VANCOUVER, BRITISH COLUMBIA – (September 6th, 2018) -Power Metals Corp. (“Power Metals Corp.” or the “Company”) (TSX VENTURE:PWM)(FRANKFURT:OAA1)(OTC:PWRMF) is pleased to announce that drill hole PWM-18-123 has intersected 35 m of pegmatite including high-grade spodumene zones on the West Joe Dyke, Case Lake Property, 80 km east of Cochrane, northeastern Ontario. Power Metals drilled holes PWM-18-123 and 124 parallel to the West Joe Dyke to test the down dip continuity.
Drill hole PWM-18-123 intersected the West Joe pegmatite dyke from 0 to 35 m which includes the following spodumene-rich pegmatite zones (Figures 1 and 2):
- 0.5-19 m (18.5 m interval) with 10-15% spodumene
- 20-20.5 m (0.5 m interval) with 20-30% spodumene
- 23.28-31.0 m (7.72 m interval) with 20-30% spodumene
- 32.1-34 m (1.9 m interval) with 10-15% spodumene
Drill hole PWM-18-124 intersected spodumene pegmatite from 1.5 to 18.9 m (17.4 m interval) with up to 10% spodumene. Drill hole PWM-18-124 also intersected spodumene pegmatite from 36.3 to 57.5 m (21.2 m interval) which includes the following spodumene-rich pegmatite zones:
- 36.7-45.8 m (9.1 interval) with 7% pink, pale green and grey spodumene
- 45.8-51.5 m (5.7 m interval) with 25 % pale green spodumene in spodumene granite
More drilling will be conducted to determine if the two spodumene pegmatite intersections are two separate dykes or one dyke with a large tonalite xenolith.
Dr. Selway, VP of Exploration, stated “We are impressed by the abundance of spodumene in the West Joe Dyke and will work on mapping the outcrops around it and the 3.0 km area between the West Joe, Main and Northeast Dykes to explore the extent of the lithium mineralization.”
West Joe spodumene pegmatite is located 1.6 km southwest of the western edge of the Main Dyke and 3.0 km southwest of the Northeast Dyke (Figure 3). This new zone is a significant step out from the Main Dyke and has opened up huge potential for drilling.
West Joe Dyke has two pegmatite zones which host spodumene mineralization, similar to that in the Main Dyke: (1) inner intermediate zone with very coarse-grained pale green to white spodumene, K-feldspar and quartz and (2) spodumene granite with abundant medium-grained spodumene, K-feldspar, albite and quartz. Spodumene granite is a medium-grained granite with spodumene as the accessory mineral and is unique to the Case Lake Property.
West Joe, Main and Northeast Dykes occur along a SW-NE trend (Figure 3). As the spodumene mineralization is the same in all three dykes and the dykes are along the same trend, the 3.0 km area between West Joe, Main and the Northeast Dykes is a large exploration target for potentially more spodumene pegmatites.
Figure 1 Spodumene pegmatite, PWM-18-123, boxes 1-4, 0.0-16.93 m, West Joe Dyke, Case Lake
Figure 2 Spodumene pegmatite, PWM-18-123, boxes 5-8, 16.93-34.45 m, West Joe Dyke, Case Lake
Figure 3 Case Lake Property showing the location of West Joe Dyke.
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 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. Power Metals has an 80% interest with its 20% working interest partner MGX Minerals Inc.
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.
Power Metals Corp.
Johnathan More
646-661-0409
info@powermetalscorp.com
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.
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