Mr. James Cross reports

E-POWER DRILLS 23.97 % CG OVER 5.15 METRES AT THE TETEPISCA GRAPHITE PROPERTY, NORTH SHORE REGION, QUEBEC

E-Power Resources Inc. has released the results of the drilling and exploration program completed on the Tetepisca graphite property during the summer and fall of 2023.

Highlights include:

• Grassroots discovery on the Captain Cosmos claims, including an intersection of 23.97 per cent graphitic carbon (Cg) from surface to a depth of 5.15 metres ending in mineralization;
• High-grade graphite mineralization intersected over an 850-metre strike length at the Graphi-Centre target includes 17.85 per cent Cg over an intersection length of 3.80 metres;
• A wide zone of graphite mineralization intersected at the 1078 target, including 2.66 per cent Cg over an intersection length of 20.5 metres.

James Cross, president and chief executive officer of E-Power, commented: "We are pleased with the 2023 exploration results and progress of the Tetepisca project. The results at Captain Cosmos represent a high-grade exploration discovery which we will be pursuing in the 2024 exploration season. The drill results confirm resource potential over an 850-metre strike length at the Graphi-Centre target and over a 400-metre strike length at the 1078 target. The results also confirm that very significant strike lengths of untested conductivity anomalies remain at both Graphi-Centre and 1078. We are busy planning the 2024 field season. We will be following up on these results and drilling targets to move towards resource tonnage delineation and we will be taking bulk samples from known high-grade surface showings to establish flake size distribution and graphite concentrate quality for battery applications."

During the summer and fall of 2023, E-Power completed an exploration program consisting of 2,650.5 metres in 18 diamond drill holes (NQ-diameter core) and surface exploration, which included beep mat prospecting and drilling a total of 19.35 metres in six holes (BQ-diameter core) using a man-portable drill. A total of 672 m of core (650 samples) was analyzed for carbon concentrations. The exploration was completed primarily at four target areas previously prioritized by the company, including the Graphi-Centre, 1078 and Southern targets, and the Captain Cosmos group of claims. All holes drilled intersected graphite mineralization. Thirty per cent of the samples returned Cg values above 1 per cent.

Graphi-Centre target

Graphi Centre is a top-priority target on the Tetepisca property. The pattern of conductivity is interpreted as a folded graphitic unit from which the company has defined three drill targets; the northern limb, the hinge and the southern limb zones. Only the northern limb was drill tested during the 2023 drilling campaign. Results, which include 17.85 per cent Cg over an intersection length of 3.80 metres, 9.57 per cent Cg over an intersection length of 3.70 m and 17.80 per cent Cg over an intersection length of 0.50 m, occur over a strike length of approximately 850 m along the north limb zone. The man-portable drilling returned 13.16 per cent Cg over one m, 6 per cent Cg over 3.90 m and 5.84 Cg over 2.55 m along the 850 m strike length. Following up on the mineralized trend as well as drilling the hinge and southern limb zones at Graphi-Centre is a priority resource delineation target for the 2024 exploration season.

Captain Cosmos claims

Captain Cosmos is an earlier-stage exploration target on the Tetepisca property which has been prioritized based on favourable response to historical airborne conductivity surveys. Work on the Captain Cosmos target included beep mat prospecting to locate the airborne conductivity anomaly followed by excavation of overburden to expose bedrock, and prospect drilling with the man-portable drill. Three short, relatively closely spaced holes were completed for a total of 11.9 m. Results of the Cg analyses range from 23.97 per cent Cg to 16.93 per cent Cg. Further evaluation, including drilling, of the conductive trends on the Captain Cosmos target claims as well as trenching and bulk sampling are planned for the 2024 field program.

