REG - Power Metal Res. - Drake Lake-Silas Initial Assay Results

Power Metal ResourcesAnnouncement

Tue 07:00

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RNS Number : 8746H  Power Metal Resources PLC  18 November 2025

18 November 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Joint Venture

Fermi Exploration: Drake Lake-Silas Initial Assay Results

 

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is pleased to report the
first batch of drill core assay results from the Drake Lake-Silas Project in
Labrador, Canada, part of its uranium-focused joint venture with Fermi
Exploration Ltd ("Fermi"). (1)

The update concerns the preliminary results, comprising the first batch of 30
assay results from samples submitted for expediated analysis,  from a seven
hole (1,903m) diamond drilling programme completed on Drake Lake. This work
was undertaken by Power Metal and Fermi.

 

HIGHLIGHTS:

·    Two key targets tested:

o  Central Target, structurally controlled uranium zone with potential for
Iron Oxide Copper Gold ("IOCG") deposit style mineralisation (2, 3); and

o  Northeast Target, potential strike extension of the Armstrong Deposit
which has a historical Inferred resource of 900,000lb U (1 Mt @ 0.041%
U(3)O(8) at a 0.015% U(3)O(8) cut-off grade) (4)

 

·    High-grade uranium intersected: In the Central Target DL25-02
intersected 0.33% U over 2.05 m within a broader 12 m zone (up to 5,000 cps).

 

·    Mineralisation along strike of the Armstrong Deposit confirmed at the
Northeast Target; DL25-04 returned 1,490 ppm U (0.15% U), plus elevated
vanadium and zinc.

 

·    Next steps: Full geochemical and mineralogical analyses pending to
guide future work.

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

"These preliminary assay results from Drake Lake-Silas are encouraging,
especially given the limited number of early samples received to date. Even at
this initial stage, we are already seeing meaningful uranium grades-up to
0.33% U over 2.05 metres within a wider 6.8-metre mineralised zone-alongside
geological features that strongly support both the IOCG model and the
potential extension of Armstrong-style mineralisation across the property.
Importantly, this is only a small subset of the data, with the vast majority
of geochemical assays, mineralogical analyses, and petrological work still
pending.

As the remaining results are returned, we expect to significantly refine our
understanding of the mineralising system, and we are eager to see what the
next stages of work may uncover. We look forward to providing further updates
as we better understand the geology, and opportunity at Drake Lake-Silas."

OVERVIEW

The Drake Lake-Silas, seven-hole 1,903 m diamond drilling programme tested two
target areas:

1.    Central Target - (IOCG-style mineralisation) - Five DDH (2,065m)
aimed to identify large mineralising and alteration systems, with uranium
hosted in hematic breccias; and

2.    Northeast Target (Armstrong Deposit extension) - Two DDH  (595m)
aimed to trace uranium-bearing structures related to a potential continuation
of the Armstrong Deposit, located 550 m to 1,100 m to the northeast.

Prior to drilling, Fermi completed detailed surface geochemistry, radon
sampling, and combined magnetic-gravity geophysical survey data
interpretation. This work was supplemented by a Mobile MT resistivity and an
Ambient Noise Tomography ("ANT") geophysical survey to define structures
controlling mineralisation and alteration above potential mineralisation.

The first assay batch reported herein comprises the assay results for 30
samples submitted for expedited or 'rush' analysis at Activation Laboratories
Ltd (Ancaster, Ontario); the remaining 325 samples are in progress. In
addition, 355 pulp samples have been submitted for Short-Wave Infrared (SWIR)
spectroscopy by Axiom Exploration Group (Saskatoon) and are expected in the
next few weeks.

The Company is awaiting geochemical and petrological results from drillholes
DL25-03, DL25-05, and DL25-07 (shown in Figure 1), as well as from the
remaining sections of the two drill holes (DL25-02 and DL25-04) reported in
this release.

Figure 1: location of the drillholes, and intersections on the Drake Lake
Property reported in this release.

 

Results from the Centre of the Property - IOCG-style mineralisation

Drillhole DL25-02, intersected a 2.05 m thick hematite breccia with readings
up to 5,000 Counts Per Second ("cps") at a downhole depth of 496.65 m (278m
true vertical depth "TD"). This intersection was located within 12 m wide zone
of elevated radiation (>600 cps). This narrow intercept lies within an
inferred shear structure, characterised by metasedimentary rocks, which cuts
through the mainly basaltic geology of the property.

