14 February 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Joint Venture: Tait Hill Exploration Update

Significant Intrusion-Related Uranium Target Identified at Tait Hill Property

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, is pleased to provide an exploration update for the Tait Hill Uranium Property ("Tait Hill" or the "Property"). The update concerns work undertaken by Fermi Exploration ("Fermi") the uranium-focused joint venture (the "Joint Venture" or "JV") with UCAM Ltd ("UCAM" or the "Investor") comprising Power Metal's portfolio of uranium licences, of which Tait Hill is a constituent.

Highlights

·    Sampling results have confirmed the Antler Zone, a well-defined 1 km x 500 m target, initially identified from historical radiometric and magnetic geophysical survey data.

·    Geochemical and radon gas results show potential for intrusion-related uranium mineralisation at the Antler Zone, including a 700 m trend of key indicators including radiometric decay ratios and anomalously high uranium, thorium, and rare earth element concentrations. Radon-in-water anomalies from three nearby lakes, support a proximal uranium source.

·    Rock samples from the Antler Zone returned the Property's highest uranium values to date, including 1.68% U in a pegmatite.

·    Northwestern Target area, located 7 km north of the Antler Zone, shows anomalous radon levels, high ^206/204Pb ratios, and elevated uranium in soil samples, marking it as another promising intrusive-style uranium target on the Tait Hill Property.

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

"It is very pleasing to be able to report more progress on our well-funded exploration plan. Jack and his team are doing fantastic work establishing drill targets, which, weather permitting, we hope to get started on over the next few months. I look forward to being able to update shareholders further as these high-impact exploration programmes start to take shape."

Technical Summary

Power Metal Resources commenced the systematic exploration of the Tait Hill Property in 2023¹. Prior to that date the area had only seen limited fieldwork in 2008, where samples returned up to 1,346 ppm uranium⁴, and historical magnetic, radiometric and electromagnetic geophysical surveys. The initial programme involved widely spaced soil and radon sampling, which identified prospectivity for intrusion-related uranium mineralisation, specifically at the Mullis Lake Northern Target-now renamed the Antler Zone.

Encouraged by the 2023 results, the Power Metal technical team designed a more detailed sampling campaign over the Antler Zone to better define the area of interest. This campaign was undertaken during 2024, prior to the formation of the Fermi Joint Venture. Work included biogeochemical sampling and testing with an expanded suite of elements and lead isotopes. Additional sampling was also conducted at the Mullis Lake 'B' Target and at a radiometric target in the north of the Property (the Northwestern Target), which shares a similar geological setting with the Antler Zone and is located near a major dyke.

2024 Sampling Programme Details:

·    Antler Zone: 119 soil samples, 41 biogeochemical samples (White Birch leaves/tips), 12 rock grab samples, and 24 radon-in-water samples.

·    Mullis Lake Eastern Target: 57 soil samples.

·    Northwestern Target: 43 soil samples and 49 radon samples.

This helicopter-supported sampling programme was executed by RadonEx Ltd under the direction of the Power Metal technical team.

Overview of the 'Antler Zone' and Historical Exploration

Historical radiometric geophysical data² shows elevated uranium levels and a high uranium-thorium ratio in the Antler Zone measuring approximately 1 km by 500 m (see Figure 1). A structural interpretation by the Fermi utilising the historical magnetic survey data aligns the historical radiometric anomaly with a large geological fold and a shear structure along the edge of a significant intrusive body ^2,3. These features provide potential structural traps for mineralisation and enhance the Antler Zone's prospectivity for hosting an intrusion-related uranium deposit.

Antler Zone 2024 Exploration Results

Soil sampling (Figure 1) revealed a 700-metre trend of elevated radiometric lead isotope (^206/204Pb) ratios (with six samples returning a ratio >50), supported by high lead isotope ratios in overlying biogeochemical samples (three samples ratio >50). The ^206/204Pb ratio measures the proportion of uranium-derived lead (²⁰⁶Pb) versus non-radiogenic "primordial" lead (²⁰⁴Pb), which has no relationship with the decay of uranium. Ratios >40 are considered very high^{5 6}, indicating significant uranium-derived lead. Combining soil and biogeochemical methods enhances Fermi's confidence in the uranium potential of the area due to the differing mobility of lead and uranium in the ground and water.

