VANCOUVER, BC, Sept. 13,
2023 /CNW/ - Power Metals
Corp. ("Power Metals" or the "Company")
(TSXV: PWM) (FRANKFURT: OAA1) (OTC: PWRMF) is pleased to
announce discovery of new pegmatites north of known pegmatite
deposits at its 100% owned Case Lake Property ("The Property") in
northeastern Ontario. The new
pegmatites were identified during the company's ongoing 2023 field
exploration program that started in summer of 2023. The 2023 field
exploration program is focusing on prospecting, sampling and
geological mapping of existing and new pegmatite prospective areas
that were identified using compilation and interpretation of
geological maps, drilling, and recently acquired high resolution
magnetic and LiDAR surveys.
Johnathan More, Chairman of Power
Metals commented, "We are excited with the discovery of new
pegmatites at Case Lake after we were able to mobilize a field
exploration crew during a challenging forest fire season in
northeastern Ontario. We are very
happy with the progress of the field exploration program and look
forward to further enhance the quality of targets we are generating
for an upcoming drill program."
KEY EXPLORATION HIGHLIGHTS
- The new pegmatite dikes occur about 1.5 km north of the
Northeast dike in close proximity to Dome Nine. Field observations
and assay results of samples collected in 2023 confirm presence of
10-to-15-meter wide spodumene bearing pegmatites with Lithium
content as high as 1.12% Li2O (Figures 1 to 4).
- The 2023 field program confirmed presence of spodumene about
300 meters southeast of the Main Zone in the western part of the
East dike (Figures 2 to 4).
- A new pegmatitic tonalite was identified approximately 1.3 km
southwest of the West Joe Zone in metavolcanic units in an area
where historical geological maps reported trenches with pegmatites
and quartz veins that contain molybdenum (Figures 2 to 4).
- In addition to previously identified tonalitic domes that are
prospective for Lithium-Cesium-Tantalum (LCT) pegmatites on the
property, compilation of historical & recently acquired LiDAR
& magnetic data identified nine pegmatite prospective new areas
(Figure 5).
- These areas were identified based on presence of pegmatitic
tonalites, lineaments , and their similar magnetic and LiDAR
signatures compared to the signature of areas that host LCT
mineralization at Case Lake.
- The company is progressing well with the 2023 field exploration
program and is prioritizing the highlighted results to generate
drill ready targets. Power Metals is fully budgeted for
15,000-meter drill program that is expected to start later in the
fall.
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 579
cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake
Mining Division. The Property is 10 km by 9.5 km in size with 14
tonalite domes. The Case Lake pegmatite swarm consists of six
spodumene dikes known as the North, Main, South, East and Northeast
dikes on the Henry Dome, and the West Joe dike on a new tonalite
dome, collectively forming mineralization trend that extends for
about 10 km.
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.
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
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
