REG - Power Metal Res. - Perch River Uranium Property Drill Assay Results

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RNS Number : 2561I  Power Metal Resources PLC  20 November 2025

20 November 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Joint Venture

Fermi Exploration: Drill Assay Results from the Perch River Uranium Property

 

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is pleased to announce the
2025 drilling programme assay results for the Perch River Uranium Property in
the Athabasca Basin, Saskatchewan. The Perch River Uranium Property is held
under Power Metal's uranium-focused joint venture with Fermi Exploration Ltd
("Fermi").

Lead isotope analyses from diamond drillhole PR25_04A targeting the western
portion of the Rapids Fault System returned highly anomalous values consistent
with levels typically observed adjacent to uranium mineralisation, confirming
the Rapids Fault as a priority exploration target.

 

HIGHLIGHTS:

·    Highly anomalous lead isotopes detected in diamond drill hole
PR25_04A:

 

o  Results of up to 242.8 (²⁰⁶Pb/²⁰⁴Pb) and 0.15
(²⁰⁷Pb/²⁰⁶Pb) indicate a strong radiogenic lead signature typically
associated with uranium mineralisation within a major fault structure.

 

·    Rapids Fault System confirmed as a high-priority target, and the lead
isotope anomaly coincides with the low-velocity Ambient Noise Tomography
("ANT") zone identified in the 2024 geophysical survey.

 

·    Additional drill core sampling and petrography planned to refine the
geochemical model prior to further work.

 

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

"Although the drilling did not return the uranium grades we were hoping for at
this early stage, the results are far from discouraging. The exceptionally
high radiogenic lead signatures confirm the presence of a mineralised system
that remains highly prospective for uranium. These isotope values indicate
that fluids associated with uranium mineralisation may have migrated along the
Rapids Fault System, validating our geological model and materially
strengthening the case for continued exploration.

"Many discoveries in the Athabasca Basin have begun with this kind of subtle
but meaningful geochemical vector. With every new dataset, we refine the
target, reduce uncertainty, and narrow our focus on the most prospective parts
of the system - which is exactly what this work has delivered."

OVERVIEW

Between June and July 2025, a six-hole 1,563 m NQ (75.7 m wide) diamond
drilling programme (Table 2) was completed at the Perch River Property, which
targeted the Rapids Fault System, a 650 m long, east-west trending,
subvertical inferred fault/alteration system with coincident anomalous
uranium, lead isotopic and other elements associated with unconformity-related
mineralisation in soil, which had been identified as the "Rapids Target" in
2024.

The drill target area was delineated via a cutting-edge Ambient Noise
Tomography geophysical survey carried out over an area of significant
geochemical anomalism, the target area is a sub-vertical area of low velocity
extending at least 400 m. This was inferred to be either a significant deep
fault system, or an area of intense alteration; both of which are common
features to unconformity-related uranium deposits.(1) This east-west trending
fault system, termed the "Rapids Fault System" and mineralisation contained
within it, was the target for the summer 2025 drilling programme.

Unconformity-related deposits are hydrothermally derived uranium deposits that
are typically very high grade but small in size and have highly variable
alteration systems, some of which can be very narrow, only subtly different
from the surrounding geology, and thus challenging to detect. The transition
between mineralised and unmineralised areas can be over a matter of
centimetres, and thus a variety of techniques and a multiphase approach are
required to target and explore for such deposits confidently.

The Summer 2025 drill programme failed to encounter any elevated radioactivity
through spectrometer surveying (using a calibrated RS-120), but did encounter
encouraging alteration and greatly improved the Company's understanding of the
Rapids Fault System.

Following the completion of the drilling in July 2025, chip samples were
submitted to the Saskatchewan Research Council GeoAnalytical Laboratories in
Saskatoon, Saskatchewan, for a metals and lead isotope suite. Chip samples
were also analysed by Short Wave Infrared (SWIR) analysis by Axiom Exploration
Group, Saskatoon, to provide basic mineralogical analysis. Following receipt
of both datasets, the data were integrated into the Company's
three-dimensional model, to allow comparison to previously acquired data,
including the ANT, airborne gravity, magnetics and electromagnetic surveys,
alongside soil geochemistry and radon results.

