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Power Metals Corp, Power Metals Corp

FIRST NATION DRILL COMPANY ENGAGED FOR PHASE III DRILLING AT CASE LAKE

Major Highlights

  • First Nation company, Black Diamond Drilling, engaged for upcoming program at Case Lake
  • Phase II water sampling completed at Case Lake
  • Soil sampling completed on two potential cesium targets north of West Joe

VANCOUVER, BC , Nov. 6, 2024 /CNW/ - Power Metals Corp ("Power Metals" or the "Company") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to confirm Black Diamond Drilling has been engaged to complete its 2024 Phase III drill program at the Company's 100%-owned Case Lake Project ("CLP") in northeastern Ontario.

The objective of the 2024 Phase III program is to target and extend the known cesium zones at West Joe and Main Zone as part of the CLP, with 2,000 meters of exploration drilling to be completed.

Black Diamond Drilling is a First Nation company 100%-owned by the community of Apitipi Anicinapek Nation (AAN) in Ontario, Canada. The company is operated by a highly-experienced team with a focus on exploration projects in the Abitibi Greenstone Belt (see Figure 1).

Black Diamond is currently operating drill rigs at McEwen Mining and Alamos Gold in Ontario and has a partnership with Major Drilling Group International Inc. Black Diamond is independent from the Company. 

Haydn Daxter, Power Metals CEO commented:  

"Power Metals is extremely pleased to have engaged the team at Black Diamond Drilling, as part of Apitipi Anicinapek Nation, as we explore our world-class critical minerals project at Case Lake in Ontario."

"Delivering local work to the local communities we operate in is a priority for our Company and we believe this is the beginning of a strong partnership with this First Nation company."

"We look forward to fostering a strong partnership with AAN as we continue our engagement across many areas of the Power Metals business," said CEO of Power Metals, Haydn Daxter.

Lance Black, President, Apitipi Resources Inc., parent company of Black Diamond Drilling Inc., and Director of Negotiations and Contract Management, Apitipi Anicinapek Nation commented:

"I am pleased to say that Power Metals has been engaging extremely well with the implementation of our exploration agreement. They consult with our team regularly and have site visits with our Lands and Resources Department about activity on our land and meet with our team in person to discuss the exploration activities."

WATER SAMPLING

The Company recently completed its Phase II water sampling program at Case Lake with members of Apitipi Anicinapek Nation over a two-day period (see Figure 2). A total of eight points were sampled as part of the Case Lake waterway system, including lake and tributary locations.

This follows a recent training program on the collection and analysis of water samples conducted by the Company during Phase I sampling with members of Apitipi Anicinapek Nation and Blue Heron Environmental Consultants in Timmins.

Power Metals has developed this initiative in conjunction with traditional landowners to collaborate and share technical data on waterways of the Case Lake region. 

SOIL SAMPLING

The Company recently completed a targeted soil sampling program to validate two cesium anomalies identified 500 meters to the north-northwest of the West Joe Prospect during a structural and geophysical assessment of the Case Lake Project. The two high-priority targets represented similar magnetic signatures and structural proximity to the current high-grade cesium mineralization at the West Joe Prospect.

The program was conducted over four days in mid-October with 177 samples (see Figure 3) collected by the geology team on loan from Winsome Resources (ASX: WR1) as part of our intercompany development.

The soil sampling program in the West Joe area was designed to validate two geophysical anomalies that show similarities to magnetic signature of LCT mineralization at West Joe (Table 1).

The samples were taken from five soil lines oriented at an oblique angle to geological strike of the regional fabric and glacial flow direction.

Samples were taken at every 25 meters along each line with 15% of the total samples being QAQC samples that were inserted into the sample stream.

Samples were submitted to Activation Laboratories Ltd ("Actlabs") in Timmins and were subsequently sent to Actlabs geochemical laboratory in Ancaster, Ontario for selective digestion-based multielement geochemical analysis.

Table 1 – Summary of Soil Sample Locations as discussed in the announcement.


Sample #

Easting

Northing

Elevation (m)

