Power Metals Commences Large-Scale Drill Program at Case Lake
TSX VENTURE: PWM
VANCOUVER, June 21, 2018 /CNW/ - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM) (FRANKFURT:OAA1) (OTC:PWRMF) is pleased to announce that drilling has commenced in the Main Dyke area, on the Henry Dome on the Case Lake Property, 80 km east of Cochrane. The first drill hole for this 2018 summer drill program will be PWM-18-84 on the Main Dyke (Figure 1). A total of 5,400 m of drilling and 50 holes was previously completed on the Main, North and South Dyke last year with great success.
Dr. Selway, VP of Exploration, stated "We are thrilled to commence drilling again at Case Lake for this extremely large drill program. We anticipate drilling in excess of 15,000 metres over several targets that we have identified through previous drilling and our successful mapping programs."
Highlights from the 2017 fall/winter drilling on the Main Dyke includes:
- PWM-17-08: 1.94 % Li2O and 323.75 ppm Ta over 26.0 m
- PWM-17-09: 1.23 % Li2O and 148.0 ppm Ta over 16.0 m
- PWM-17-10: 1.74 % Li2O and 245.96 ppm Ta over 15.06 m
Lithium grades are up to 3.29 % Li2O over 1.0 m in PWM-17-08 in the quartz core with coarse-grained pale green spodumene.
Near the end of the 2017 drill program, Power Metals' exploration team discovered two new spodumene pegmatite dykes located between the Main Dyke and the South Dyke. The first new dyke was intersected in PWM-17-42 and 43 with locally up to 30% spodumene. The exploration team then targeted the new dyke to intersect it again in PWM-17-44 and 49. This new dyke is located 20-40 m down hole from the Main Dyke and 35-40 m vertical depth from the surface. The second new spodumene pegmatite dyke was intersected in PWM-17-42 and 49. It is located 50 m down hole from the Main Dyke and 50-80 m vertical depth from surface.
One of the drill targets for the 2018 summer drill program will be to extend the strike length of these two new spodumene pegmatite dykes between the Main and South Dykes.
Case Lake Property is located in Steele and Case townships, 80 km east of Cochrane, NE Ontario close to the Ontario-Quebec border. The Case Lake pegmatite swarm consists of five dykes: North, Main, South, East and Northeast Dykes on the Henry Dome. Power Metals has an 80% interest with its 20% working interest partner MGX Minerals Inc.
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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Power Metals. There are numerous risks and uncertainties that could cause actual results and Power Metals' plans and objectives to differ materially from those expressed in the forward-looking information, including other factors beyond Power Metals' control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Power Metals assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.