 

Drilling Results

Drillhole PR25-04A intersected a 100 m interval (290-390 m downhole depth)
containing highly radiogenic lead isotope ratios, confirming uranium-related
alteration within the Rapids Fault System. The results include values up to
²⁰⁶Pb/²⁰⁴Pb = 242.8 and ²⁰⁷Pb/²⁰⁶Pb = 0.15 - signatures
considerably greater than those sampled in proximity to uranium mineralisation
within uranium deposits in comparable areas.(1)

Drillhole PR25_04A was designed to test the western extent of the ANT survey,
which delineated the east-west Rapids Fault System in close proximity to the
major north-south-trending Fond du Lac Fault. It was the second hole drilled
in the area, following the unsuccessful completion of the initial hole due to
poor drilled core recovery. The location of PR25_04A, and the other five drill
holes completed during the summer 2025 drilling, are shown in Figure 1.

Results from drillhole PR25_04A indicate the presence of highly anomalous
(206)Pb/(204)Pb, (207)Pb/(206)Pb lead isotope results (>40, and <0.4,
respectively), as shown in Table 1. These samples are located within the low
velocity zone, and thus the Rapids Fault System, inferred from the ANT survey.

Sustained ²⁰⁶Pb/²⁰⁴Pb ratios above 40, including highly anomalous
values of 94.8, 124.8, and 242.8, indicate that lead in this interval contains
a high proportion of lead that is radiogenic - derived from the decay of
uranium. Within the same interval, ²⁰⁷Pb/²⁰⁶Pb ratios yield highly
anomalous signatures comparable to those reported from uraniferous ore zones
elsewhere(1), with three samples < 0.30 and two samples < 0.20.

These results correspond to the downhole depth interval of 290-390 m,
equivalent to a true vertical depth of 251-338 m and at absolute elevations
ranging from approximately +14 m to -73 m a.s.l. The sample locations are
shown in plan view on Figure 1, and their three-dimensional orientation
relative to the ANT data is illustrated in Figure 2.

Notes: Drill collars & trace of the 2025 drilling shown with the location
of the highly anomalous (206)Pb/(204)Pb  (207)Pb/(206)Pb ratio results. Major
local faulting, and the extent of the Rapids Zone, an area of highly anomalous
geochemistry in soils determined through fieldwork in 2024 is also marked.

Figure 1: Drill Programme Hole Location and Downhole Traces with Surface
Expression of the Rapids Fault System

Notes:  Downhole location of the highly anomalous ²⁰⁶Pb/²⁰⁴Pb
results in hole PR25_04A overlain on a cut section (facing 55° East) of
Ambient Noise Tomography survey data. Note the location of the highly
anomalous ²⁰⁶Pb/²⁰⁴Pb results within the inferred extent of the
Rapids Fault System.

Figure 2: Cross-Section Showing Projection of Drillhole PR25_04A and Anomalous
Lead Ratios

 

Between 287.9 m to 322.5 m downhole in PR25_04A, the drill core comprises a
pelitic unit characterised by pervasive dark greenish to reddish
chlorite-hematite alteration, accompanied by intense shearing, fracturing, and
brecciation. In several intervals, alteration is so intense that strong
chlorite development has almost totally replaced the original rock fabric.

Below this interval, the core alternates between granitic and pelitic gneiss,
both showing moderate foliation and weak to moderate hematite and chlorite
alteration. These features indicate a significant structural and hydrothermal
overprint, consistent with deformation and fluid movement along nearby fault
zones. No visible uranium mineralisation was observed, nor was there a
significant measured radiometric response, within the logged interval;
however, this style of alteration is typical of both mineralised and barren
zones in unconformity-related uranium systems.(2)

Geochemical analyses returned slightly elevated uranium values of up to 68.3
ppm U, which are well below economic grades but confirm the presence of
uranium-bearing hydrothermal fluids within the system. Actual values of total
lead are similar to background values drilled on Perch River; between 1 and 8
ppm Pb. The Company is also evaluating additional geochemical anomalies along
the Rapids Fault System, including elevated rare earth elements (REEs) and
phosphorus.

Based on these results, Fermi considers the Rapids Fault System to remain a
high-priority exploration target with strong potential for significant uranium
mineralisation.

