Power Metals Provides Update on Cesium Development VANCOUVER
Power Metals Provides Update on Cesium
Development
VANCOUVER
, April 24, 2020 /CNW/ -
Power Metals Corp.
("
Power Metals Corp.
" or the
"
Company
") (TSX VENTURE:PWM)(FRANKFURT:OAA1)(OTC:PWRMF) is pleased to provide an
update to all shareholders from the Company's recently formed Strategic Review Committee (see
press release from
January 14
th
, 2020). The Committee was formed to focus on determining the
optimal path forward in maximizing all potential values of its 100% owned Cesium, Lithium and
Tantalum assets.
Johnathan More
, Chairman of Power Metals, states "Our shift in focus to our Cesium assets has
created a tremendous range of options for the Company while the Lithium market has been in a
down turn. Cesium is an extremely rare and extremely valuable commodity and we have been
educating ourselves and our shareholders about its real value. There is a global shortage of this rare
metal and we are very lucky to have found it at our 100% owned Case Lake Property with grades
as high as 14.7 % Cs
2
O."
Cesium is incredibly valuable as there are only three cesium mines in the world and Power Metals
owns three of the five cesium occurrences in the province of
Ontario
: The Company's 100% owned
West Joe, and optioned Tot Lake and Marko's pegmatites. Power Metals' West Joe Dyke at Case
Lake was discovered in
August 2018
at the end of a drill program. The 2018 drill program
intersected high grade cesium mineralization in six drill holes at West Joe: PWM-18-111, 112, 116,
123, 124 and 126 with up to 14.70 % Cs
2
O over
1.0 m
in drill hole PWM-18-126. The 2018 drill
program was targeting lithium mineralization and Power Metals was excited when the cesium
mineralization was also intersected in the same drill holes.
Our Strategic Review Committee has been engaged in ongoing discussions with several outside
parties over the past 2 months and will communicate to shareholders once a formal decision and
plan is determined.
Quality Control
The drill core was sampled so that
1 m
of the Case Batholith tonalite host rock was sampled
followed by
1 m
long samples of the pegmatite dyke and
1 m
of the Case Batholith. The sampling
followed lithology boundaries so that only one lithology unit is within a sample, except for the < 20
cm pegmatite veins in tonalite which were merged into one sample. The drill core samples were
delivered to SGS preparation lab in
Cochrane
by Power Metals' geologists. The core was then
shipped to SGS analytical lab in
Lakefield, Ontario
which has ISO 17025 certification. Every 20
samples included one external quartz blank, one external lithium standard and one core duplicate.
The ore grade Li
2
O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a
detection limit of 0.002 % Li
2
O. A QA/QC review of the standards and blanks for this drill program
indicate that they passed and the drill core assays are accurate and not contaminated.
Case Lake
Case Lake Property is located in Steele and Case townships, 80 km east of
Cochrane
,
NE Ontario
close to the
Ontario
-
Quebec
border. The Property is 10 km x 9.5 km in size with 9 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.
Case Lake Property consists of 449 cell claims in Steele, Case, Scapa, Pliny and
Abbotsford
townships, Larder Lake Mining Division. The Case Lake Property is owned 100% by Power Metals.
The claims have enough available exploration reserve to keep them in good standing for the next 5
years.
Paterson Lake
Paterson Lake Property is located in Paterson Lake and Treelined Lake Areas, 60 km north of
Kenora
,
NW Ontario
close to the
Ontario
-
Manitoba
border. Paterson Lake Property is located within
the Separation Rapids Greenstone Belt and hosts multiple petalite-bearing pegmatite dykes. The
Property was optioned from Exiro Minerals Corp. in 2017 (Power Metals press release dated
April
20, 2017
). Avalon Advanced Materials Separation Rapids Lithium Project with 8.12 Mt at 1.37 %
Li
2
O measured + indicated resources as of
November 15, 2017
is located 1.2 km from the Paterson
Lake Property (Avalon Advanced Materials website:
http://www.avalonadvancedmaterials.com/projects/separation_rapids/
).
Gullwing-Tot Lakes
Gullwing-Tot Lakes Property is located in Drope and
Webb
townships, 30 km northeast of
Dryden
,
NW Ontario
with excellent road access. Gullwing and Tot Lakes pegmatites contain spodumene.
The Property was optioned from Exiro Minerals Corp. in 2017 (Power Metals press release dated
April 20, 2017
). The Property is located 5.5 km northeast of Pioneer Resources'
Mavis Lake
spodumene pegmatite field.
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. A National Instrument 43-101 report has been prepared on
Case Lake Property and filed on
July 18, 2017
.
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 & 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 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, 646-661-0409,
CO: POWER METALS CORP
CNW 08:00e 24-APR-20