1078 target

Four holes were competed at the 1078 target. All four holes intersected lower-grade Cg mineralization over relatively long intersection lengths, which include 1.87 per cent Cg over 54.3 m in hole TTP-23-004 (which includes 2.66 per cent Cg over 20.50 m), 2.27 per cent Cg over 17.90 m in TTP23-005, 1.13 per cent Cg over 36.8 m in hole TTP23-006 and 2.01 Cg over 20.75 m in TTP23-007. All holes contained narrower high-grade intercepts, including 25.3 per cent Cg over 0.5 m in TTP23-004 and 15.70 per cent Cg over 1.6 m in TTP23-006. The four holes drilled at the 1078 target confirm mineralization over a 400 m strike length of the airborne conductor. The total length of the conductive trend on the 1078 block of claims is approximately 4.25 kilometres, which will be evaluated for resource potential during the 2024 exploration season.

Southern target

A total of seven holes were drilled at the Southern target. Initially three holes were completed on the western side of the Southern target and subsequently four holes were completed on the eastern side. The Southern target was prioritized based on conductivity signature as well as historical drilling and trenching on adjacent property claims to the east. Graphite was intersected in all holes drilled in the Southern target; however, with few exceptions, were narrow and low grade. No further work is planned for the Southern target at this time.

About the Tetepisca property

The Tetepisca property is located approximately 220 km north of the town and deepwater port of Baie-Comeau in the North Shore region of Quebec. The property is accessed by paved Provincial Highway 389 to the Manic 5 hydroelectric dam and then by a well-developed network of logging roads. Total driving time from Baie Comeau to the property is approximately 3.25 hours. Baie-Comeau is the planned location of a 200,000-tonne-per-year battery anode material producer. The property consists of 230 claims covering an area of approximately 12,620 hectares within the emerging Tetepisca graphite district (TGD), which is an active exploration and development district with measured and indicated resources in excess of 100 million tonnes at an average grade of 14 per cent Cg. E-Power holds the largest number of claims in the TGD. The Tetepisca property provides an excellent opportunity to host very significant graphite resources in a Tier 1 jurisdiction providing for environmentally and socially responsible development and production.

Analytical and quality assurance/quality control

Geological logging, sampling and QA/QC of Tetepisca core were completed under the direction of Maxime Bouchard, PGeo. Graphitic carbon analyses were competed at ALS Geochemistry, an international certified testing laboratory independent of E-Power. NQ core samples were prepared by sawing the core with half the core returned to the core tray for archive and half placed in a labelled bag for shipment to ALS in Val d'Or, Que. The archived core remains in secure storage in Saguenay, Que. BQ core samples were not split and were shipped as whole core. Preparation of the samples for graphitic carbon analyses included crushing the core sample to greater than 70 per cent less than two millimetres, taking a 250-gram split of the crushed material and pulverizing the split to 85 per cent less than 75 microns. A 0.10-gram sample of the pulverized sample is split for analysis and digested in 50 per cent HCl to evolve carbonate as carbon dioxide. The residue was filtered, washed, dried and then roasted at 425 degrees. The roasted residue was analyzed for carbon by oxidation, induction furnace and infrared spectroscopy. ALS completes QA/QC protocol controlling the sample handling, preparation and analyses processes. Independent QA/QC included the insertion of certified reference materials and check analyses into the sample stream.

Qualified persons

The 2023 Tetepisca drilling and exploration program was completed under the direction and supervision of consulting geologist Mr. Bouchard, PGeo, and Jamie Lavigne, PGeo, vice-president of exploration and a director of E-Power Resources. Mr. Lavigne has reviewed and approved the contents of this press release. Mr. Bouchard and Mr. Lavigne are both qualified persons as defined in National Instrument 43-101.

About E-Power Resources Inc.

E-Power Resources is a Quebec corporation based in Montreal and focused on battery minerals exploration in Quebec. The company is currently advancing two projects: the Tetepisca property, located in the North Shore region of the province, and the Turgeon property, located in the Abitibi region adjacent to the Ontario border. The company's priority target is flake graphite on the Tetepsica property. The Turgeon property is located in the prolific Abitibi gold and base metal mining district and the company is evaluating Turgeon primarily for its copper-zinc and gold potential.

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