 

Table 1: Drillhole PR25_04A: Lead Isotope and Uranium Assay Results

 Downhole Depth      Lead Isotope Ratios                     Assay Result
 From (m)  To (m)    ²⁰⁶Pb/²⁰⁴Pb            (207)Pb/(206)Pb  Uranium (ppm)
 289.9     290.0     42.0                   0.429            1.0
 295.5     296.0     88.0                   0.227            7.4
 296.0     296.5     124.8                  0.186            68.3
 296.5     297.0     87.7                   0.255            11.0
 299.9     300.0     18.6                   0.792            1.2
 310.0     310.1     242.9                  0.153            36.6
 320.0     320.1     46.7                   0.329            4.4
 329.9     330.0     18.0                   0.819            1.3
 340.0     340.1     94.3                   0.258            10.7
 350.0     350.1     22.9                   0.641            6.0
 360.0     360.1     16.6                   0.854            1.7
 370.0     370.1     71.7                   0.302            11.9
 380.0     380.1     29.3                   0.512            5.4
 390.0     390.1     90.0                   0.244            19.5

Table Notes: Anomalous results are shown in bold.

Next Steps

The current data are derived from chip sampling of the core, followed by a
Saskatchewan Research Council's Geoanalytical Laboratories ICP-MS2 "Basement
Exploration Package". This analytical package involves a sample of rock that
is crushed, subjected to harsh chemical digestion, and analysed. This method
is quick and indicative; however, there are subtleties in mineralogy and
geochemistry that can greatly enhance the understanding of the target geology,
which are not available through whole-rock geochemistry. Additionally, the
localised nature of chip sampling, where a small sample is taken every 10 m,
gives a very coarse result and more detailed sampling is needed to define
targets better.

The Fermi technical team will complete detailed follow-up sampling and
mineralogical work over the anomalous 100 m interval and adjacent holes.
Pending results, Fermi will assess additional drilling at Perch River in early
2026.

Table 2: Drillhole Details on the Perch River Property

 Drillhole ID  Longitude  Latitude  Azimuth     Dip             Downhole Depth

                                    (degrees)   (degrees)       (m)
 PR25-001      508356     6552606   162         -45             377
 PR25-002      508356     6552606   -           -90 (vertical)  230
 PR25-003      508377     6552566   141         -84             203
 PR25-004      508830     6552760   317         -60             119
 PR25-004A     508214     6552325   318         -70             395
 PR25-005      508830     6552760   143         -61             239

Table Notes: Grid references stated in UTM Zone 13N NAD83 datum. Drill bit
diameter: NQ Core, 75.7 mm.

Other Properties

Due to permitting delays and the challenges of completing a
helicopter-supported drill programme during the autumn-early winter, the
Badger Lake drill programme has been postponed to mid-late winter 2026 and
will run concurrently with the proposed drill programme on Hawkrock East.
Contractors, targets and permits are in hand, to allow for a rapid
mobilisation when conditions allow.

 

Technical Background - Lead Isotope Results

Lead 206 ("(206)Pb") is an isotope of lead that is derived from the
radioactive decay of uranium, while lead 204 ("(204)Pb") is the isotope of
lead that was derived from cosmogenic sources (i.e. supernova collapse).
Isotope (204)Pb remains a constant within geological systems. By comparing the
values of both isotopes in a sample, it is possible to determine what
proportion of lead was derived from uranium.

There are five stable isotopes of lead, and lead-207 is also relevant when
assessing the suitability of an area for Paleoproterozoic-Mesoproterozoic
unconformity-related uranium deposits(2)-the style of mineralisation targeted
by Fermi within the Athabasca Basin. Such mineralisation typically exhibits
low (207)Pb/(206)Pb ratios, reflecting both the initial ratio of the two
uranium parent isotopes (²³⁵U/²³⁸U) and the shorter half-life of
²³⁵U relative to ²³⁸U. This distinctive isotopic fingerprint, when
compared with the barren sandstones of the Athabasca and analogous basins, has
led to the use of (207)Pb/(206)Pb-alongside (206)Pb/(204)Pb-as a potential
geochemical vector toward unconformity-related uranium mineralisation.

Typically, the background (206)Pb/(204)Pb ratio is between 18 and 19; results
between 20 and 30 suggest an input from radiogenic decay, and results over 40
suggest strongly radiogenic decay with a direct association with uranium.

A (206)Pb/(204)Pb ratio of 100 or greater is comparatively rare, and has been
found associated with mineralisation in similar geological settings as the
Athabasca Basin(3). For (207)Pb/(206)Pb, a ratio of below 0.75 is considered
background, between 0.75 and 0.4 to be anomalous, 0.4 to 0.2 to be strongly
anomalous, and <0.2 to be highly anomalous, and previously located within
mineralised zones.

Lead and uranium display distinct geochemical behaviours under varying
geological conditions. Whereas uranium can be readily mobilised as soluble
uranyl complexes, lead typically remains fixed or undergoes limited
redistribution. Consequently, the distribution of lead-particularly radiogenic
Pb derived from uranium decay-can serve as a secondary vector to uranium
mineralisation.

 

GLOSSARY

 ²⁰⁶Pb/²⁰⁴Pb Lead Isotopes                A measure of the ratio of uranium-derived lead (known as "radiogenic lead"
                                          ²⁰⁶Pb) to non-radiogenic "primordial" lead (²⁰⁴Pb). High ratios may
                                          suggest uranium mineralisation.
 ²⁰⁷Pb/²⁰⁶Pb Lead Isotopes                Lower ²⁰⁷Pb/²⁰⁶Pb ratios (typically around 0.15-0.20 in
                                          Athabasca-style systems) are diagnostic of radiogenic lead derived from
                                          uranium minerals.
 Alteration                               A change in the mineral composition and texture of a rock due to hydrothermal

                                        fluids, heat, pressure, or other geological processes. It often occurs near
                                          ore deposits and can serve as an exploration guide.
 Basement Rocks                           Older crystalline rocks (granite, gneiss, etc.) that lie beneath younger
                                          sedimentary layers. In the Athabasca Basin, uranium mineralisation often forms
                                          at or just below this contact.
 Chlorite Alteration                      A type of chemical alteration in which chlorite (a green, iron-rich mineral)
                                          forms in response to hydrothermal fluids. Often found near uranium deposits as
                                          part of the alteration halo.
 Metapelite                               A metamorphosed fine-grained sedimentary rock originally rich in clay (i.e., a

                                        pelite). Commonly includes minerals like garnet, biotite, and sillimanite,
                                          depending on metamorphic grade.

 Subvertical                              Describes a geological feature (e.g., fault, vein, or rock layer) that is

                                        steeply inclined, close to vertical-typically with a dip angle between about
                                          70° and 90°.
 Structurally Complex                     Describes a rock or geological area that has undergone multiple phases of

                                        deformation, resulting in a mix of folds, faults, shears, and fractures. Such
                                          areas can host mineralisation due to enhanced fluid flow pathways.
 Short-Wave Infrared (SWIR) Spectroscopy  A mineral identification method based on the infrared absorption spectra of
                                          minerals. Useful for detecting clays and alteration minerals associated with
                                          hydrothermal system

 

REFERENCES

1 Quirt, D. & Benedicto, A., 2020. Lead isotopes in exploration for
basement-hosted structurally controlled unconformity-related uranium deposits:
Kiggavik Project (Nunavut, Canada). Minerals, 10(6), p.512.
doi:10.3390/min10060512.

2 Jefferson, C.W., Thomas, D.J., Gandhi, S.S., Ramaekers, P., Delaney, G.,
Brisbin, D., Cutts, C., Portella, P. and Olson, R.A., 2007.
Unconformity-associated uranium deposits of the Athabasca Basin, Saskatchewan
and Alberta. Bulletin-geological survey of Canada, 588, p.23..

3 Grare, A.; Benedicto, A.; Lacombe, O.; Trave, A.; Ledru, P.; Blain, M.;
Robbins, J. The Contact uranium prospect, Kiggavik project, Nunavut (Canada):
Tectonic history, structural constraints and timing of mineralization. Ore
Geol. Rev. 2018, 93, 141-167

 

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 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/
(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 - Background

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is a London-listed metals
exploration company 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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