From the 12m intersection, the best (true) uranium grade of 3,330 ppm (0.33%)
U over 2.05 m, and mineralised intercept of 1,110 ppm (0.111%) U over 6.8 m.
Copper is also similarly elevated - up to 0.4% Cu and elevated molybdenum (up
to 356 ppm) within an iron dominated breccia suggests an IOCG affinity. (2, 3)
 

Table 1: Sample Batch 1; Drill hole DL25-02 Downhole Intersections

 Hole No   From (m)  To (m)  Length (m)  Type         U %      Pb ppm  Cu ppm  Mo ppm
 DL-25-02  494       495.1   1.1         Core sample  0.00437  20.1    104     2.44
 DL-25-02  495.1     496.65  1.55        Core sample  0.00408  27.9    156     1.02
 DL-25-02  496.65    497.75  1.1         Core sample  0.30200  969     3,180   325
 DL-25-02  497.75    498.7   0.95        Core sample  0.36900  1110    4,170   356
 DL-25-02  498.7     499.75  1.05        Core sample  0.02200  62.1    103     4.76
 DL-25-02  499.75    500.8   1.05        Core sample  0.03000  109     135     3.5

Table notes: Sample Batch 1: 4 acid digest with ICP-MS Finish from DL-25-02.
Two types of samples tested, split whole core ("core" in table above),
generally from half of the drilled core, with the remaining half retained for
logging and further analysis.

Drillhole DL25-05, located 630 m to the northwest of DL25-02 intersected a 24
m-wide massive sulphide stockwork (232.75-256.5 m) with up to 1,680 ppm Zn,
505 ppm Cu, and 30% Fe, but failed to intersect significant uranium. However,
anomalous Rare Earth Element ("REE") values (221-228 ppm Total REE) below the
sulphide zone suggest hydrothermal activity associated with the potential IOCG
system.

Northeast Target

The drilling in the northeast of the property to evaluate the potential of an
extension of mineralisation from the Armstrong Deposit and targeted an
analogous geophysical response. The drilled geology was closely analogous to
the Armstrong Deposit itself.(4, 5) The results recorded are similar to
Armstrong; However, Drake Lake exhibits a greater base metal signature (up to
438 ppm Zinc), it has a comparable Uranium (1,490 ppm U) and Vanadium (278
ppm) grade to the secondary intersections of the Armstrong Deposit.

Results from DL25-04 confirm the continuation of Armstrong-style
mineralisation, with uranium, vanadium, and zinc values matching those found
at the main deposit. These results strengthen the geological connection across
the Drake Lake-Armstrong corridor and justify expanded follow-up work.

Table 2: Drillhole DL25-04 Intersections

  Hole No   From (m)  To (m)  Length (m)  Type         U ppm  Pb ppm  Zr ppm  V ppm
 DL-25-04   89.8      98.15   8.35        Composite    0.6    1       25      278
 DL-25-04   98.15     103.1   4.95        Composite    2.1    3.7     27      277
 DL-25-04   103.1     104.4   1.3         Core sample  8.6    5.1     16      189
 DL-25-04   104.4     105.2   0.75        Core sample  1490   524     438     174
 DL-25-04   105.15    106.3   1.15        Core sample  0.3    2.9     29      290

 

Next Steps

The Company is awaiting the assay results from the remaining 325 core samples
currently undergoing analysis and 355  SWIR analyses  on the pulp samples
from the seven drilled holes, and has initiated petrological studies of key
intervals to refine the geological model. These results will inform future
drilling and target prioritisation on the property.

 

Table 3: Drillhole Details

 Drillhole ID  Easting  Northing  Azimuth°   Dip °           Length (m)
 DL-25-01      628314   6034013   315        -53             332
 DL-25-02      628909   6035268   310        -57             569
 DL-25-03      629333   6035875   -          -90 (vertical)  314
 DL-25-04      629519   6035677   310        -63             281
 DL-25-05      628400   6035591   310        -56             320
 DL-25-06      629855   6033761   310        -63             401
 DL-25-07      628234   6035010   310        -85             443

Table notes: Coordinates stated as UTM Zone 20N, NAD datum.

GLOSSARY

 Term                                          Explanation
 ANT (Ambient Noise Tomography)                A geophysical imaging method that uses natural background vibrations of the
                                               Earth to map underground structures

 Breccia (hematite breccia)                    A rock made of broken fragments cemented together. In hematite breccia, the
                                               cement is iron oxide. The broken texture can allow metal-rich fluids to flow
                                               and deposit minerals.

