Power Metals Provides Update ON Case Lake and Sets Stage FOR Summer Work Program
POWER METALS PROVIDES UPDATE ON
CASE LAKE AND SETS STAGE FOR SUMMER
WORK PROGRAM
VANCOUVER, BC
,
May 29, 2024
/CNW/ -
Power Metals Corp.
("
Power Metals
" or the
"
Company
") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to provide an
update on exploration at its 100% owned Case Lake property (the "Property") in northeastern
Ontario
. The Company has engaged Pioneer Exploration to conduct a low level, high resolution
Magnetic Drone Survey at the southern portion of the Case Lake property. The Company has also
completed four (4) metallurgical drill holes into known high-grade zones of pollucite containing cesium
at West Joe following on from positive results from SGS Lakefield on XRD (X-ray diffraction)
analysis on 10 high-grade intervals that were previously reported by the Company between 2018-
2022 that hosted high-grade cesium.
CESIUM MARKET
The worlds current cesium market appears to be non-transparent whilst being firmly dominated by
China
with only three pegmatite mines that have produced economic grade cesium from Tanco in
Manitoba
, Bakita in
Zimbabwe
, and Sinclair in
Western Australia
. Of these three known mines only
Tanco in
Manitoba
, currently owned by Sinomine, is in operation. Current pricing on cesium and
cesium chemicals remain very lucrative with this niche market being controlled by
China
.
Spot pricing from Shanghai Metals Market (
https://www.metal.com/
) currently has cesium valued
above USD
$2,650
per ounce whilst gold is just above USD
$2,070
per ounce. Cesium has been
identified as an incredibly rare and critical mineral in USA,
Canada
,
Europe
and
Australia
given its
vast applications and incredibly short supply.
Cesium is currently utilized in several applications and predominantly cesium formate brines which
assist in the drilling of high temperature and pressure oil and gas production wells. Other
applications for cesium include infrared detectors, laser technology, optical and photoelectric cells,
atomic clocks, data transmission of infrastructure for mobile networks, GPS, internet, and X-ray
irradiation for cancer treatment.
Given the limited resources of global cesium and increasing demand, there appears to be a mid to
long-term supply issue developing when the increasing demand from future markets are not being
fulfilled.
MAGNETIC DRONE SURVEY
Power Metals is commencing its summer 2024 exploration field activities with a high-resolution
Magnetic Drone Survey that is scheduled to commence in early June. The Company has engaged
Pioneer Exploration, an
Ottawa
based company that specializes in drone geophysics to complete a
total of 915 km survey lines that will be flown at 25-meter line spacing. The survey will cover target
areas on the main Case Lake mineralization corridor that extends from Dome Nine in the east to
West Joe in the west and will enable finer detection of pegmatite targets hosted at or near low
magnetic signatures.
METALLURGICAL TEST WORK
The company has completed drilling of four (4) metallurgical large diameter HQ drill holes at the end
of the 2024 drill program at Case Lake as part of our second stage of metallurgical test work on the
high-grade cesium mineralization at West Joe. The core will be delivered to SGS Lakefield to
commence further test work on (Figure 1).
Haydn Daxter, Power Metals CEO commented "The commencement of test work and recent
confirmation of high-grade pollucite continues to add weight to the highly prospective potential at
Case Lake. Globally the critical status of cesium is still in its dormancy as a number of
governments have commenced initiatives to become increasingly self-sustaining. Power Metals is
well placed to leverage off the high demand and low supply currently of cesium. I am looking
forward to commencing our busy summer program with the drone survey commencing next
month."
Figure 1 – Metallurgical Drill Holes completed at West Joe (CNW Group/Power Metals Corp.)
Johnathan More
, Chairman of Power Metals commented "We are extremely pleased with the
progress at Case Lake and further to the positive first round of test work from SGS we look forward
to results from the metallurgical holes recently completed, along with commencement of our
summer program. Cesium is a truly unique mineral that is in very short supply which has seen a
lot of attention drawn to the Company over the past 4 months. Power Metals is fully-funded to
continue exploration and drilling activities through the rest of 2024."
WEST JOE POLLUCITE CONFIRMED BY XRD TEST WORK AT SGS
CANADA
Mineralogical test work completed by SGS Canada as part of an ongoing metallurgical studies on
Cesium, Lithium, and Tantalum mineralization at Case Lake confirmed pollucite mineralogy in ten
(10) samples that were collected by quarter sampling drill core from six (6) holes that Power Metals
reported high grade cesium mineralization between 2018 and 2022 (Table 1). The results of the
XRD (semi-quantitative X-ray diffraction) analysis displayed high mineralogical content of pollucite
that is consistent with cesium grades in individual assay samples that have been previously reported
by Power Metals (Refer to press releases announced on
November 13, 2018
and
October 13, 2022
).
Table 1 – Summary of Pollucite Content from XRD Results Reported in this Press Release
Hole ID
Sample
From (m)
To (m)
Interval (m)
Pollucite
(Wt. %)
PWM-18-123
972958
27.7
28.7
1.0
6.70
PWM-18-124
972954
12.5
13
0.5
17.50
PWM-18-124
972956
41.5
42.2
0.7
5.70
PWM-18-126
972960
14
15
1.0
35.80
PWM-18-128
972961
21
22
1.0
11.20
PWM-22-143
972951
14
15
1.0
66.90
PWM-22-143
972952
15
16
1.0
49.00
PWM-22-143
972953
16
17
1.0
30.00
PWM-22-143
972963
17
18
1.0
4.20
Sampling and QAQC Procedures
Quarter core samples from selected intervals that reported high-grade cesium mineralization in holes
drilled between 2018 and 2022 were put into plastic sample bags with a unique sample tag for each
sample. Samples were dropped at SGS Laboratory in
Cochrane, Ontario
and were subsequently
sent for further processing and analysis to SGS Lakefield for major-oxides, cesium, lithium, and
tantalum. Major-oxides and tantalum were analyzed using borate fusion XRF. Cesium and Lithium
were analyzed using 4-Acid digest AAS and sodium peroxide fusion ICP-AES respectively.
Mineralogical analysis was completed using BRUKER AXS D8 Advanced Diffractometer for semi-
quantitative XRD and multi-element analysis that included cesium and lithium were used for chemical
balance. About 15% of the samples submitted to SGS Canada ("
SGS
") for multi-element analysis
were QAQC samples that were inserted into the sample stream and consist of a high- and low-
grade lithium, Tantalum, and Cesium standards, blank material, and duplicates.
SGS
is independent
of the Company.
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 4).
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 19,607 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
.
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.
Figure 2 – Map of Power Metals current project in northeastern Ontario and northwestern 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. Exploration
data was collected and verified following the guidelines outlined in CIM's Mineral Exploration Best
Practice Guidelines.
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 08:30e 29-MAY-24