VANCOUVER, BC, April 2,
2024 /CNW/ - Power Metals Corp. ("Power
Metals" or the "Company") (TSX VENTURE: PWM) (FRANKFURT:
OAA1) (OTCQB: PWRMF) is pleased to provide an exploration
update on its ongoing winter 2024 drill program (the "Program") at
its 100% owned Case Lake property (the "Property"). The 2024
program at Case Lake with Major
Drilling is progressing well with the first 1,323 meters for
twelve (12) diamond drill holes completed of the planned
4,000-meter program. Drilling will continue throughout the month of
April with the extended colder weather in NE Ontario to complete the program with
additional targets to be tested at the Main Zone and West Joe
deposits as the company is stepping out on the
known mineralization across the Case Lake property.
Haydn Daxter, Power Metals CEO commented "We are very pleased
to see that drilling is progressing well with the current program
at Case Lake. The first round of drilling at the Main Zone
continues to add confidence with the current intercepts as we step
outside of the known spodumene mineralization zone. Likewise, at
West Joe we have continued to see pollucite mineralization in
drilling which is the host for high grade cesium at this area of
the property."
MAIN ZONE
Further to the Company's press release dated March 19, 2024, the continued drilling at Main
Zone has now completed seven (7) holes for 969 meters with
spodumene mineralization present within each hole to date. The
continued presence of coarse spodumene mineralization displayed 2cm
- 14 cm grain sizes with up to 25% spodumene mineralization in a
series of stacked pegmatites systems is very encouraging (Figure
1).
The Company plans to return to the Main Zone towards the second
part of the program with planned drilling to develop depth and
strike extensions. Currently the Main Zone (Figure 3) strikes for
over 400 meters in length, up to 35 meters thick with LCT
(lithium-cesium-tantalum) mineralization.
WEST JOE
The Company commenced drilling at West Joe in the second half of
March and has completed five (5) diamond drill holes to date for
354 meters of drilling. West Joe (Figure 3) is an LCT pegmatite
system that has displayed known pollucite mineralization that is
associated to high grade cesium. Previous drilling completed
between 2017 and 2022 identified high grade cesium mineralization
that contains up to 24% Cs2O (Press release reported in
October 2022).
The completed drilling has displayed the presence of coarse to
very coarse grained spodumene between 2m - 8m in
thickness and localized zones of up to 30% spodumene along with
5-15% pollucite present within each hole completed to date (Figure
2).
Target areas at West Joe currently remain open at depth and
along strike and will be tested over the coming weeks to further
develop the potential at West Joe. Samples from West Joe and the
Mian Zone have been submitted to Actlabs for analysis, these remain
on track for results towards the end of April.
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)₂(Al₂Si₄O₁₂)•2H₂O,
(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.
CASE LAKE 2024
The Company is continuing to develop its advanced stage
exploration project at Case Lake for 2024 and will conduct a second
round of 4,000 meters drilling planned for this summer to add to
the currently completed 165 drill holes for 15,851 meters. Having
eight (8) known drill targets on the property along with regional
targets that warrant further review from field mapping at Case Lake
provides the Company with a strong year of exploration to be
conducted.
EXPLORATION STRATEGY FOR POWER
METALS
The Company is currently reviewing its 2024 exploration strategy
on progressing the advanced stage Case Lake property, along with
building a solid platform for each of the early-stage exploration
projects in Decelles, Mazerac, and Pelletier.
With this identifying the key structural controls that drive
mineralization across each property is paramount to building a
geological model. The Company has engaged the services of Southern
Geosciences Consultants ("SGC") of Perth,
Australia to provide a lithological and geological
assessment of Case Lake that will form part of the structural model
of the property. Along with engaging SGC the Company is reviewing
targeted low level Drone magnetic surveys to be performed across
key areas of the property that currently hosts LCT mineralization
at Case Lake.
The Company will also commence the development with SGC
geological models across the early-stage exploration properties in
Decelles, Mazerac, and Pelletier, along with conducting summer
field programs with soil, outcrop sampling and mapping.
Johnathan More, Chairman of
Power Metals commented "We are very excited with the progress of
drilling at Case Lake and are looking forward to announcing the
first round of assay results this coming month. Being fully funded
for exploration drilling through 2024 and having the
highly-credentialed team at Southern Geoscience Consultants working
with Power Metals Corp to develop our geological and structural
interpretations across Case Lake and our early exploration stage
properties will add to the Company's new discoveries by our
team."
About Southern Geoscience
Consultants
Southern Geoscience Consultants (SGC) is a specialist group of
geoscientists focused on providing the highest quality integrated
geophysical solutions, geological models, and interpretations to
the mining and exploration industry. Their technical team is one of
the largest groups of geophysicists globally with extensive
experience throughout Asia
Pacific, Africa, the
Americas, and Europe, as well as
the Middle East and Russia. SGC is an independent consultancy
group to 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.
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 15,700 meters of core between 2017 and 2022 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.
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
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Exchange) accepts responsibility for the adequacy or accuracy of
the content of this news release.
No securities regulatory authority has either approved or
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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
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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