921XXX

576156.8

5431898

333.61

921XXX

576151.4

5431888

333.61

921XXX

576146.1

5431878

334.4

921XXX

576145.1

5431863

335.99

921XXX

576138.4

5431855

335.99

921XXX

576138.4

5431840

336.96

921XXX

576130.9

5431829

337.15

921XXX

576126.4

5431816

337.15

921XXX

576120.7

5431801

337.16

921XXX

576078.4

5431836

343.61

921XXX

921646

5431843

343.61

921XXX

576086.7

5431857

343.61

921XXX

576092.8

5431870

343.8

921XXX

576099.9

5431893

336.81

921XXX

576108.6

5431917

336.43

921XXX

576121

5431937

343.29

921XXX

576123.6

5431963

342.65

921XXX

576134.4

5431980

360.06

921XXX

576142.4

5432009

360.77

921XXX

576148.3

5432036

359.12

921XXX

576157.9

5432058

358.58

921XXX

576165

5432082

358.67

921XXX

576174.8

5432105

358.46

921XXX

576151.8

5432112

338

921XXX

576142.1

5432090

356.58

921XXX

576134.4

5432068

338

921XXX

576126.8

5432041

356.16

921XXX

576117.7

5432012

337.12

921XXX

576109.7

5431996

356.83

921XXX

576103.8

5431973

355.78

921XXX

575969.1

5431514

340.64

921XXX

575977.2

5431540

340.86

921XXX

575986.9

5431565

341.19

921XXX

575992.1

5431588

341.26

921XXX

576003.8

5431608

340.77

921XXX

576010.8

5431632

341.76

921XXX

576018.6

5431657

341.76

921XXX

576026.8

5431679

340.11

921XXX

576036.1

5431704

340.16

921XXX

576039.9

5431732

341.38

921XXX

921919

5431752

340.27

921XXX

576059.9

5431775

340.36

921XXX

576063.1

5431791

340.52

921XXX

576067.9

5431800

340.05

921XXX

576070.3

5431809

339.42

921XXX

576078.1

5431822

338.49

921XXX

576114.9

5431781

337.39

921XXX

576106.9

5431758

337.44

921XXX

576098

5431737

339.22

921XXX

576088.7

5431712

338.16

921XXX

576081.6

5431690

338.34

921XXX

576075.5

5431667

337.34

921XXX

576066.3

5431643

336.68

921XXX

576055.5

5431618

337.08

921XXX

576051.6

5431593

337.44

921XXX

576040.4

5431568

336.51

921XXX

576035.4

5431546.5

334.09

921XXX

576164.4

5431925

343.19

921XXX

576172.6

5431946

342.72

921XXX

576181.9

5431972

342.34

921XXX

576186.4

5431994

341.9

921XXX

576198.6

5432018

341.18

921XXX

576203.9

5432041

341.85

921XXX

576212.8

5432066

341.31

921XXX

576221.3

5432091

341.47

921XXX

576230.4

5432113

342.32

921XXX

576238

5432137

343.26

921XXX

576265.8

5432130

342.21

921XXX

576250.6

5432105

341.48

921XXX

576244.4

5432081

340.57

921XXX

576237.3

5432056

341.05

921XXX

576233.4

5432034

341.76

921XXX

576219.8

5432012

341.9

921XXX

576211.1

5431989

342.51

921XXX

576206.8

5431960

342.01

921XXX

576198.7

5431941

341.9

921XXX

576184.5

5431917

341.92

921XXX

576181.9

5431894

341.25

921XXX

576096.8

5431946

346.28

921XXX

576086.4

5431928

344.69

921XXX

576078.3

5431908

344.83

921XXX

576066.4

5431878.5

343.31

921XXX

576065

5431866

344.09

921XXX

576062.4

5431854

343.33

921XXX

576054.9

5431843

336.82

921XXX

576053.1

5431831

344.13

921XXX

576052.1

5431818

345.84

921XXX

576044.8

5431810

345.84

921XXX

576040.1

5431794

336.64

921XXX

576035.9

5431782

336.52

921XXX

576028.7

5431759

335.45

921XXX

921597

336.64

336.64

921XXX

576012.9

5431714

333.5

921XXX

575999.8

5431688

334.01

921XXX

575995.1

5431665

334.79

921XXX

575985

5431644

334.79

921XXX

575977.7

5431615

333.16

921XXX

575969.5

5431594

336.1

921XXX

575959.2

5431575

330.27

921XXX

575950.2

5431554

330.93

921XXX

575947.8

5431518

335.54

921XXX

576268.9

5431142

340.78

921XXX

576176

5431882

340.32

921XXX

576171.3

5431867

339.31

921XXX

576168.3

5431857

339.2

921XXX

576161.1

5431846

339.2

921XXX

576160.6

5431834

338.53

921XXX

576155.2

5431823

339.02

921XXX

576150.9

5431810

338.96

921XXX

576147.9

5431797

338.96

921XXX

576140.1

5431773

340.47

921XXX

576129.8

5431750

338.62

921XXX

576122.3

5431727

337.49

921XXX

576113.4

5431703.5

338.07

921XXX

576106.06

5431678.5

338.06

921XXX

576098.94

5431655

336.69

921XXX

576091.4

5431633.5

336.64

921XXX

576081.4

5431610

336.47

921XXX

576073.44

5431583.5

335.32

921XXX

576064.88

5431560.5

335.14

921XXX

576085.63

5431537.5

333.58

921XXX

576282.19

5431110

346.65

921XXX

576431.75

5431488

338.39

921XXX

576431.4

5431462.5

338.5

921XXX

576423.9

5431443

339.9

921XXX

576404.9

5431416

337.01

921XXX

576385.4

5431388

334.56

921XXX

576379.2

5431364

336.13

921XXX

576381.4

5431349

337.03

921XXX

576377.1

5431321

337.39

921XXX

576369.7

5431295

337.57

921XXX

576360

5431275

336.25

921XXX

576355.8

5431255

336.77

921XXX

576343.5

5431227.5

337.58

921XXX

