VANCOUVER, BC, July 9, 2024
/CNW/ - Power Metals Corp. ("Power Metals" or
the "Company") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB:
PWRMF) is pleased to announce an update on exploration
activities across its Ontario and
Quebec properties. The Company
engaged Pioneer Exploration to conduct a low-level, high-resolution
Magnetic Drone Survey at the southern portion of the Case Lake
property. The Company has also mobilized a geological team to
conduct field work at its Decelles and Mazerac properties in
Quebec. In addition, Woodland
Heritage Northeast has commenced Phase II of an Archeological
Survey at Case Lake. The Company has also been developing key
target areas at Case Lake with Southern Geoscisence Consultants who
have completed a structural and lithological interpretation
identifying additional high-priority targets as highlighted
below:
STRUCTURAL WORK AT CASE LAKE
Southern Geosciences Consultants ("SGC") of Perth, Australia completed a geological review
of Power Metals' historical and recent exploration data that
enabled the development of an updated structural and lithological
model for the property. In addition, SGC identified thirteen
untested Lithium-Cesium-Tantalum ("LCT") pegmatite prospective
target areas, which the Company plans to follow-up with field
exploration and drilling during its summer 2024 field season
(Figure 1).
QUEBEC FIELD WORK
Power Metals has mobilized a team of geologists at its 100%
owned Decelles and Mazerac properties in northwestern Quebec and completed our maiden field
exploration activities on the properties. Historical and recent
exploration work completed across the region, including within
Power Metals' claims, has defined LCT pegmatite prospective geology
in Decelles and Mazerac (Figure 2).
Field exploration activities conducted over a 30-day period was
based out of Winsome Resources Val-d'Or office. The field program
focused on field mapping, prospecting, and outcrop sampling where
more than 200 outcrops were examined across the two properties and
samples collected for assay and geochemical analysis (Figure 3). A
secondary phase of field work is currently being planned upon
review of the analytical data.
QUEBEC FIRST NATIONS
Our CEO, Haydn Daxter and VP of Exploration, Amanuel Bien visited the Lac Simon First Nation
community and met with Chief Lucien
Wabanonik, Deputy Chief Danny
Pien, and Liaison Gaetan Lefebvre to provide information on
the Company's early-stage exploration work at Decelles and Mazerac
(Figure 4).
MAGNETIC DRONE SURVEY
Pioneer Exploration Consultants of Ottawa completed the previously announced
high-resolution drone-based magnetic survey at Case Lake. A total
of 944 km was completed with the low-level, high-resolution
magnetic data that was collected at 25-meter line spacing. The
survey covered high-priority target areas that occur on the main
Case Lake mineralization corridor that extends from Dome Nine in
the east to West Joe in the West (Figure 5).
ARCHEOLOGICAL SURVEY AND WATER SAMPLING PROGRAM AT CASE
LAKE
The Company initiated archaeological studies and will shortly
commence surface water sampling programs at Case Lake in
collaboration with Apitipi Anicinapek Nation in the region. The
archeological study is part of our ongoing commitment to working
with the First Nation community to identify any areas of
significance prior to exploration or disturbance being conducted
(Figure 6 - 7).
The Company has also engaged a Timmins, ON based environmental consultancy
company to facilitate a two-day training program with members of
the Apitipi Anicinapek Nation who will conduct bi-annual water
sampling at Case Lake as part of baseline studies.
Haydn Daxter, Power Metals' CEO commented "I am extremely
pleased to announce we are working on a number of field programs in
both Ontario and Quebec in conjunction with our local First
Nation communities. This work will greatly assist the Company as we
move forward and at the same time prepare for our Phase II drilling
at Case Lake to commence later this year".
Johnathan More, Chairman and
Founder of Power Metals commented "We are very pleased by the level
of exploration progress at Case Lake and in Quebec with our summer programs. At the same
time the increased level of interest in Cesium was evident at Fast
Markets in Las Vegas last month
for the Company. Power Metals is fully-funded to continue
exploration and drilling activities through the rest of
2024."
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 8).
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 19,607 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 8).
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 8).
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 8).
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 8).
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.
Exploration data was collected and verified following the
guidelines outlined in CIM's Mineral Exploration Best Practice
Guidelines.
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.
