Power Metals Intercepts up to 22.58% Cesium Near Surface and Plans an Immediate 2,500 Meters of Additional Drilling
POWER METALS INTERCEPTS UP TO 22.58%
CESIUM NEAR SURFACE AND PLANS AN
IMMEDIATE 2,500 METERS OF ADDITIONAL
DRILLING
VANCOUVER, BC
,
Oct. 7, 2024
/CNW/ -
Power Metals Corp
("
Power Metals
" or the "
Company
")
(TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce high-grade cesium
and lithium results from the first round of exploration drillhole assays received from the summer 2024
drill program at its 100% owned Case Lake Project ("CLP") in northeastern
Ontario
. Exploration
drilling at West Joe has continued to intercept shallow high-grade mineralization up to
22.58% Cs
2
O
(cesium oxide)
hosted in pollucite, along with spodumene mineralization in the first three (3)
drillholes of 29 (twenty-nine) completed at the CLP. Drill hole PWM-24-207 hosts individual grades
up to 22.58% Cs
2
O, along with a
pollucite rich zone of 3 meters @ 15.86% Cs
2
O
(Figure 1-2).
Due to these spectacular numbers the Company has planned for an additional 2,500 meters of
drilling once remaining assays have been received. These grades continue to highlight the world-
class potential of the project with the following highlights:
WEST JOE HIGHLIGHTS:
PWM-24-207:
8.65 m
at 1.60% Li
2
O, 5.74% Cs
O and 378 ppm Ta
from
16.35m
Including
3.0m
@ 1.67 % Li
2
O, 15.86% Cs
O and 119 ppm Ta
from
18.35m
Including
1.0m
@ 1.72 % Li
2
O, 22.58% Cs
O and 130 ppm Ta
from
18.35m
PWM-24-208:
7.02 m
at 1.25% Li
2
O,1.77% Cs
O and 355 ppm Ta
from
16.38m
Including
3.0m
@ 0.77% Li
2
O, 3.98% Cs
O and 457 ppm Ta
from
19.00m
PWM-24-209:
5.71m
at 1.19% Li
2
O,1.42% Cs
O and 287 ppm Ta
from
20.07m
Including
2.5m
@ 1.37 % Li
2
O, 3.18% Cs
O and 456 ppm Ta
from
22.50m
Figure 1 – Plan View Map of Phase II Drilling Collars displaying results as highlighted in this
announcement (CNW Group/Power Metals Corp.)
The Phase II 2024 drill program at CLP was designed to delineate and expand on known cesium
mineralization with drilling that targeted West Joe and Main Zone. The Company has continued to
test extensions along strike and at depth for Phase II. The first three exploration holes (PWM-24-
207 to PWM-24-209) intersected consistent high-grade cesium characterized by pollucite
mineralization in 5.7 to 8.7 meters thick pegmatites at West Joe.
Drill core from PWM-24-207 displays a high level of fractionation with
strong pollucite
mineralization of 10.10% to 22.58% Cs
2
O
in individual samples. PWM-24-207 has also displayed
the continuation of the mineralized zone from previously drilled PWM-24-191 (Figure 2) with high-
grade pollucite. Similar styles of fractionation and pollucite mineralization are present in PWM-24-
208 and PWM-24-209 with grades that ranging from
1.35% to 7.51% Cs
2
O
was intersected in
drillholes.
Haydn Daxter, Power Metals CEO commented "The Phase II drilling program has been very
successful for the Company with continued results displaying high-grade cesium in pollucite
evident from the first three drill holes. We are also very pleased to commence our planning for
Phase III drilling next month on the back of Phase II and the increased level of interest in cesium.
Whilst exploration has been ongoing, we look forward to updates on the metallurgical test work
later this year from Tomra and SGS, along with continued support from the Ontario Government."
Figure 2 – Cross Section Map of PWM-24-207 from Phase II Drilling at West Joe (CNW
Group/Power Metals Corp.)
Johnathan More
, Chairman of Power Metals commented "This is very exciting times for the
Company with continued exploration success as we advance our high-grade cesium project at
Case Lake. The Company has seen a shift in interest around its cesium potential and we are
looking forward to advancing further our discussions with global cesium specialists along with the
ongoing support from the Ontario Government."
DRILLING
The Company has completed a total of twenty-four (24) exploration diamond drillholes for 2,474
meters. A further five (5) metallurgical diamond drillholes have also been completed for 150 meters
at the end of the program. In total twenty-nine (29) diamond drillholes for 2,620 meters have been
completed for the drill program that was concluded ahead of schedule for the Phase II program.
Assay results shall continue through until mid-November.
The Company has also commenced planning to advance an additional drill program (Phase III), that
shall commence in the coming weeks at the CLP. The Company is incredibly buoyant after a very
successful Phase II drilling program and with the increased levels of interest from global cesium
chemical specialists over the past three months we will look to commence Phase III. The program
will target drilling 2,500 meters of diamond drilling once remaining assay results have been received
from the currently completed program at CLP.