 Composite sample ("Comp")                     A sample made by combining small pieces of drill core over a defined interval
                                               to provide an averaged geochemical result.
 Counts Per Second (CPS)                       A measure of radioactivity recorded by handheld radiation detectors. High CPS
                                               suggests uranium or thorium in the rocks. Quick field tool, but confirmed by
                                               assays.

 Induced Polarity (IP) survey                  A geophysical method measuring how well rocks temporarily hold an electrical
                                               charge. Sulphide-rich rocks often give strong IP signals.

 IOCG (Iron Oxide Copper Gold) mineralisation  A style of deposit containing iron oxides (hematite/magnetite) with copper,
                                               gold, uranium, and other metals. These deposits can be very large and
                                               valuable.

 Massive sulphide                              A solid body of sulphide minerals (pyrite, pyrrhotite, sphalerite,
                                               chalcopyrite). Often forms valuable ore deposits.

 Metasedimentary horizon/rocks                 Sedimentary rocks (sandstone, shale) that have been changed by heat/pressure
                                               (metamorphism).

 Mobile MT survey                              A geophysical method using natural electromagnetic fields to map resistivity
                                               of rocks at depth. Good for imaging deep structures that may control
                                               mineralisation.

 Pulp Sample                                   A pulp sample is a subsample produced during the sample preparation stage in
                                               which the crushed and milled material is ground to a fine, uniform powder.
                                               This powder is used for the analytical chemistry,  but can also be used for
                                               other applications, such as SWIR.
 Petrographic sample                           A thin rock slice prepared for microscopic analysis to determine mineral
                                               composition, textures, and alteration, aiding interpretation of rock history
                                               and ore-forming processes.

 SWIR (Short-Wave Infrared) Analysis           A spectral technique measuring short-wave infrared light absorption in
                                               minerals, used to identify alteration minerals (e.g., clays, carbonates) and
                                               interpret hydrothermal alteration or mineralising fluid pathways.

 

 

 

REFERENCES

1              Company announcement, Uranium JV Renamed Fermi
Exploration Ltd, dated 2 December 2024 (
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmev52w
(https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmev52w)
)

2              Iron oxide copper-gold mineral system, Geoscience
Australia (
https://www.ga.gov.au/data-pubs/data-and-publications-search/publications/critical-commodities-for-a-high-tech-world/iron-oxide-copper-gold
(https://www.ga.gov.au/data-pubs/data-and-publications-search/publications/critical-commodities-for-a-high-tech-world/iron-oxide-copper-gold)
)

3              Williams, P.J., Barton, M.D., Johnson, D.A.,
Fontboté, L., de Haller, A., Mark, G. & Oliver, N.H.S., 2005. Iron Oxide
Copper-Gold Deposits: Geology, Space-Time Distribution, and Possible Modes of
Origin. In: Hedenquist, J.W., Thompson, J.F.H., Goldfarb, R.J. & Richards,
J.P. (eds.) Economic Geology 100th Anniversary Volume, Society of Economic
Geologists, Littleton, CO, pp.371-405.

4              Form 43-101 Technical Report on the Central
Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair,
Exploration & Mining Corp., dated 31 July 2008

(
https://www.sec.gov/Archives/edgar/data/1287121/000106299308003713/exhibit99-1.htm
(https://www.sec.gov/Archives/edgar/data/1287121/000106299308003713/exhibit99-1.htm)
)

5              Armstrong, S.L. & Clarke, E.J. (2009) CMB
Uranium Project 2007 Assessment Report: Diamond Drilling, Geological Mapping,
Prospecting, Geochemical Exploration Surveys, Geophysical Modelling, Technical
Reports. Crosshair Exploration & Mining Corp., amended April 9, 2009, 176
pp.

 

 

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 Power Metal
Resources PLC has retained to provide technical support.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain. For further information please
visit https://www.powermetalresources.com/
(https://www.powermetalresources.com/)  or contact:

 Power Metal Resources plc
 Sean Wade (Chief Executive Officer)                      +44 (0) 20 3778 1396

 SP Angel Corporate Finance LLP (Nomad and Joint Broker)
 Ewan Leggat/Jen Clarke                                   +44 (0) 20 3470 0470

 Tamesis Partners LLP (Joint Broker)
 Richard Greenfield/Charlie Bendon                        +44 (0) 20 3882 2868

 BlytheRay (PR Advisors)
 Tim Blythe/Alastair Roberts                              +44 (0) 20 7138 3204
                                                          powermetalresources@blytheray.com

NOTES TO EDITORS

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is a London-listed
natural resources exploration company and project incubator which finances and
manages global resource projects 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, Saudi
Arabia, Oman and Australia.

Project 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 project 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 distributions of assets.

 

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