Power Metals Acquires New Ground South of Hearst as Successful Drilling Progresses at Case Lake
POWER METALS ACQUIRES NEW GROUND
SOUTH OF HEARST AS SUCCESSFUL
DRILLING PROGRESSES AT CASE LAKE
VANCOUVER, BC
,
March 19, 2024
/CNW/ -
Power Metals Corp.
("
Power Metals
" or the
"
Company
") (TSXV: PWM) (FRANKFURT: OAA1) (OTC: PWRMF) is pleased to announce that it
has staked the Pelletier Project consisting of 337 mineral claims that account for total surface area
of 7000 hectares in northeast
Ontario
, approximately 50 km south of
Hearst
. The Pelletier Project is
characterized by lithium – cesium – tantalum ("LCT") prospective peraluminous S-type pegmatitic
granites intruding into metasedimentary and amphibolite between the Quetico and
Wawa
sub-
provinces in
Ontario, Canada
.
Figure 1 – Power Metals Corp projects in Ontario and Quebec, Canada (CNW Group/POWER
METALS CORP)
Previous work completed by geologists from Ontario Geological Survey in the early 2003 reported
that the Pelletier granitic pegmatite field is at least 8km by 20km and contains evolved granitic
pegmatites with anomalous rubidium, cesium, and the potassium to rubidium ratio, indicating
prospectivity of the region to host LCT pegmatites. The Pelletier property is located 30km south of
the Lowther pegmatite field where Brunswick Exploration conducted exploration drilling at the Decoy
and Moskito pegmatites.
Figure 2 - Map of the recently staked Pelletier Project in northeast Ontario, Canada (CNW
Group/POWER METALS CORP)
CASE LAKE WINTER 2024 DRILLING UPDATE
The 2024 winter drilling program at Case Lake with
Major Drilling
is progressing well with the first
five holes completed at the Main Dyke for a total of 615 meters of the planned
4,000m
program.
Drilling is currently at Case Main Zone to test depth and strike extensions to several known LCT
mineralized trends that were previously drilled in 2017 to 2022 at the Main, East, and West Joe
dykes.
The current drilling has identified coarse spodumene mineralization between 2cm - 10cm grain size,
these zones displayed between 6% - 15 % spodumene mineralization that occur in a series of
stacked pegmatites at Main Zone.
Drilling will move the West Joe later this week to test mineralization extensions to the high-grade
cesium mineralization from 2017 to 2022. The first round of assays from drilling will be sent for
analysis this month and results expected towards the end of April, these shall continue until the
completion of the drill program.
Figure 3 – Map of the Case Lake project in northeastern Ontario, Canada (CNW Group/POWER
METALS CORP)
CEO CASE LAKE SITE VISIT
Power Metals Chief Executive Officer, Haydn Daxter has completed a site visit at Case Lake with
the Companies VP Exploration,
Amanuel Bein
to review the current winter drilling program at Case
Lake with the
4,000m
diamond drilling program.
The unique mineralization styles that have been identified at Case Lake with LCT pegmatite dykes at
Case Main and high-grade cesium at West Joe shall form part of planning for the Companies
exploration strategy for the year ahead at Case Lake.
Case Lake has also displayed multiple known mineralized anomalies from field work conducted in
2023 that will be strategically tested throughout the year ahead by the Power Metals team.
Haydn Daxter, CEO of Power Metals commented "It's a very exciting time for the Company as we
continue to develop our understanding of the mineralization trends at this unique project in Case
Lake. Seeing the drill core firsthand and working with the team on the ground will allow the Company
to develop a clear exploration strategy for the year ahead as we look to unlock the potential in the
property."
Figure 4 – Power Metals Corp CEO, Haydn Daxter reviewing core from the Main Zone currently
being drilled (CNW Group/POWER METALS CORP)
Johnathan More
, Chairman of Power Metals commented "We are very excited with the progress of
drilling at Case Lake and expect to announce first round of assay results within four to six weeks.
We are happy to add a new property to our portfolio and look forward to reviewing our 2024
exploration strategy at Case Lake and beyond which will enable us to maximize shareholder returns.
We believe in the exploration upside at Case Lake, one of the few projects in the world that contain
Cesium mineralization."
