Power Metal Resources plc (LON: POW) the AIM listed metals exploration and development company is pleased to announce an 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 (LON:RRR) holding a 50.1% interest.

Paul Johnson Chief Executive Victoria Officer of Power Metal Resources plc commented: 'As promised with the grant of licenses as announced yesterday RRAL have moved quickly to launch ground exploration with further information on the initial programmes outlined below.

Given over 12 million ounces of mined gold in the Ballarat West and Ballarat East mining camp, we are particularly eager to expedite exploration as RRAL targets a major gold discovery in the Victoria Goldfields, Australia.'

Background

RRAL announced on 2 February 2021 the grant of three of its exploration licence applications in Central Victoria, Australia - EL007271, EL7281 and EL7285.

The granted tenements comprise approximately 215km2 and form a key part of RRAL's central to south Ballarat project group. These tenements (along with current applications) surround and overlie the existing Ballarat West and Ballarat East mineralized lode systems - a mining camp reported to have produced over 12 million ounces. Modern production continues today at the Ballarat East mine.

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 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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