Powermax Minerals begins geophysical survey at Atikokan

Executive Summary

• Powermax Minerals Inc. has commenced a high-resolution helicopter-borne magnetic and gamma-ray spectrometric survey over its Atikokan REE property in Northwestern Ontario, covering approximately 1,388 line kilometres.
• The survey is a key component of the company's Phase 1 exploration program, aimed at refining geological structure, mapping lithological variations, and prioritizing targets for subsequent fieldwork and potential drilling in 2026.
• The company also announced the granting of 200,000 stock options to a consultant and 1.65 million restricted share units (RSUs) to directors, officers, and consultants under its omnibus plan.

Key Details

• Survey Scope: Approximately 1,388 line kilometres with 100-metre traverse line spacing and 500-metre tie lines.
• Contractor: Geo Data Solutions GDS Inc. (Laval, Que.).
• Equipment: AS350 BA+ helicopter, Geometrics G-822A cesium magnetometer, and Radiation Solutions RSX-5 spectrometer.
• Deliverables: Processed magnetic products (residual total field, first vertical derivative), radiometric products (potassium %, equivalent uranium, equivalent thorium, dose rate), element ratios (U/Th, U/K, Th/K), final report, and Geosoft-format data/grids.
• Strategic Objective: To rapidly refine geological structure, map lithological variations, and highlight radiometric anomalies associated with REE-bearing systems to generate and prioritize targets for future exploration.
• Integration: Airborne data will be merged with desktop compilation, GIS modelling, surface mapping, geochemical sampling (rock, soil, stream sediment), and ground radiometric surveys.
• Property Details: Atikokan property comprises blocks A, B, and C, covering approximately 9,290 hectares in Northwestern Ontario, underlain by Archean granodiorite-granite, tonalite, diorite-monzodiorite, and gneissic complexes.
• Stock Options: 200,000 options granted to a consultant at an exercise price of 96 cents per share; exercisable for five years; vesting four months and one day following the grant date.
• Restricted Share Units (RSUs): 1.65 million RSUs granted to certain directors, officers, and consultants.
• Regulatory Note: Options and RSUs are subject to shareholder approval at the next annual general meeting.
• Qualified Person: Afzaal Pirzada, PGeo, Director of the company.

Notable Quotes

• "Launching this airborne program is an important step in advancing our Atikokan REE portfolio... High-resolution magnetics and spectrometry are proven tools for vectoring toward REE-prospective lithologies and structures, and we look forward to translating these results into ranked drill-ready targets." — Paul Gorman, CEO