Mr. Johnathan More reports

POWER METALS CONTINUES TO HIT HIGH-GRADE MINERALIZATION NEAR SURFACE AT CASE LAKE

Power Metals Corp. has provided an exploration update on its continuing phase II 2024 drill program at its 100-per-cent-owned Case Lake property. The second program of 2024 at Case Lake with Major Drilling is progressing, with the first 841 metres for 11 diamond drill holes completed of the planned 2,500-metre program. The phase II drilling program is currently ahead of schedule; the company anticipates the program to be completed in early October at Case Lake to test several high-priority cesium targets.

West Joe

Phase II drilling at West Joe continues to delineate and extend pollucite and spodumene mineralization at West Joe. PWM-24-207 to PWM-24-213 intersected 2 per cent to 20 per cent pollucite and 2 per cent to 15 per cent spodumene in consistent pegmatites that are two metres to eight metres thick. Exploration holes PWM-24-214 to PWM-24-217 also intersected similar pegmatites with spodumene mineralization and the company will await final assay results to confirm cesium and/or pollucite mineralization. The first batch of samples from West Joe has been submitted to SGS Canada for analysis.

The company commenced phase II drilling at West Joe in late August and has completed 11 diamond drill holes to date for a total of 841 metres. West Joe is a highly fractionated, cesium-rich pegmatite system that has displayed known pollucite mineralization, associated to high-grade cesium. Previous drilling completed between 2017 and 2024 identified high-grade cesium mineralization that contains up to 24.7 per cent Cs2O (cesium oxide) (see press release reported in June, 2024).

Target areas at West Joe currently remain open at depth and along strike to the east, and additional drilling is planned to test the downplunge extension of West Joe to the east in September before the drill moves to the Main zone to test cesium-rich targets, with the remaining 1,700 metres of drilling to be completed in approximately 14 holes.

Haydn Daxter, chief executive officer of Power Metals, commented: "We are extremely pleased with the current progress to date for our phase II drilling program at Case Lake. The team continues to unearth high-grade cesium intercepts at West Joe from drilling to date and we look forward to our first round of assay results. We anticipate drilling to be completed in early October and assays results to commence later in the month."

Metallurgical test work

The company has continued to advance its metallurgical test work with SGS Laboratories in Canada; currently, over 80 kilograms of material have been sent to SGS to commence the test work in the production of cesium chemicals. At the same time, the company has dispatched over 60 kilograms of material to Tomra Australia to conduct ore sorting and mineral separation on cesium from West Joe. This metallurgical test work will continue into October as the company continues to derisk the cesium mineralization of West Joe.

Johnathan More, chairman of Power Metals, commented: "I am extremely pleased with the current progress of our 2024 phase II drilling program at Case Lake from the team on the ground. The company remains fully funded for exploration drilling and test work as we continue to develop a clear path for the high-grade pollucite mineralization at West Joe."

SGS is independent of the company.

TOMRA is independent of the company.

Case Lake property

The Case Lake property is located 80 kilometres east of Cochrane in Northeastern Ontario, close to the Ontario/Quebec border. The property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake mining division. The property is 10 kilometres by 9.5 kilometres in size with 14 granitic domes. The Case Lake pegmatite swarm consists of six spodumene dikes known as the North, Main, South, East and Northeast dikes on the Henry dome and the West Joe dike on a new dome, collectively forming mineralization trend that extends for approximately 10 kilometres.

Power Metals has completed several exploration campaigns that have led to the discovery and expansion of new and historic spodumene-bearing LCT (lithium/cesium/tantalum) pegmatites at Case Lake. The company has drilled a total of 19,607 metres of core between 2017 and 2024 at the property. The Case Lake property is owned 100 per cent by Power Metals. A National Instrument 43-101 technical report has been prepared on Case Lake property and filed on July 18, 2017.

Pelletier property

The Pelletier property is located 50 kilometres south of Hearst in Northeastern Ontario, close to a network of forestry roads. The property consists of 337 mineral claims that account for a total of 7,000 hectares in Franz, Roche, Scholfield and Talbot townships in the Porcupine mining division. The Pelletier project is characterized by LCT prospective S-type pegmatitic granites intruding into metasedimentary and amphibolite of the Quetico at or near the Archean terrane boundary between the Quetico and Wawa subprovinces.

Decelles property

The Decelles property contains 669 claims, covering 38,404 hectares of LCT prospective ground, near the mining centres of Val d'Or and Rouyn-Noranda, Que., approximately 600 kilometres from Montreal. Power Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal that allowed Winsome to increase its stake to 19.59 per cent (refer to press release announced on Aug. 24, 2023). The geology of Decelles property is part of the Archean Pontiac subprovince where S-type, LCT-prospective, pegmatite-bearing, granitic Decelles batholith intrudes into metasedimentary units of the Pontiac group. Spodumene-bearing and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite. The Decelles property is adjacent to Vision Lithium's Cadillac property, where discovery of high-grade lithium pegmatites was reported in 2022.

Mazerac property

The Mazerac property is located approximately 30 kilometres east of Power Metals' Decelles property near well-established mining camps in the Abitibi region of Canada and is accessible by network of mining-grade forestry roads. The Mazerac property contains 259 claims that cover 14,700 hectares of LCT prospective ground near the mining centre of Val d'Or and Rouyn-Noranda. The regional geology of Mazerac is similar to Decelles where S-type, LCT-prospective, pegmatite-bearing granites of Decelles batholith intrude into metasedimentary units of the Pontiac group. Spodumene-bearing and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite.

Pollucite and cesium

Pollucite is a rare mineral that hosts high-grade cesium and is associated with highly fractionated, rare element pegmatites. The main source of cesium known globally is pollucite. Currently, the Tanco mine in Manitoba, Canada, is the only operating cesium deposit and holds over 60 per cent of the known reserves globally.

Scientific and technical disclosure

The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, PGeo, vice-president of exploration for Power Metals, a qualified person under National Instrument 43-101, Standards of Disclosure of Mineral Projects. Exploration data were collected and verified following the guidelines outlined in CIM's (Canadian Institute of Mining, Metallurgy and Petroleum) Mineral Exploration Best Practice Guidelines.

About Power Metals Corp.

Power Metals is a diversified Canadian mining company with a mandate to explore, develop and acquire high-quality mining projects. It is committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. The company sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries.

We seek Safe Harbor.