Power Minerals Limited announced drilling results have confirmed lithium grade and brine density results in the first hole of its Mineral Resource definition drilling program at the Incahuasi salar, at the Salta Lithium Brine Project, north-west Argentina. Power successfully completed its initial diamond drill hole PM22-IN-01at the Incahuasi salar to a total depth of 400m. Drilling intersected highly positive salar evaporite and semi-consolidated sedimentary lithologies to a depth of 339m before reaching basement rock.

Drillhole PM22-IN-01 included a 280m interval (from ~30m to 310m depth), containing brine with visual medium-to-high drainable porosity, with the potential to host significant quantities of lithium brine. Single packer text brine samples were sent to an experienced Argentinian laboratory for analysis and representative samples of drill core sent to a specialist laboratory in USA to determine actual drainable porosity. Final assay results of packer brine samples from drilling at PM22-IN-01 have returned consistent lithium grades, between 187mg/L (milligrams per litre) and 202mg/L, from a total of 24 intersections from a near-surface depth of 28m to 304m.

The second drillhole (PM22-IN-02) at the Incahuasi salar is now underway, and Power then plans to complete a maiden JORC 2012 Mineral Resource estimate at Incahuasi in First Quarter CY23 (subject to results). Following the completion of drilling at Incahuasi, drilling is planned to progress to the Rincon and then Pocitos salares within the Salta Project, in the Salta province in the lithium triangle of Argentina. Drilling aims to deliver a maiden Mineral Resource at Incahuasi and Pocitos, and expand the existing Mineral Resource at Rincon, with the aim of upgrading the Project's existing combined JORC Mineral Resource, to support future development plans at the Project.

Salta Project - Next Steps: Complete lithium brine resource drilling and confirm initial JORC Mineral Resource estimate at the Incahuasi salar. Conduct additional lithium brine resource drilling and update JORC Mineral Resource estimate at the Rincon salar. Interpretation of VES geophysical surveys and previous brine sampling to support lithium brine resource drilling and initial JORC Mineral Resource estimate at the Pocitos salar, which is strategically located adjacent to rail and road infrastructure, a gas pipeline, and the Pocitos community.

Complete PEA at Rincon salar and undertake PEAs at the Incahuasi and Pocitos salares. Conduct data review, drilling and water management studies as input to DLE PEAs and to support community consultation and environmental approvals.