CANADIAN GOVERNEMENT
Further to the Company recently receiving approval for the Ontario Junior Exploration Program
("OJEP") grant from the Ontario Government we also have a current application for the Critical
Minerals Innovation Fund ("CMIF") with the Ontario Government for test work for cesium at the CLP.
The CMIF grant is up to
$500,000
to projects that help strengthen
Ontario's
critical mineral sector.
In addition to both the OJEP and CIMF funding the Canadian Government has recently updated its
"Critical Minerals Strategy 2024" which features cesium on the critical minerals list. The Company
will continue to advance its level of engagement with the Ontario Government on the development of
the CLP in northeastern
Ontario
.
CESIUM DEPOSITS
Globally only 3 high-grade cesium resources have been mined to date with Tanco in
Manitoba
,
Bakita in
Zimbabwe
, and Sinclair in
Western Australia
. Further to the Company's technical review
conducted on these 3 historical mines and appointment of a "Cesium Advisory Committee" we are
confident that Case Lake will be the world's fourth high-grade cesium deposit. The Company shall
commence its maiden resource development work for the remainder of the year once we have
finalised all drilling data from the recently completed drilling programs.
Table 1 – Drill Collar Table
Hole ID
Easting
Northing
Elevation
Hole Depth (m)
Dip
Azimuth NAD83
From (m)
To (m)
Significant Intersections
NAD83
NAD83
MASL
Interval (m)
Cs
2
O (%)
Li
2
O %
Ta (ppm)
West Joe
PWM-24-207
576312
5431119
344
71
-45
170
16.35
25
8.65
5.74
1.60
378
including
3.0m @ 15.86 % Cs
2
O, 1.67 % Li
2
O, & 119 ppm Ta
from 18.35m
including
1.0m @22.58% Cs
2
O, 1.72 % Li
2
O, & 130 ppm Ta
from 18.35m
PWM-24-208
576306
5431120
344
71
-45
170
16.38
23.4
7.02
1.77
1.25
355
including
3.0m @ 3.98 % Cs
2
O, 0.7 % Li
2
O, & 457 ppm Ta
from 19.0m
PWM-24-209
576308
5431125
344
71
-45
170
20.07
25.78
5.71
1.42
1.19
287
including
2.5m @ 3.18 % Cs
2
O, 1.37 % Li
2
O, & 456 ppm Ta
from 22.5m
PWM-24-210
576301
5431115
344
71
-45
170
awaiting assay results
PWM-24-211
576319
5431122
350
74
-45
170
awaiting assay results
PWM-24-212
576325
5431128
349
71
-45
170
awaiting assay results
PWM-24-213
576329
5431124
348
90
-45
170
awaiting assay results
PWM-24-214
576285
5431136
348
90
-45
170
awaiting assay results
PWM-24-215
576277
5431130
349
81
-45
170
awaiting assay results
PWM-24-216
576273
5431160
345
72
-45
170
awaiting assay results
PWM-24-217
576316
5431115
350
71
-45
170
awaiting assay results
PWM-24-218
576316
5431143
345
83
-51
170
awaiting assay results
PWM-24-219
576339
5431161
339
81
-45
170
awaiting assay results
PWM-24-220
576337
5431124
344
62
-45
170
awaiting assay results
PWM-24-221
576321
5431116
349
71
-45
170
awaiting assay results
PWM-24-222
*
576302
5431120
345
30
-45
170
awaiting assay results
PWM-24-223
*
576316
5431114
346
30
-45
170
awaiting assay results
PWM-24-224*
576309
5431125
344
30
-45
170
awaiting assay results
PWM-24-225*
576311
5431106
34
30
-56
170
awaiting assay results
PWM-24-226
576440
5431204
338
199
-45
170
awaiting assay results
PWM-24-227*
576317
5431115
345
30
-45
170
awaiting assay results
PWM-24-228
576502
5431365
342
252
-45
170
awaiting assay results
PWM-24-229
576617
5431200
341
252
-45
170
awaiting assay results
Main Zone
PWM-24-230
578217
5431598
353
122
-45
147
awaiting assay results
PWM-24-231
578283
5431651
350
111
-45
147
awaiting assay results
PWM-24-232
578305
5431659
347
71
-50
147
awaiting assay results
PWM-24-233
578329
5431716
344
150
-45
150
awaiting assay results
PWM-24-234
578145
5431515
352
111
-45
150
awaiting assay results
PWM-24-235
578273
5431638
355
72
-45
147
awaiting assay results
* 2024 Phase II HQ holes for metallurgical testing
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 3).
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 22,231 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 3).
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 3).
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 (Figure 3).
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 (Figure 3).
Figure 3 – 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
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, 515-401-7479,
CO: Power Metals Corp.
CNW 08:00e 07-OCT-24