Power Metals Corp. announced discovery of new pegmatites north of known pegmatite deposits at its 100% owned Case Lake Property (The Property) in northeastern Ontario. The new pegmatites were identified during the company's ongoing 2023 field exploration program that started in summer of 2023.

The 2023 field exploration program is focusing on prospecting, sampling and geological mapping of existing and new pegmatite prospective areas that were identified using compilation and interpretation of geological maps, drilling, and recently acquired high resolution magnetic and LiDAR surveys. key exploration highlights: The new pegmatite dikes occur about 1.5 km north of the Northeast dike in close proximity to Dome Nine. Field observations and assay results of samples collected in 2023 confirm presence of 10-to-15-meter wide spodumene bearing pegmatites with Lithium content as high as 1.12% Li2O; The 2023 field program confirmed presence of spodumene about 300 meters southeast of the Main Zone in the western part of the East dike; A new pegmatitic tonalite was identified approximately 1.3 km southwest of the West Joe Zone in metavolcanic units in an area where historical geological maps reported trenches with pegmatites and quartz veins that contain molybdenum; In addition to previously identified tonalitic domes that are prospective for Lithium-Cesium-Tantalum (LCT) pegmatites on the property, compilation of historical & recently acquired LiDAR & magnetic data identified nine pegmatite prospective new areas; These areas were identified based on presence of pegmatitic tonalites, lineaments, and their similar magnetic and LiDAR signatures compared to the signature of areas that host LCT mineralization at Case Lake; The company is progressing well with the 2023 field exploration program and is prioritizing the highlighted results to generate drill ready targets.

Power Metals is fully budgeted for 15,000-meter drill program that is expected to start later in the fall.