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Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an operational update from the Company’s interests in the Kalahari Copper Belt (the “KCB”) held through the Kanye Resources joint venture (“JV”) with partner Kavango Resources (LON:KAV)(“Kavango”).

Power Metal holds a 50% ownership interest in the JV which includes ten prospecting licences in the KCB covering an area totalling 4,257km². Kavango is operator.

HIGHLIGHTS:

· Environmental Management Plan (“EMP”) approved covering the Kanye Resources KCB Prospecting Licences (“PLs”) for a two year period.

· Exploration vectoring underway, towards initial target selection, including:

–  Re-logging of physical core data from historic drill holes

–  Ground magnetic geophysics survey underway on the southern limb of the Acacia target, in the JV’s South Ghanzi Project

–  Work underway to optimise future soil-sampling programmes, to account for changing ground conditions across the JV’s PLs

–  Initial drill strategy being finalised

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“Environmental Management Plan approval is a vital step forward for the JV and something we have been keen to secure, opening up the ability to move forward with planned drill programmes.

The size and scale of the JV prospecting licences means we must take all necessary measures to refine exploration data, notably with regard to drill hole targeting, and so this work is being done expeditiously.

Power Metal has a portfolio of four Botswana exploration interests.  Drilling has already been undertaken in 2021 at the Molopo Farms Complex and Tati projects, and we aim to see drilling commence at the Ditau Camp and South Ghanzi KCB projects in the near term.”

OPERATIONAL UPDATE

Kavango has commenced a ground magnetic geophysics survey of the southern limb of the Acacia target (the “Ground Survey”), in the South Ghanzi Project. This survey will help tighten the interpretation of the electromagnetic (“EM”) data it acquired from airborne geophysics surveys flown in the spring.

The Ground Survey will be conducted over a 14km by 4.5km block and will cover 676.5 line kilometres, including 634.5km of traverse lines and 42km of tie lines. Line spacing will be 100m and readings will be taken continuously.

In parallel to this, Kavango has also commenced a detailed sampling exercise to confirm the geochemical anomalies identified across the JV PLs in the KCB.

Acacia (in PL036/2020) is now the JV’s highest priority target for possible drilling in the KCB. Kavango anticipates the Ground Survey and further soil sampling will enable Kavango to confirm initial drill collar locations.

Kavango expects to commence “fence” drilling of lines of shallow boreholes. This will likely involve a combination of reverse circulation and diamond drilling. This drilling will act as an orientation exercise and should act as a precursor to a much more comprehensive, subsequent drill campaign. The “fence” drilling will also enable Kavango to assess structural trends and any associated geochemical and/or EM anomalies.

In parallel to this, Kavango has also started work on re-logging regional historic drill hole data. At this stage, Kavango is keen to deepen its understanding of the local stratigraphy, lithology and geology in its main areas of interest.

Further updates will be provided in due course.

COMPETENT 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 Competent 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: