MegaWatt Metals Reports Historical Exploration Results for the Benedict Mountains Uranium Property in Labrador’s Central Mineral Belt

• Central Mineral Belt contains Michelin, one of North America’s largest uranium deposits
  
• Benedict Mountains Property area shares geological characteristics with Michelin
• Exploration highlights include 3 uranium showings & samples up to 13.8% U3O8
  

Vancouver, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company", "MegaWatt Metals" or “MegaWatt”) is pleased to report the historical results from past exploration on the Benedict Mountains Uranium Property. On April 1, 2024, MegaWatt announced its agreement to acquire Labrador Mineral Resources Inc. and their Benedict Mountains Uranium Property (the “Property”). The Property consists of 2 mineral licenses ~200 km (124 mi) NE of Goose Bay, covering an area of approximately 350 hectares (865 acres) at the eastern end of Labrador's Central Mineral Belt, a northeast-trending region 260 x 75 km (162 x 47 mi) that hosts significant uranium resources. Exploration highlights for the Benedict Mountains Uranium Property include 4 uranium showings, grab samples up to 13.8% U3O8, a 1-meter (m) channel sample yielding 7% U3O8, and diamond drill hole intersections that include 5.85 m of .032% U3O8.

MegaWatt’s CEO, Casey Forward, commented: “The Benedict Mountains Uranium Property represents a new level of opportunity for us to advance MegaWatt’s focus on becoming a domestic, clean-energy minerals supplier. We’re fortunate to be targeting a major, prospective mineral jurisdiction that contains the Michelin deposit.”

The Michelin deposit is one of North America’s largest uranium deposits. It contains a total Mineral Resource of 92 million pounds (Mlb) uranium, with 82.2Mlb being in the Measured and Indicated Mineral Resources category.[1] Other significant uranium deposits in the Central Mineral Belt include Moran Lake C Zone, Inda, Nash, Gear, Kitts, and the more recently discovered Jacques Lake, Two Time Zone, Anna Lake, White Bear Lake, and Rainbow deposits.[2]

Evidence that the Benedict Mountains Property’s area should represent a prospective environment for uranium mineralization of similar style to that occurring in the Michelin-White Bear Mountain belt includes (1) the presence of pyroclastic felsic volcanics similar to those at the Michelin Deposit (Gower 1981), and (2) uranium values in lake sediments in the >98th percentile for Labrador, which is the same classification as the Michelin/Mustang Lake area (Davenport et al., 1999).