Power Metals Identifies New Prospective Pegmatite Zone At Case Lake

Major Highlights

• Strong cesium and lithium anomalies detected in soil sample assay analysis
• Phase II Magnetic Drone Survey commences to establish drill targets at Case Lake
• New Exploration Permit submitted to Mines Department for 2025

VANCOUVER, Nov. 27, 2024 - Power Metals Corp. ("Power Metals" or the "Company") (TSX VENTURE: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce that it has identified a new prospective pegmatite zone from soil sampling conducted to the north-northwest of West Joe at its 100% owned Case Lake Property (CLP) in northeastern Ontario.

The results from recent soil sampling conducted across two targets to the NNW of West Joe indicate anomalous levels of cesium, tantalum, lithium, and rubidium, which further affirms prospective drill targets for our upcoming winter program (Figure 1-2).

The Company has engaged Pioneer Exploration to commence its 2024 Phase II Drone Magnetic Survey program at the CLP and anticipates completing 1,329 line-km's of data collection to complete the low-level high-resolution drone magnetic survey as part of Phase II. The Company continues to develop a robust structural model of the critical mineral targets at West Joe and Main Zone (Figure 3) in preparation for exploration in 2025.

Power Metals has also submitted a new early exploration permit to the Ontario Mines Department which will supersede the current permit, due to expire in Q1 2025. This three-year permit is expected to be granted in January 2025 and will encompass all critical mineral exploration targets across the property, with the support of the Ontario Government and key stakeholders of the region.

Haydn Daxter, CEO of Power Metals commented:
"I am very excited with the results from the soil sampling program that has defined a new prospective area on the property as we continue to target cesium and critical minerals at our Case Lake Project. The ongoing development of our geological model continues to define additional drill targets for cesium and critical minerals outside of West Joe. In addition, our Phase II drone magnetic survey data will further strengthen our geological understanding across the property and will set the stage for our 2025 exploration activities."

Johnathan More, Founder and Chairman of Power Metals, added:
"The Company is pleased to receive confirmation from the soil sample assays that there is increased potential for additional cesium targets on the property. We look forward to drilling these areas in 2025 as we add additional confidence to our world-class critical minerals project in Ontario. The addition of increased confidence to our current geological model that will be gained from our Phase II Drone Survey will also greatly assist the team in exploration programs for next year at Case Lake."

SOIL SAMPLING PROGRAM

The Company has received positive results from a recent targeted soil survey program, testing two geophysical anomalies similar to the West Joe Prospect, located 500 meters north-northwest of West Joe.

The results of the survey show a very strong cesium anomaly characterized by a series of samples that extend 180 meters along the survey corridor into the structural footwall of the known cesium, lithium, and tantalum mineralization at West Joe. Strong anomalies for lithium and lithium, cesium, and tantalum (LCT) associated rubidium have also been observed in the results from West Joe.

A total of 177 samples were collected over five lines from the top 10 centimeters of glacial soil material at 25 meter spacing, along 600 meter to 800 meter survey lines. The program included a control line over known cesium, lithium, and tantalum mineralization at the West Joe prospect.

Approximately 15% of the total samples were run as QAQC samples that were inserted into the sample stream and include field duplicates, reference material, and blanks. Samples were submitted to Activation Laboratories Ltd ("Actlabs") in Timmins and were subsequently sent to Actlabs geochemical laboratory in Ancaster, Ontario for selective digestion based multielement geochemical analysis.

The two target areas to the NNW of West Joe also reported strong lithium and LCT-associated beryllium anomalies that are 150 to 200 meters wide along survey lines on top of the targets. Elevated cesium signatures and LCT-associated rubidium anomalies were also identified in the target areas, which is positive given the mobile nature of cesium, whilst displaying a strong lithium and beryllium signature. The area is covered by a think cover of glacial till with low lying relief displaying consistent water-rich zones compared to West Joe which has a relatively thin layer of glacial cover and outcrops at surface.

The Company is pleased at the success of the surface exploration methods to validate geophysical anomalies in ground covered by thick glacial material within the LCT-prolific Case Lake Property. Based on the geochemical results from cesium, lithium and K/Rb, and K/Cs ratios (Table 1-2) the Company is able to utilize this data for further targeting and exploration drilling.

These results further validate work to date on our geological targeting from structural and geophysical data at CLP as the Company continues to systematically test all prospective zones across the property.

MAGNETIC DRONE SURVEY

The Company has commenced its Phase II Drone Magnetic Survey with Pioneer Exploration across Case Lake to further add to the data collected during the recent Phase I program.

The Phase II survey will cover the majority of the high-priority targets across the southern portion of the project and will provide additional data to the current geophysical and structural review on CLP.

The low-level high-resolution magnetic survey consists of four survey grids totaling approximately 1,329 line-kilometers of airborne data, collected at 25-meter line spacing and 250 meters spaced perpendicular tie lines. The surveys will be carried out at an azimuth of 150° over a three-week period.

Once the data is added to the current geological model, the Company will commence targeting with soil sampling and exploration drilling programs throughout 2025 as part of our ongoing exploration focus on critical minerals across the property.

Case Lake Property

The Case Lake Property is located 80 km east of Cochrane, 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 10km by 9.5km in size with 14 granitic domes. The Case Lake pegmatite swarm consists of six spodumene dykes known as the North, Main, South, East and Northeast dykes on the Henry Dome, and the West Joe dyke on a new dome, collectively forming mineralization trend that extends for approximately 10km (Figure 4).

Power Metals have completed several exploration campaigns that have led to the discovery and expansion of new and historic spodumene bearing LCT pegmatites at Case Lake. The Company has drilled a total of 22,231 meters of core between 2017 and 2024 at the Property. The Case Lake Property is owned 100% by Power Metals Corp. A National Instrument 43-101 Technical Report has been prepared on Case Lake Property and filed on July 18, 2017 (Figure 4).

Pelletier Property

The Pelletier Property is located 50km south of Hearst, northeastern Ontario close to a network of forestry roads. The Property consists of 337 mineral claims that account for a total of 7000 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 Archean terrane boundary between the Quetico and Wawa sub-provinces (Figure 4).

Decelles Property

The Decelles Property contains 669 claims, covering 38,404 hectares of LCT prospective ground near the mining centers of Val-dÓr and Rouyn-Noranda, approximately 600km 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% (Refer to press release announced on August 24, 2023). The geology of Decelles property is part of the Archean Pontiac sub-province where S-type LCT prospective, pegmatite bearing, granitic Decelles Batholith intrudes into metasedimentary units of the Pontiac Group. Spodumene and Beryl bearing pegmatites have been reported historically within the Pontiac sub-province 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 (Figure 4).

Mazerac Property

The Mazerac Property is located approximately 30 km 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 center of Val-dÓr 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 and Beryl bearing pegmatites have been reported historically within the Pontiac sub-province in association with S-type garnet-muscovite granite (Figure 4).

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 (Cs,Na)₂(Al₂Si₄O₁₂)•2H₂O, (https://www.gov.mb.ca/iem/geo/industrial/pollucite.html). Currently the Tanco mine in Manitoba, Canada is the only operating cesium deposit and holds over 60% 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, P.Geo., Vice President of Exploration for Power Metals, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Power Metals

Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects. We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at www.powermetalscorp.com.

ON BEHALF OF THE BOARD

Johnathan More, Chairman & Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Power Metals assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.

SOURCE Power Metals Corp.