Power Metals Prepares for More Drilling at Case Lake
VANCOUVER, Jan. 10, 2022 - Power Metals Corp. ("Power Metals" or the "Company") (TSX VENTURE: PWM)(FRANKFURT: OAA1)(OTC: PWRMF) is pleased to announce that it is preparing the documents to apply for an exploration permit from the Ontario government for a drill program on its Case Lake Lithium (Li)-Cesium (Cs)-Tantalum (Ta) Property. As per Power Metals' agreement with Sinomine (Hong Kong) Rare Metals Resources Co Limited ("Sinomine"), the two companies will jointly fund the drill program. The purpose of the drill program will be to expand the Li-Cs-Ta mineralization at West Joe Dyke and the Li-Ta mineralization on the Main Dyke. The drill program will also explore to search for new Li-Cs-Ta mineralization over the 2 km between West Joe Dyke and Main Dyke. Johnathan More, Chairman& Director of Power Metals commented, "We are excited to get back to Case Lake with our new partners Sinomine to continue where we left off after our very successful first drill program. We have drilled over 13,000 meters to date and this next program will follow up with this exciting discovery of cesium that is on surface and open in all directions. Phase 1 will include a fully funded 20,000-meter drill program."
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 556 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 & 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 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.
Contact
Power Metals Corp., Johnathan More, 646-661-0409, info@powermetalscorp.com