Power Metal Resources plc Announces Lithium Focused Exploration Update for the Selta Project Located in the Northern Territory, Australia

Power Metal Resources plc announced a lithium focused exploration update for the Selta Project located in the Northern Territory, Australia, and held by the Power Metal’s 82.78% -owned subsidiary First Development Resources Ltd. (FDR). HIGHLIGHTS: Following on from a recent in-depth data review covering Selta, FDR have undertaken a lithium specific review based initially on further desktop analysis. The review specifically focused on the potential for pegmatite geology across the Selta Project and its capacity to host lithium mineralization. The desktop work included a review of lithium specific publicly available data, along with a review of satellite imagery and hyperspectral analysis to identify high-priority targets for further field investigation. The multi-layered approach to the target definition process has identified several hundred coincident anomalies potentially indicative of pegmatite geology and 65 initial primary and secondary targets have been selected for further investigation. FDR have mobilized a field investigation team which will arrive on site in the coming days to conduct mapping and surface sampling of the prospective targets identified. The potential for lithium presents an additional opportunity for a mineral discovery within the Selta Project area, an opportunity which had previously been unknown. To gain a better understanding of the potential for lithium-caesium-tantalum (LCT) type pegmatites, the Company has undertaken a review of all publicly available data to help refine target areas for further investigation. The datasets included in the review have included satellite imagery, known mineral occurrence data recorded on the Northern Territory Government STRIKE database, hyperspectral analysis using Sentinal-2 visible / near infrared and shortwave infrared imagery and historic stream sediment sampling data acquired by Crossland Uranium between 2014 -16. The priority lithium targets selected are primarily associated with surface anomalies which have been identified on satellite imagery and are coincident with a spectral response relating to the spectral fingerprint of identified spectral endmembers. The interpretation of the spectral endmembers has been determined by comparing them to a library of 481 mineral spectra compiled by the United States Geological Survey. The endmembers of interest at Selta include neodymium (Nd) and lepidolite. Neodymium is a rare-earth element which based on hyperspectral review, is prevalent across Selta and the adjacent license areas. Lepidolite can be associated with lithium-bearing minerals such as spodumene (LiAl (SiO3) 2), in pegmatite bodies. A field team will be deployed immediately to Selta to conduct site-specific reconnaissance and to collect samples for analysis from multiple high-priority lithium and REE targets. The initial target area will focus on 65 primary and secondary targets identified across two areas. One group of targets covers an area of ​​approximately 3km x 2km and a second area covering approximately 4km x 3km. These two groupings are part of a larger area covering approximately 100 km within which, several hundred similar surface anomalies have been identified.

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