VANCOUVER, BC, June 21,
2022 /CNW/ - Power Metals
Corp. ("Power Metals" or the "Company") (TSX
VENTURE: PWM) (FRANKFURT: OAA1) (OTC: PWRMF) is pleased to announce
that drilling has commenced in the West Joe Dyke area on the
Company's 100% owned Case Lake Property, 80 km east of
Cochrane. Power Metals is
currently fully-funded for 20,000 meters of drilling. Phase one of
the program will consist of 5,000 meters and comprise of
approximately 50 shallow drill holes on the Case Lake Property
focusing on the lithium-cesium-tantalum (Li-Cs-Ta) West Joe Dyke
(Figure 1). The objective of the drill program will be to expand
the Li-Cs-Ta mineralization previously discovered at West Joe
during the 2018 drill program. The West Joe Dyke will be tested
along strike and down dip, as it is currently open in all
directions. Spodumene (Li ore) and Ta-oxide minerals occur in
outcrop on the surface of the West Joe Dyke and pollucite (Cs ore)
was intersected in drill core. Li-Cs-Ta are all on Canada's and Ontario's Critical Minerals list.
Johnathan More, Chairman &
CEO of Power Metals commented, "We are very excited to be
back drilling again. We have assembled a world class team that
will assist in the exploration and drilling. This will be a very
busy summer for the Power Metals team and the drilling will
hopefully prove up and show the world the immense uncovered value
we see in our Case Lake Property."
Case Lake Li-Cs-Ta Property is a three-commodity property with
Lithium (Li), Cesium (Cs) and Tantalum (Ta) mineralization in the
form of spodumene, pollucite and Ta-oxide minerals. West Joe
pegmatite dyke is unique in that it is one of the few cesium-rich
pegmatites in the world. There are only three deposits that have
been globally mined for cesium: Tanco, Manitoba, Sinclair, Australia and Bikita, Zimbabwe, however the cesium supply has been
depleted in each of these deposits at a time when the global demand
for cesium is rising.
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 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. Case Lake Property consists of 585 cell claims in
Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake
Mining Division. The Case Lake Property is owned 100% by Power
Metals Corp.
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 &
CEO
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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
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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 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