Power Metals Provides Comment on Recent National Headlines
Power Metals Provides Comment on Recent
National Headlines
VANCOUVER, BC
,
Nov. 3, 2022
/CNW/ -
Power Metals Corp.
("
Power Metals
" or the "
Company
")
(TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) has been advised that the Canadian
Federal Government, by Order in Council, has ordered that Sinomine (
Hong Kong
) Rare Metals
Resources Co. divest itself of its past and ongoing investments in the Company. Sinomine made an
equity investment of
$1.5 million CDN
into Power Metals. The order was made on national security
grounds by virtue of the strategic importance of the Company's Case Lake lithium, cesium and
tantalum deposits and Sinomine's alleged relationship with the Government of
the People's Republic
of China
. Sinomine has made an equity investment in the Company and is in process of negotiating
an offtake agreement with regard to the Case Lake Project. The Company is reviewing the matter
with legal counsel, Sinomine and the federal authorities with a view to advancing development of the
Case Lake Project by whatever means necessary.
Johnathan More
, Chairman & CEO of Power Metals states, "While we are surprised by
Canada's
stance towards Chinese investment into
Canada's
critical minerals industry, it clearly shows that they
see the opportunity and assets of Power Metals as too valuable for such foreign investment. Power
Metals has made a substantial discovery of cesium, lithium and tantalum and this political
gamesmanship demonstrates the extreme value of Power Metals assets. Sinomine will respond to
the Canadian government shortly as they look at the appeal process.
Dr.
Julie Selway
, Power Metals' Vice President of Exploration previously stated in the press release
dated
October 13
th
, 2022, "The drill core with 24.07 % Cs
2
O over
1.0 m
is the highest and most
impressive cesium assay in properties that I have worked on in my career. One of Power Metals'
goals for the summer 2022 drill program was to follow up on the 14.70 % Cs
2
O over
1.0 m
in drill
hole PWM-18-126 from 2018. The 2022 drilling cesium results have surpassed the 2018 results and
has further confirmed the economic value of the West Joe Dyke."
Drilling and exploration activities will continue as usual as we strive to increase the value of the
property.
Case Lake Property
Case Lake Property is located 80 km east of
Cochrane
, northeastern
Ontario
close to the
Ontario
-
Quebec
border. Case Lake Property consists of 585 cell claims in Steele, Case, Scapa,
Pliny,
Abbotsford
and Challies townships, Larder Lake Mining Division. The Property is 10 km x 9.5
km in size with 14 identified tonalite domes. The Case Lake pegmatite swarm consists of six
spodumene dykes: North, Main, South, East and Northeast Dykes on the Henry Dome and the West
Joe Dyke on a new tonalite dome. 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
.
Qualified Person
Julie Selway
, Ph.D., P.Geo. supervised the preparation of the scientific and technical disclosure in
this news release. Dr. Selway is the VP of Exploration for Power Metals and the Qualified Person
("QP") as defined by National Instrument 43-101. Dr. Selway is supervising the exploration program
at Case Lake. Dr. Selway completed a Ph.D. on granitic pegmatites in 1999 and worked for 3 years
as a pegmatite geoscientist for the Ontario Geological Survey. Dr. Selway also has twenty-three
scientific journal articles on pegmatites.
About Power Metals Corp.
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 & CEO
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 on
www.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 11:25e 03-NOV-22