5 October 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project, Botswana - Gold Anomaly Exploration

Power Metal Resources PLC (AIM:POW), the AIM listed metals exploration and development company, announces the expedited recommencement of field exploration at its 100% owned Tati Gold Project ("Tati" or the "Project"), located on the Tati Greenstone Belt ("TGB") near Francistown, Botswana.

HIGHLIGHTS

·    2023 geochemical soil sampling assay results confirmed two significant gold-in-soil geochemical anomalies and continuity within the 8km gold trend at Tati.¹ The anomalies are highlighted in Figure 2 below, with Figure 1 demonstrating the positioning within the wider Tati Project licence area.

·    Six unique additional target areas have been identified for detailed soil sampling which is expected to include a total of c. 450 individual soil samples for follow on accredited laboratory gold assay testing.

·    One of the six targets includes a key focus area where recent geochemical sampling highlighted a clear 400m long 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 Power Metal's successful diamond drilling programme in Q3 2022.^1,2

·    Further sampling at this target area will be focussed on in-fill as well as step-out sampling to better understand the size and orientation of this priority zone.

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

"It is very pleasing to be able to report, despite ongoing difficult conditions in capital markets, that Power Metal continues to generate positive news flow across the portfolio. Tati has always been a very high priority project for us and I am delighted that we have been able to follow up the recent positive announcement with further progress.

After the successful confirmation of two significant gold anomalies, we wanted to expedite this ground follow up, and that is what we have done. Whilst it is always important to manage expectations, we are very optimistic that this follow up programme will further our geological understanding of the Project and lead us towards what we hope will be a significant economic discovery."

BACKGROUND

On 15 September 2023, the Company announced the results of gold exploration at Tati, namely, confirmation of two significant gold anomalies, further details of which are available through the link below:

https://www.londonstockexchange.com/news-article/POW/tati-gold-two-significant-anomalies-identified/16125488

The gold anomalies both sit within an established 8km gold trend where previous Power Metal drill programmes have returned bonanza near surface gold up to 47.1g/t over 1m.

Given the scale of the gold trend at Tati and the significance of the confirmed anomalies, the Company's operational team has now returned to site to commence follow up exploration.

This work and follow on programmes are designed to rapidly assemble an evidential dataset to demonstrate the extent and intensity of gold mineralisation throughout a greater portion of the 8km gold trend. Extensive gold mineralisation has already been validated to date in multiple areas at the Project by the presence of historical mine workings, robust grade fines dumps from historical mining, extensive soil sampling, trenching and reverse circulation drilling.

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 )

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.