Drilling Continues To Enhance Lithium Resource Potential At Incahuasi Salar

Lithium exploration and development company Power Minerals Limited (ASX: PNN) (Power or the Company) is pleased to announce further positive results from its Mineral Resource definition drilling program at the Salta Lithium-Brine Project, in the Salta province in the lithium triangle of north-west Argentina (Figure 4).

• Drilling complete at Incahuasi salar, the first target in the ongoing Resource expansion drilling campaign at the Salta Lithium Project in Argentina
• Hole PM23-IN-03 has successfully confirmed the presence of lithium-bearing brines under the alluvial fan on the north eastern side of the Incahuasi salar
• PM23-IN-03 was completed to a depth of 205m and intersected a ~200m zone with potential to host lithium brines
• Assay results from packer test brine samples confirm lithium content in brines with grades up to 196ppm Li and brine density of up to 1.21g/ml
• Brine and drill core samples from PM23-IN-03 sent for analysis to confirm detailed brine chemistry and density, drainable porosity, and lithium grades
• Final hole at Incahuasi (PM23-IN-04) also complete – drill rig now mobilising to commence drilling at next target, the Rincon salar
• Power’s ongoing drilling campaign is designed to deliver a substantial upgrade of the Salta Project’s existing JORC Lithium Mineral Resource, to support future development plans

The third drill hole in the program at the Incahuasi salar (PM23-IN-03) has been successfully completed to a depth of 205 metres, and has intersected a total interval of approximately 200 metres with the potential to host lithium in brines (Figures 1 and 2).

Assay results from four packer brines samples taken from selected intervals have returned consistent lithium grades, ranging between 165ppm Li and 196ppm Li, along with excellent brine density, of up to 1.21g/ml (grams per millilitre) (Table 1).

Hole PM23-IN-03 was drilled on the north-eastern extent of the Incahuasi salar (Figure 3), and was designed to confirm the presence of lithium-bearing brines under the alluvial fan on the eastern side of the salar.

Drilling has successfully confirmed this outcome. The results indicate similar and consistent lithologies to the first two completed drillholes of the program, PM22-IN-01 and PM22-IN-02 (ASX announcements, 14 February 2023 and 12 January 2023), and enhance Incahuasi’s Mineral Resource potential.

Figure 1: Brine sampling from drillhole PM23-IN-03 at the Incahuasi salar, Salta Lithium Project.

Power advises that the fourth, and final, drillhole at Incahuasi (PM23-IN-04) has also been completed. This hole was drilled under the alluvial fan in the southern region of the salta, and results will be released when available. See Figure 1 for Incahuasi drillhole locations.

The drill rig and crew have demobilised from Incahuasi in preparation for the commencement of drilling at the next priority target, the Rincon salar.

“Our Resource definition drilling at Incahuasi is now complete and has produced strong results to date, with the potential to add significant new Resources to the Salta Project’s total JORC Mineral Resource. Drill hole PM23-IN-03 is reported in this announcement, and has delivered positive results, consistent with the previous holes in the program. Results from drill hole PM23-IN-04 will be reported when available, and we will then seek to define a maiden Mineral Resource at Incahuasi. Drilling is due to commence at the Rincon salar in the near future.”

Power Minerals MD Mena Habib

Table 1: Highlight results for third drillhole (PM23-IN-03) at Incahuasi salar

Brine samples and core from PM23-IN-03 have been sent for laboratory analysis to determine detailed brine chemistry and density, drainable porosity, and confirm lithium grades. Results will be reported when they are available.

The positive results from Power’s Resource drilling campaign at the Salta Project follow the successful outcome of the 40 litre bulk-sample testing program of brines from each of the Incahuasi, Rincon and Pocitos salares conducted by the Company’s Direct Lithium Extraction (DLE) partner, Sunresin.

The bulk sample from each salar was successfully processed through Sunresin’s proprietary DLE technology, and confirmed that the individual brines are compatible with Sunresin’s DLE technology and plant, and successfully produced a lithium concentrate (ASX announcement, 27 October 2022).

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