Power Metal (POW.L) New Ballarat – Licence Grant & Drilling Commences

New Ballarat Gold Corporation – Local Subsidiary in the Victoria Goldfields has Additional Licence Granted and Gold Drill Programme Commences

Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from its joint venture subsidiary New Ballarat Gold Corporation PLC (“NBGC”) which is undertaking gold exploration at its granted exploration licences in the Victoria Goldfields in Australia.

Highlights

· NBGC’s first diamond drill programme begins at O’Loughlin’s prospect south of Buninyong

· Grant of new 489 km2 exploration licence EL007282 (Blue Sky) in Victoria, Australia, with 9 licences now granted covering 1,501 km2

Further information in respect of the granted licences and licence applications is provided below and for additional information regarding the above drill programme, now commenced, please review the Company’s announcement dated 7 December 2021 which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/business-update-red-rock-resources-australasia/15240196

Paul Johnson, Chief Executive Officer of Power metal Resources commented: “Today marks an important point in the life of New Ballarat Gold Corporation as inaugural gold exploration drilling commences. We look forward to the results feeding out from the project.

We also have the welcome news that a further large exploration licence, EL007282 (Blue Sky), has been granted, taking the total portfolio of granted licences to over 1,500km2 for the first time. To hold such a large land granted footprint in the Victoria Goldfields is a tremendous positive.”

Granted Licences

The granted licences cover high priority areas covering 1,501 km2 where NBGC has early drill targets and in which exploration has already started.

Licence Applications

RRAL has applications in process for seven other new gold exploration licence areas covering approximately 805 km2 in the Victoria Goldfields of Australia including:

* Balmaine Gold Pty Ltd, Mercator Gold Australia Pty Ltd, and Loddon Gold Pty Ltd have put in competing applications the same day as RRAL for the ground covered by EL007540. The application considered to have greatest merit will eventually be given priority.

New Ballarat Gold Corporation PLC

NBGC is a privately owned joint venture company owned 50.1% by Red Rock Resources plc (LON:RRR) and 49.9% by Power Metal.

NBGC holds a 100% interest in local operating subsidiary Red Rock Australasia Pty Limited a private Australian company which holds a 100% interest in all operating granted licences and licence applications (“RRAL”).

NBGC holds a strong land position of 2,306km2 (1,501km2 granted licences) in the rich gold fields of Victoria, Australia, principally around the mining centre of Ballarat, as the result of a focused exploration strategy targeting high grade quartz hosted gold veins systems in a region where the exploration models and targets are well understood.

NBGC has carefully assembled its portfolio of properties comprising a broad range of robust exploration targets, all of which remain largely undeveloped by modern explorers.

With the first tenements granted only in 2021 NBGC is already at an advanced stage of exploration with three promising gold prospects one of which is the subject of the diamond drilling now underway.

Still able to actively operate in the current global pandemic, NBGC has exploration geologists and field crews active in the field. This is coupled with a technical team holding an in-depth knowledge of Victorian geology including extensive underground experience gained from working in currently operating mines in the area.

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/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617


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