further announcement to follow once finalised.

·    Power Metal continues to manage inbound interest regarding the potential for small-scale mining at its Cherished Hope Gold Mine area where near-surface drilling results in 2022 returned bonanza gold up to 47.1g/t Au over 1m ².

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

"The Tati Project continues to make excellent progress with the previously postulated 8km gold anomaly being further supported by the results of infill geochemical soil sampling announced today. 

Based on the soil sampling data and the 8km long gold trend the Project appears to offer the potential to host a very large gold deposit, which we know has been, in part, the subject of historical mining activity, further underpinning its development potential.

We are seeking to advance exploration at the Project expeditiously, whilst also managing inbound interest in the project and its potential for near-term small scale mining.

Further updates to follow."

Further Information

-      The prospecting licences constituting the Tati Gold Project are held by Tati Greenstone Resources Pty Ltd, which is a 100% owned, Botswana-based, subsidiary of Power Metal.

-      Exploration work to date has focussed on the historic Cherished Hope gold mine, where extensions of high-grade near surface gold mineralisation were confirmed by Power Metal drilling campaigns in 2021 and 2022.

-      A total of 280 individual soil samples were collected as part of this ongoing campaign which include:

o  Northwest Grid (145 samples): High-resolution grid focussed on an area approximately 2km northwest of the historical Cherished Hope Gold Mine. Samples were collected at 40m sample spacing along north-south oriented lines which were spaced 200m apart.

o  Southern Grid (135 samples): The second grid covers the immediate southwestern extension of Cherished Hope historical gold mine. Samples were collected at 40m sample spacing along north-south oriented lines which were spaced 200m apart.

-      The soil samples were analysed for 33 elements at Intertek Genalysis in Perth, Western Australia.

Figure 1: Tati Project Overview Map

Figure 2: Tati Project 2023 Geochemical Results Map

REFERENCES

1:                    Power Metal RNS announcement, dated 7 November 2022: Tati Project Botswana Final Drill Assay Results, Assays Received for Remaining Six Holes; Further Bonanza Grade Intercepted including 1m @ 40.6g/t Au (from 2m of 23.2g/t Au)
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wko9odx )

2:             Power Metal RNS announcement, dated 3 November 2022: Tati Project Botswana Initial Drill Assay Results, Assays for First Three Drillholes Received; High-Grade Gold Intersections in All Three Holes Including a Bonanza intersection of 1m @ 47.17g/t Au.
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9e761r )

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange, thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to grow the Company, or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.