Major Highlights
- Phase III Drilling progressing with First Nation Drilling
Company (Black Diamond Drilling)
- Phase II Magnetic Drone Survey over 90% completed on
Exploration Targets
- Phase II Ore Sorting commences in Germany on bulk sample
- Environmental Studies advancing with Blue Heron
Environmental
VANCOUVER, BC, Dec. 10,
2024 /CNW/ - Power Metals Corp ("Power Metals" or the
"Company") (TSX VENTURE: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is
pleased to provide an update on exploration activities at the
100%-owned Case Lake Project (CLP) in northeastern Ontario.
Black Diamond Drilling has
currently completed a total of 16 drill holes for 971 meters of the
planned 2,000-meter program as part of 2024 Phase III drilling at
West Joe. The Company anticipates the current exploration drilling
program to be completed within the coming weeks as we conclude our
exploration schedule for 2024 at the CLP. Assay results are
expected to commence in late January and continue through February
from SGS.
Pioneer Exploration has currently completed over 90% of the
planned 1,329-meter low-level, high-resolution drone magnetic
survey across the southern area of the CLP. The survey is expected
to be finalized in the coming week in the field with the team from
Pioneer Exploration.
Phase II of the Company's ore sorting test work has arrived at
Tomra in Germany with the 250kg
bulk sample due to commence X-Ray transmission (XRT) process in
line with the preliminary test work conducted at the Tomra facility
in Australia. Results from the
Phase II bulk sample are expected in early 2025, with concentrate
to be dispatched to SGS Lakefield for analysis.
The Company has continued to advance its environmental studies
at the CLP with ongoing water sampling and the installation of
hydrologic monitoring loggers to capture stream flow data along
with water geochemistry analysis.
Haydn Daxter, CEO of Power Metals commented:
"The Company is incredibly pleased to see Black Diamond
Drilling progressing well with Phase III drilling with some
impressive visual intercepts of high-grade cesium in pollucite. We
anticipate drilling to be completed in the next two weeks prior to
our end of year exploration shut down."
"Additionally, we are extremely excited to commence our Phase
II ore sorting test work in Germany with Tomra on our bulk sample and look
forward to the production of a bulk high-grade
concentrate."
"The Company continues to de-risk the Case Lake project with
environmental studies and additional geophysical data as we
strengthen exploration targeting and the world-class potential in
meeting the demand for critical minerals and high-grade cesium
oxide."
Johnathan More, Chairman
and Founder of Power Metals, added,
"The Flagship Case Lake project continues to advance across a
number of facets to fast track the production of high-grade cesium
oxide as global demands continue to increase for the rare mineral.
Commencement of our bulk sample analysis, in addition to a
very promising looking Phase III drilling program, magnetic drone
survey, and environmental studies adds further weight to the
company advancing the Case Lake project into 2025 to meet the
demands on critical minerals on a global scale."
PHASE III DRILLING
The Company commenced Phase III drilling at West Joe on the
17th of November and has completed thirteen (13) diamond
drill holes to date for 782 meters. Currently a total of eleven
(11) drill holes have been submitted to SGS with results
anticipated to commence in late January. West Joe is a
lithium-cesium-tantalum pegmatite system that has produced several
high-grade cesium intercepts up to 22.47% Cs₂O (Cesium
Oxide), and high-grade tantalum up to 5328 ppm (as reported,
June 18 and November 19, 2024).
Drill holes PWM-24-236 to PWM-24-249 intersected 5-25% pollucite
and 2-20% spodumene, along with 1% tantalite grains up to 2mm in
size within the drill core (Figures 1-2). Mineralization is
currently between 6-10 meters thick in all drill holes completed
and commences from a shallow average of 10 meters downhole depth
from surface. All pegmatite intervals intersected white and or
translucent pollucite mineralization, coarse spodumene, and mm
scale tantalite grains and veinlets.
MAGNETIC DRONE SURVEY
The Phase II drone magnetic survey is currently progressing on
schedule with the Company expecting the remaining area to be
completed in the coming week across the southern area of the CLP
(Figure 3). Once finalised the new data set will be added to the
completed Phase I drone magnetic survey from earlier this year.
Subsequent to final QAQC on the data a review shall be conducted
on the geophysical data, production of an updated structural model
and drill hole targeting to encompass the recently submitted early
exploration permit.
PHASE II ORE SORTING
The Company will commence its Phase II ore sorting program with
Tomra in Germany (Figure 4) on the
250kg bulk sample from West Joe drill core completed in 2024
drilling. The process will be aligned with the preliminary
ore sorting program conducted in Tomra Australia with all material
to be crushed before blending and passing to sorting with XRT. The
concentrate is expected to be finalised within the next 4 weeks
before being dispatched to SGS Lakefield in Canada for analysis.
ENVIRONMENTAL STUDIES
Ongoing environmental monitoring programs continued at the CLP
with Blue Heron Environmental and local stakeholders as the Company
continues to advance its environmental baseline studies. This
included field programs involving surface hydrologic studies with
the installation of hydrologic monitoring loggers (stream flow) and
additional collection of surface water samples from six (6)
stations across the project (Figure 5). Additional surface water
sampling and the collection of stream flow data will be completed
prior to the end of year.
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 6).
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 6).
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 6).
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 6).
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 6).
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.
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 Corp (TSX-V: PWM)
PWM 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 cesium, lithium,
and high-growth specialty metals and minerals. We see an
unprecedented opportunity to supply the tremendous growth of the
lithium battery and critical mineral industries across North America. Learn more at
www.powermetalscorp.com.
-ON BEHALF OF THE BOARD-
Johnathan More, Chairman &
Director
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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
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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
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under the Company's profile on www.sedar.com.
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within the meaning of Section 27A of the Securities Act of 1933, as
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SOURCE Power Metals Corp.