POWER METALS AWARDED EXPLORATION PERMIT TO UNLOCK NEW EXPLORATION OPPORTUNITIES AT CASE LAKE Major Highlights Ontario Ministry of Mines approves Exploration Permit PR-24-000235 across the entire Case Lake Project The permit is a major milestone for the Company and effective immediately
POWER METALS AWARDED EXPLORATION
PERMIT TO UNLOCK NEW EXPLORATION
OPPORTUNITIES AT CASE LAKE
Major Highlights
Ontario Ministry of Mines approves Exploration Permit PR-24-000235 across the entire
Case Lake Project
The permit is a major milestone for the Company and effective immediately
Enables expansion into a suite of newly identified exploration opportunities
VANCOUVER, BC
,
Feb. 5, 2025
/CNW/ - Power Metals Corp ("Power Metals" or the "Company")
(TSX VENTURE: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce that the
Ontario Ministry of Mines has issued the exploration permit for its 100%-owned Case Lake Project
(CLP) in northeastern
Ontario
.
The newly issued Early Exploration Permit (
PR-24-000235
) is effective immediately for a three-year
period, paving the way for the Company to initiate its highly anticipated winter drilling program. The
program will include several newly identified cesium targets uncovered through late-2024 soil
sampling, further solidifying Case Lake as a globally significant critical minerals asset.
Haydn Daxter, CEO of Power Metals commented:
"This permit is a major milestone, enabling further expansion of the Case Lake Project. We're
delighted to receive this support from the Ontario Ministry of Mines and regional stakeholders as
we work to transform Case Lake into a world-class project set to meet the surging global demand
for critical minerals. With winter drilling set to begin, we're confident in unlocking even greater
value for our shareholders."
Johnathan More
, Chairman and Founder of Power Metals, added,
"The Company is delighted to have the ongoing support with this new exploration permit that allows
continued growth of the Case Lake Project in
Ontario
.
Case Lake has delivered exceptional results in cesium, tantalum, and lithium through exploration
drilling to date, and we are excited to expand the project with a suite of newly identified targets to
unlock even greater potential.
With continued exploration and strategic de-risking efforts, the Company is poised for another
landmark year, driving growth and advancing Case Lake as a globally significant resource for
critical minerals."
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 dykes
known as the North, Main, South, East and Northeast dykes on the Henry Dome, and the West Joe
dyke on a new dome, collectively forming mineralization trend that extends for approximately 10km
(Figure 1).
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 23,976 meters of core between 2017 and 2024 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
(Figure 1).
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 (Figure 1).
Decelles Property
The Decelles Property contains 669 claims, covering 38,404 hectares of LCT prospective ground
near the mining centres 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 transaction remains subject to TSXV approval. 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 (Figure 1).
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 centre 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 (Figure 1).
Figure 1 – Power Metals Corp Project Locations Map in Ontario and Quebec Canada (CNW
Group/Power Metals Corp.)
Pollucite and Cesium
Pollucite is a rare mineral that hosts high grade cesium and is associated with highly fractionated,
rare element pegmatites. The main source of cesium known globally is pollucite
(Cs,Na)
(Al
Si
O
)•2H
O, (
https://www.gov.mb.ca/iem/geo/industrial/pollucite.html
). Currently the
Tanco mine in
Manitoba, Canada
is the only operating cesium deposit and holds over 60% of the
known reserves globally.
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 Corp (TSX-V: PWM)
Power Metals Corp (TSX-V: PWM) is a Canadian exploration company focused on developing high-
quality critical mineral projects.
Its flagship Case Lake Property in
Ontario
– 100 per cent owned by Power Metals - is a high-grade
cesium, lithium and tantalum asset, poised to become one of only four cesium mines globally.
Beyond Case Lake, the Company's portfolio includes the Pelletier Property in
Ontario
and the
Decelles and Mazerac Properties near
Val-D'Or
, Québec. Together, these assets cover 1,265
claims spanning more than 600km² of lithium-cesium-tantalum (LCT) prospective ground.
As global demand for critical minerals continues to grow global, and particularly in
North America
,
Power Metals is strategically advancing its projects to support the continent's growing supply needs.
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, 515-401-7479,
CO: Power Metals Corp.
CNW 07:30e 05-FEB-25