Drilling Update at Case Lake and Announcement of Second Drill Program
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 16, 2017) - Power Metals Corp. ("Power Metals
Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1)(OTC:AOUFF) is pleased to announce the
nearing completion of our successful 5000 metre drill program. We are currently drilling hole #44 (PWM-17-44) and have 5 more
shallow holes planned for a total of 49 holes (See Figure 2 below).
The Company's recently drilled hole #40 (PWM-17-40) intersected 37.7 m of continuous pegmatite of which the spodumene zone is
from 20.0 to 35.83 m (interval of 15.83 m long) with up to 30% spodumene in the quartz core (see Figure 1). Assays will be
released as soon as they are available. Assays are pending for the majority of the holes, but examination of the drill core
indicates that the spodumene mineralization is rich, thick and close to surface. For example, in hole #35 (PWM-17-35), the North
Dyke is 6.7 m wide with 10-15% spodumene overall and the Main Dyke Zone is 29.4 m wide and is composed of multiple pegmatite
dykes (Power Metals press release dated Nov. 2, 2017).
Some highlights of the drill program so far include:
- 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
- extended the Main Dyke spodumene pegmatite zone 250 m to the west of the historic drill holes
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1104890_fig1.jpg
Power Metals prospecting program successfully discovered spodumene mineralization in the East Dyke (press release dated Oct.
10, 2017) and Northeast Dyke (press release dated Nov. 13, 2017). Two grab samples of spodumene-muscovite-K-feldspar-quartz
pegmatite from the East Dyke were analyzed with up to 2.56 % Li2O and up to 181 ppm Ta (Table 1). This preliminary
prospecting and assays on the East Dyke indicate that high grade spodumene similar to that on the Main Dyke exists on the East
Dyke.
Table 1 Grab sample assays from East Dyke (NAD 83, Zone 17).
Waypoint |
Sample No |
Easting (m) |
Northing (m) |
Li 2 O (%) |
Ta (ppm) |
JK-17-21 |
529451 |
578595 |
5431395 |
1.03 |
181 |
JK-17-35 |
529457 |
578593 |
5431399 |
2.56 |
41.5 |
Power Metals is planning a 2000 metre drill program on the Northeast Dyke in January 2018. The Company is also in the final
steps of contracting an industry leading metallurgist experienced in working with spodumene pegmatites. Upon receipt of final
assay results, an analysis of the initial characterization of the spodumene in the Main Dyke will be undertaken as well as other
metallurgical testing. The Company will issue a press release once the contract has been finalized in the near future.
Dr. Selway, VP of Exploration stated "I am pleased that our drill program on the North and Main Dykes successfully intersected
thick high-grade intervals of spodumene pegmatite and I look forward to receiving the assay results from the Main Dyke drill
holes and planning the upcoming drill program on the Northeast Dyke."
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/1104890_fig2.jpg
Quality Control
The grab samples were delivered to Actlabs preparation lab in Timmins by Power Metals' geologists. The core was crushed and
pulverized in Timmins and then shipped to Actlabs analytical lab in Ancaster which has ISO 17025 certification. The ore grade
Li2O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.01 %
Li2O.
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 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.
(CSE:XMG).
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 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.