Uranium levels, alongside elevated thorium and rare earth elements ("REE") in the Antler Zone are notably higher than elsewhere at Tait Hill. Elevated uranium, thorium and REE levels are key indicators for the intrusion-related uranium deposit style.

Radon-in-water sampling (Figure 2) was tested as a third vector for uranium mineralisation. Water samples were analysed for ionising radiation, showing intense, localised anomalies in three lakes near the Antler Zone, suggesting a nearby uranium source. Radon's short half-life (3.8 days) necessitated prompt analysis, and thus they were analysed in the field camp.

Additionally, twelve rock grab sample assays from the Antler Zone recorded the Property's highest uranium results to date (Figure 3), including a pegmatite sample with 16,800 ppm (1.68%) uranium.

Figure 1: Location of the Antler Zone, radiometric and magnetic geophysical features, and the ^206/204Pb ratio in soil.

Figure 2: Location of the Antler Zone, and Radon Iin Water Results

Figure 3: Location of the Antler Zone, radiometric and magnetic geophysical features, and the 206/204 Pb ratio and uranium in biogeochemical samples. Additionally, the location of uraniferous grab samples.

Other Targets on the Tait Hill Property

Northwestern Target:

A combined radon and 300m wide soil sampling grid on a 100 m spacing, conducted over the Northwestern Target, which is a named target area located approximately 7 km north of the Antler Zone, identified anomalous radon levels in the southwest of the grid, alongside elevated ^206/204Pb ratios (up to a value of 56). This area, sampled in 2021, returned rock samples with up to 890 ppm uranium. In the northeast of the grid, near potentially radioactive dykes, uranium levels are also elevated but paired with high (though not anomalous) ^206/204Pb ratios, pointing to a local uranium source. These findings highlight the Northwestern Target as a promising intrusive-style uranium prospect within the Tait Hill Property.

Mullis Lake Eastern Area:

Situated 2 km east of the Antler Zone, this area was first tested in 2023 and in 2024 resampled on a tighter (100m) grid. Results were generally subdued, though elevated ^206/204Pb ratios and uranium levels were detected near a known airborne radiometric anomaly and elevated radon readings from 2023.

Intrusion-Related Uranium Deposits  

Intrusion-Related Uranium deposits are linked to intrusive igneous rocks like alaskite, granite, and syenite. Uranium concentrations typically range from 0.01% (100 ppm U) to 0.6% U, with deposits containing anywhere from a few hundred to upwards of 100,000 tonnes of uranium⁷.

Intrusion-related deposits are typically found at the edges of granitic intrusions, where they contact the surrounding "country rocks". Structural geology plays a critical role, as dilation zones-such as folds or shear structures-often control the distribution of uranium mineralisation⁷, making them key exploration targets.

Unlike the high-grade unconformity-related deposits of the Athabasca Basin, intrusion-related deposits are generally lower grade but significantly larger in scale.

GLOSSARY

REFERENCES

¹ https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wv4250w

² Terraquest Airborne Surveys Ltd. 2008, Aeromagnetic Survey Project B-239

³ Fission 3.0, 2016, Assessment Report MAW1857 2015 Airborne Magnetic Survey and Prospecting on The Perron Lake Property, MAW01857

⁴ Uranez Exploration and Mining Ltd, 1979, Assessment Report on Claim Blocks CBS 4911, 4912, 4913, 4914, 4915 Grease River Project, Northern Saskatchewan. 74O09-0019

⁵ Abzalov, M.Z., 2021, Geochemical exploration for buried sandstone-hosted uranium mineralisation using mobile U and Pb isotopes: case study of the REB deposit, Great Divide Basin, Wyoming, Geochemistry: Exploration, Environment, Analysis, Volume 21

⁶ Quirt, D.,Benedicto, A., 2020, Lead Isotopes in Exploration for Basement-Hosted Structurally Controlled Unconformity-Related Uranium Deposits: Kiggavik Project (Nunavut, Canada), Minerals10(6), 512; 

⁷ International Atomic Energy Agency, 2020, Descriptive Uranium Deposit and Mineral System Models.

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, 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 project portfolios and is seeking large scale metal discoveries.

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.

Property 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 Property 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 drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie.