Power Metal Resources plc (LON: POW) the AIM listed metals exploration and development company is pleased to announce an exploration update in respect of Red Rock Australasia Pty Ltd ('RRAL') a joint venture company with gold exploration interests near the historic mining centre of Ballarat in the Victoria Goldfields.

Power Metal has a 49.9% interest in RRAL, with Red Rock Resources plc ('Red Rock') (LON: RRR) holding a 50.1% interest.

Highlights

Further to the Company's announcement of 3 February 2021 announcing the commencement of exploration on recently granted exploration licences a sampling and mapping programme has been undertaken.

The programme objectives were to identify potential southern extensions to the main lode systems of Ballarat East through looking for low level gold anomalism and pathfinder elements and to evaluate the relative effectiveness of X-ray Fluorescence ('XRF') and Mobile Metal Irons ('MMI') testing in the region, as part of a programme of work to constrain the areas to be drill tested later in the year.

A total of 1,024 soil and rock chip samples were collected in EL007271 and EL007281 in the old Monmouth/Enfield and O'Laughlin/Scotsburn mining areas for XRF and MMI testing as follows: 142 soil samples have been collected to date in EL007281 with rock chip sampling, mapping and sampling of road cuttings continuing at present.

882 soil samples have been collected in EL007271 of which 84 have been sent for MMI analysis.

Sample analysis results are expected to be received in the coming weeks.

Preparation of work plan and stakeholder engagement for trenching around Monmouth.

RRAL Director Dave Holden comments : 'Increasing evidence from previously unknown workings of east-west lines of mineralization at Monmouth, in an area where the main geological trend runs north-south, has been an interesting outcome of our work to date, and is being actively followed up.

As early as 1903 it was recognised that this mineralisation may be different to the main Ballarat system, with reference to a pyrite lode and 'gold shale'. The numerous reefs along both the Happy Thought line and at the Monmouth Mine were considered at the time to be strongly reminiscent of the Jubilee Mine project (mined 1887 - 1913). That mine produced approximately 130,000 ounces of gold at a recovered grade of around 12 g/t, showing the potential importance of east-west structures in this environment.

The programme is going well and besides working on our technical presentations we continue to intensify our community engagement and to prepare our environmental programme including flora and fauna surveys. The pace of activity is intensifying as more of our licence applications start to be granted.'

Contact:

Paul Johnson

Tel: +44 (0) 7766 465 617

Notes to Editors

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base and strategic metal metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

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