VANCOUVER, BRITISH COLUMBIA – (April 2nd, 2018) - Power Metals Corp. (“Power Metals Corp.” or the “Company”) (TSX VENTURE:PWM)(FRANKFURT:OAA1)(OTC:PWRMF) is pleased to announce that we are now working on the logistics for the 2018 drill program which will begin following the snow melt in early May. The spring drill targets are estimated to total 8,000 m and the fall drill targets may be increased up to 7,000 m for a total of 15,000 m. Some highlights of the 8,400 m drilled thus far include:
- PWM-17-34: 1.81 % Li2O over 17.0 m
- PWM-17-33: 2.11 % Li2O over 11.0 m
- PWM-17-10: 1.74 % Li2O over 15.06 m
- PWM-17-08: 1.94 % Li2O over 26.0 m
The diamond drill program is fully funded and Power Metals has a valid MNDM exploration permit for the drilling. Power Metals is planning to meet with Aboriginal groups in the Cochrane area in April.
Table 1 2018 Proposed Drilling at Case Lake
|1||Between Main and South Dykes||3000 m|
|2||Between Main and NE Dykes||3000 m|
|3||West side of Main Dyke||2000 m|
|4||East Dyke||2000 m|
|5||Down Dip of Main Dyke||3000 m|
The proposed 8,000 m drilling for the spring/early summer drill program will target the new spodumene pegmatite dykes located between the Main Dyke and the South Dyke (Target 1) (Figure 1). These new spodumene dykes were discovered at the end of the 2017 Main Dyke drill program (Power Metals press release dated Nov. 27, 2017). One of the new dykes was intersected in drill hole PWM-17-49 with 1.61 % Li2O and 143.8 ppm Ta over 3.0 m (Power Metals press release dated Jan. 24, 2018).
The spring/early summer drill program will also target the area between the Main Dyke and the Northeast Dykes (Target 2). Coarse-grained spodumene pegmatite was intersected in the 5,400 m drill program on the Main and North Dykes and in the 3,020 m drill program on the Northeast Dyke. The Northeast Dyke is located 900 m northeast along strike of the North and Main Dykes and is within the same tonalite dome as the North and Main Dykes. Since the Northeast, North and the Main Dykes are along the same strike and within the same dome, this indicates that they were emplaced along the same deep-seated structure. The drill program between the Main and Northeast Dykes will test the presence of the spodumene mineralization along strike.
A drill program will test spodumene mineralization identified during the mapping program on granitic outcrops west of the Main Dyke (Target 3).
Additional targets will be drilled in fall 2018 including the East Dyke, down dip extension of Main Dyke and dome targets identified during the spring mapping program.
Dr. Selway, VP of Exploration, stated “The entire Power Metals team is excited to get the drills turning again. Because of the success from our first two drill programs, we will now kick the drilling into high gear with large scale drill programs over multiple targets at Case Lake. The explorational upside is immense on the property and each drill target can substantially increase the overall resource size that we are building.”
Figure 1 2018 Drilling exploration targets at Case Lake Property.
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. The Northeast Dyke contains very coarse-grained spodumene. Power Metals has an 80% interest with its 20% working interest partner MGX Minerals Corp.
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.
Power Metals Corp.
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.