Power Minerals Limited announced plans to undertake its next phase of exploration at the Musgrave nickel-copper-cobalt-PGE Project in the Musgrave province of northern South Australia. The Musgrave Project is a long-held core asset for Power. It comprises two Exploration Licences (EL5220 and EL5735) and eight Exploration Licence Applications (ELA118/96, ELA185/96, ELA367/09, ELA368/09, ELA189/15, ELA190/15, ELA191/15 and ELA197/15), over a total project area of 14,003km2. This positions Power as the dominant landholder in what is one of the most prospective and least explored mineralised belts in the world. Power is targeting large, magmatic nickel-copper-cobalt sulphide deposits at the Musgrave Project, similar in style to the Nebo-Babel deposit in the western region of the Musgrave province, the Nova- Bollinger deposits in Western Australia and the Tier-1 Voisey's Bay deposit in Canada, plus platinum group element (PGE) mineralisation. To date, the Musgrave region has not been extensively explored and has, in the opinion of Power, never had its potential value unlocked, making the Musgrave Project a highly significant province-wide discovery opportunity for Power. Detailed Sampling Program to Define Drill Targets: Previous exploration drilling has been conducted by the Company on the granted Exploration Licences (EL5220 and EL5735). Power already has completed over 3,000 drillholes across a very large area of the Musgrave Project providing the Company with an extensive data base of geological samples - and many of these sample have only had limited analysis. The Company is now undertaking a detailed multi-element re-sampling program of previous drill samples to help define targets for a next phase of drilling. Drillhole samples are the subject of pXRF analysis by Power, and to date in excess of 1,000 pXRF analyses have been completed using a full element matrix. Selective samples will then be sent for extensive laboratory analysis, and the results will be used to help define targets for a next phase of drilling at priority targets within the granted Exploration Licences (EL5220 and EL5735) within the Musgrave Project. Exploration Deeds are in place at these Exploration Licences, and Power plans to commence drilling once South Australian Department for Energy and Mining approval and heritage clearance has been secured. Exploration Deed Progress at Priority Pink Slipper Target The priority target at the Musgrave Project is the Pink Slipper geophysical anomaly. It is interpreted as a bedrock anomaly coincident with the base of a large ultramafic intrusion, with the potential to host sulphide accumulation, in a similar interpreted-style model to the Voisey's Bay and Nova-Bollinger deposits. Pink Slipper represents a Tier-1 exploration target, and was redefined by Airborne Electromagnetic Surveys conducted by CSIRO in 2019. Exploration of Pink Slipper is an ongoing core focus for Power. It is located within the Anangu Pitjantjatjara Yankunytjatjara (APY) Lands, and comprises four ELAs over a total area of 615km2. Pink Slipper is the subject of a Farm-in Joint Venture with Rio Tinto Ltd. (via Rio Tinto Exploration Pty Ltd), where Power has 51% equity in the joint venture. An Exploration Deed is required to be entered into between the JV partners and the APY traditional owners prior to the commencement of on-ground exploration at Pink Slipper. After the traditional summer hiatus, preparations have commenced for informational meetings to be held with the traditional owners to ensure all opinions are heard and respected. The traditional owners input and agreement is the final major stage in completing the Exploration Deed. Progress towards an Exploration Deed is ongoing under the leadership of Power's Land Access General
Manager, Damien Barnes.