POWER METALS PREPARES FOR ADVANCED EXPLORATION PERMIT AT CASE LAKE
VANCOUVER, BC, April 27, 2022 /CNW/ – Power Metals Corp. (“power metals“or the”Company“)(TSX: PWM)(FRANKFURT: OAA1)(OTC: PWRMF) is pleased to announce, together with its principal shareholder Sinomine Resource Group (Sinomine), that it has decided to begin the process of acquiring an advanced exploration permit on its 100% owned Case Lake property from Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry. Advanced exploration requirements will be completed concurrently with the next previously announced 5,000 meter drill program at Case Lake.
The Advanced Research Permit will relate to lithium (Li) – cesium (Cs) – tantalum (Ta) West Joe, Main and North Dykes. The permit will allow the excavation of surface material up to 10,000 tonnes to be used as a bulk sample for metallurgical testing by Sinomine. The advanced exploration authorization process will include, but not be limited to, resource estimation, metallurgical testing, conversion of mining concessions to leases, environmental studies, closure plan and Aboriginal consultation.
MorePresident of Power Metals, said, “Power Metals and Sinomine are rapidly advancing their relationship by mutually advancing our Case Lake property toward production. our Case Lake deposit. This will allow us to avoid huge capital costs by being able to potentially ship our rock to this facility instead of having to build one ourselves. Our trifecta of cesium, lithium and tantalum gives us a huge advantage in making this possible.”
The next 5,000 meters The drill program will include approximately 50 shallow drill holes at Case Lake, focused on Power Metals Li-Cs-Ta West Joe Dyke. The focus of the drill program will be to expand lithium-cesium-tantalum (Li-Cs-Ta) mineralization previously discovered at West Joe during their 2018 drill program. The West Joe Dyke will be tested alongside strike and dip, as it is currently open in all directions. Spodumene (Li ore) and Ta oxide minerals outcrop on the surface of the West Joe Dyke and pollucite (Cs ore) has been intersected in drill core. Li-Cs-Ta are all on from Canada and from Ontario List of critical minerals.
Case Lake Property
The Case Lake property is located 80 km east of Cochranenortheast Ontario near Ontario–Quebec frontier. The Case Lake property consists of 579 cell claims at Steele, Case, Scapa, Pliny, Abbotsford and Challies Townships, Larder Lake Mining Division. The property measures 10 km x 9.5 km with 14 identified tonalite domes. The Case Lake pegmatite swarm consists of six spodumene dykes: the North, Main, South, East, and Northeast dykes on Henry Dome and the West Joe Dyke on a new Tonalite Dome. The Case Lake property is 100% owned by Power Metals Corp. A 43-101 technical report was prepared on the Case Lake property and filed on July 18, 2017.
Julie Selway, Ph.D., P. Geo. supervised the preparation of the scientific and technical disclosure in this press release. Dr. Selway is the Vice President of Exploration for Power Metals and Qualified Person (“QP”) as defined by NI 43-101. Dr. Selway oversees the exploration program at Case Lake. Dr. Selway earned 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.
About Power Metals Corp.
Power Metals Corp. is a diversified Canadian mining company whose mandate is to explore, develop and acquire high quality mining projects. We are committed to building an arsenal of high-growth lithium and specialty metals and minerals projects. We see an unprecedented opportunity to respond to the tremendous growth of the lithium battery and clean technology industries. Learn more about www.powermetalscorp.com
ON BEHALF OF COUNCIL,
MorePresident & Administrator
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 the contents of this press release. .
No securities regulatory authority has approved or disapproved of the contents of this press release. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any state securities law, and may not be offered or sold in the United States, or to, or on behalf of or for the benefit of a “US Person” (as defined in Regulation S of the US Securities Act) except pursuant to an exemption therefrom. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities of the Company in any jurisdiction.
Caution 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 construed 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 differ materially from those implied by such statements. Although these 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, except as required by law.
Although the Company believes that the expectations and assumptions on which forward-looking statements are based are reasonable, undue reliance should not be placed on forward-looking statements as the Company cannot guarantee that they will prove to be accurate. Because forward-looking statements address future events and conditions, they, by their very nature, 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 a number of 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 of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made in accordance with the security provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has not reviewed or approved the contents of this press release.
SOURCE POWER METALS CORP.
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