576340.94

5431205.5

338

921XXX

576313.69

5431183.5

339.07

921XXX

576318.5

5431158

345.81

921XXX

576190.13

5430776.5

350.05

921XXX

576194.75

5430802

345.73

921XXX

576200.31

5430819

343.29

921XXX

576214.13

5430846

344.65

921XXX

576222.5

5430866

358.29

921XXX

576226.69

5430901

361.5

921XXX

576241.44

5430920

354.6

921XXX

576250.19

5430951

363.28

921XXX

576258.13

5430965

365.87

921XXX

576260.19

5430990

355.67

921XXX

576269.69

5431011

353.31

921XXX

576279.38

5431039.5

349.3

921XXX

576289.63

5431062

349.3

921XXX

576303

5431074

348

 

Case Lake Property

The Case Lake Property is located 80 km east of Cochrane, northeastern Ontario close to the Ontario - Quebec border. The Property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake Mining Division. The Property is 10km by 9.5km in size with 14 granitic domes. The Case Lake pegmatite swarm consists of six spodumene dykes known as the North, Main, South, East and Northeast dykes on the Henry Dome, and the West Joe dyke on a new dome, collectively forming mineralization trend that extends for approximately 10km (Figure 4).

Power Metals have completed several exploration campaigns that have led to the discovery and expansion of new and historic spodumene bearing LCT pegmatites at Case Lake. The Company has drilled a total of 22,231 meters of core between 2017 and 2024 at the Property. The Case Lake Property is owned 100% by Power Metals Corp. A National Instrument 43-101 Technical Report has been prepared on Case Lake Property and filed on July 18, 2017 (Figure 4).

Pelletier Property

The Pelletier Property is located 50km south of Hearst, northeastern Ontario close to a network of forestry roads. The Property consists of 337 mineral claims that account for a total of 7000 hectares in Franz, Roche, Scholfield, and Talbot townships in the Porcupine mining division. The Pelletier Project is characterized by LCT prospective S-type pegmatitic granites intruding into metasedimentary and amphibolite of the Quetico at or near Archean terrane boundary between the Quetico and Wawa sub-provinces (Figure 4).

Decelles Property

The Decelles Property contains 669 claims, covering 38,404 hectares of LCT prospective ground near the mining centers of Val-dÓr and Rouyn-Noranda, approximately 600km from Montreal. Power Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal that allowed Winsome to increase its stake to 19.59% (Refer to press release announced on August 24, 2023). The geology of Decelles property is part of the Archean Pontiac sub-province where S-type LCT prospective, pegmatite bearing, granitic Decelles Batholith intrudes into metasedimentary units of the Pontiac Group. Spodumene and Beryl bearing pegmatites have been reported historically within the Pontiac sub-province in association with S-type garnet-muscovite granite. The Decelles property is adjacent to Vision Lithium's Cadillac property where discovery of high-grade lithium pegmatites was reported in 2022 (Figure 4).

Mazerac Property

The Mazerac Property is located approximately 30 km east of Power Metals' Decelles property near well-established mining camps in the Abitibi region of Canada and is accessible by network of mining-grade forestry roads. The Mazerac property contains 259 claims that cover 14,700 hectares of LCT prospective ground near the mining center of Val-dÓr and Rouyn-Noranda. The regional geology of Mazerac is similar to Decelles where S-type LCT prospective, pegmatite bearing, granites of Decelles Batholith intrude into metasedimentary units of the Pontiac Group. Spodumene and Beryl bearing pegmatites have been reported historically within the Pontiac sub-province in association with S-type garnet-muscovite granite (Figure 4).

Pollucite and Cesium

Pollucite is a rare mineral that hosts high grade cesium and is associated with highly fractionated, rare element pegmatites. The main source of cesium known globally is pollucite (Cs,Na)₂(Al₂Si₄O₁₂)•2H₂O, (https://www.gov.mb.ca/iem/geo/industrial/pollucite.html). Currently the Tanco mine in Manitoba, Canada is the only operating cesium deposit and holds over 60% of the known reserves globally.

Scientific and Technical Disclosure

The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, P.Geo., Vice President of Exploration for Power Metals, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Power Metals

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. 

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 on www.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 the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.

SOURCE Power Metals Corp.