Case Lake Property
The Case Lake Property is located 80 km east of
Cochrane
, northeastern
Ontario
close to the
Ontario
-
Quebec
border. The Property consists of 585 cell claims in Steele, Case, Scapa, Pliny,
Abbotsford
and Challies townships, Larder Lake Mining Division. The Property is 10km by 9.5km in
size with 14 granitic domes. The Case Lake pegmatite swarm consists of six spodumene dikes
known as the North, Main, South, East and Northeast dikes on the Henry Dome, and the West Joe
dike on a new dome, collectively forming mineralization trend that extends for approximately 10km.
Power Metals have completed several exploration campaigns that have led to the discovery and
expansion of new and historic spodumene bearing LCT pegmatites at Case Lake. The Company has
drilled a total of 15,700 meters of core between 2017 and 2022 at the Property. The Case Lake
Property is owned 100% by Power Metals Corp. A National Instrument 43-101 Technical Report has
been prepared on Case Lake Property and filed on
July 18, 2017
.
Pelletier Property
The Pelletier Property is located 50km south of
Hearst
, northeastern
Ontario
close to a network of
forestry roads. The Property consists of 337 mineral claims that account for a total of 7000 hectares
in Franz, Roche, Scholfield, and Talbot townships in the Porcupine mining division. The Pelletier
Project is characterized by LCT prospective S-type pegmatitic granites intruding into
metasedimentary and amphibolite of the Quetico at or near Archean terrane boundary between the
Quetico and
Wawa
sub-provinces.
Decelles Property
The Decelles Property contains 669 claims, covering 38,404 hectares of LCT prospective ground
near the mining centers of Val-dÓr and
Rouyn-Noranda
, approximately 600km from
Montreal
. Power
Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal
that allowed Winsome to increase its stake to 19.59% (Refer to press release announced on
August 24, 2023
). The geology of Decelles property is part of the Archean Pontiac sub-province
where S-type LCT prospective, pegmatite bearing, granitic Decelles Batholith intrudes into
metasedimentary units of the Pontiac Group. Spodumene and Beryl bearing pegmatites have been
reported historically within the
Pontiac
sub-province in association with S-type garnet-muscovite
granite. The Decelles property is adjacent to Vision Lithium's Cadillac property where discovery of
high-grade lithium pegmatites was reported in 2022.
Mazerac Property
The Mazerac Property is located approximately 30 km east of Power Metals' Decelles property near
well-established mining camps in the Abitibi region of
Canada
and is accessible by network of
mining-grade forestry roads. The Mazerac property contains 259 claims that cover 14,700 hectares
of LCT prospective ground near the mining center of Val-dÓr and
Rouyn-Noranda
. The regional
geology of Mazerac is similar to Decelles where S-type LCT prospective, pegmatite bearing,
granites of Decelles Batholith intrude into metasedimentary units of the Pontiac Group. Spodumene
and Beryl bearing pegmatites have been reported historically within the
Pontiac
sub-province in
association with S-type garnet-muscovite granite.
Scientific and Technical Disclosure
The scientific and technical disclosure included in this news release has been reviewed and
approved by
Amanuel Bein
, P.Geo., Vice President of Exploration for Power Metals, a Qualified
Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects.
Power Metals
Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop
and acquire high quality mining projects. We are committed to building an arsenal of projects in both
lithium and high-growth specialty metals and minerals. We see an unprecedented opportunity to
supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at
www.powermetalscorp.com
.
ON BEHALF OF THE BOARD
Johnathan More
, Chairman & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the
content of this news release.
No securities regulatory authority has either approved or disapproved of the contents of this news
release. The securities being offered have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws,
and may not be offered or sold in
the United States
, or to, or for the account or benefit of, a "U.S.
person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption
therefrom. This press release is for information purposes only and does not constitute an offer to
sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information based on current expectations, including
the use of funds raised under the Offering. These statements should not be read as guarantees of
future performance or results. Such statements involve known and unknown risks, uncertainties
and other factors that may cause actual results, performance or achievements to be materially
different from those implied by such statements. Although such statements are based on
management's reasonable assumptions, Power Metals assumes no responsibility to update or
revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-
looking statements are based are reasonable, undue reliance should not be placed on the forward-
looking statements because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. These statements speak only as of the date of this press
release. Actual results could differ materially from those currently anticipated due to several
factors and risks including various risk factors discussed in the Company's disclosure documents
which can be found under the Company's profile onwww.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved
the contents of this press release.
SOURCE
POWER METALS CORP
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For further information:
Power Metals Corp., Johnathan More, 646-661-0409,
CO: POWER METALS CORP
CNW 08:30e 19-MAR-24