VANCOUVER, BC, Sept. 24,
2024 /CNW/ - Power Metals
Corp ("Power Metals" or the "Company")
(TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce
that it has formed a Cesium Advisory Committee and has been
selected to receive grant funding of up to $200,000 under the Ontario Junior Exploration
Program ("OJEP") from the Ontario Government to support exploration
of critical minerals within Ontario that includes cesium at the Company's
Case Lake Project ("CLP").
CESIUM ADVISORY COMMITTEE
The Company has formed a "Cesium Advisory Committee" in response
to an extreme level of interest with various major global chemical
specialists on the Case Lake Project. The committee has appointed
Dr. Nigel Brand given his technical
credentials and work conducted at the Sinclair Cesium Mine in
Norseman, Western Australia to
evaluate and maximize the Company's next steps on our West Joe
Cesium Project. The Committee will also consist of current Power
Metals Corp board and executives in Haydn
Daxter (CEO), Johnathan More
(Chairman and Director), and Chris
Evans (Director and MD at Winsome Resources).
Dr. Nigel Brand has been a
geochemist working in the global mineral exploration industry for
over 34 years including Western Mining Corporation, Anglo American and for the last sixteen years as
a consultant with Geochemical Services, providing expertise
globally in diverse climatic and geological environments and with
Portable Spectral Services pushing the frontiers of spectral
technologies and their applications. Dr. Nigel Brand was pivotal in the development of
the Sinclair Cesium Mine in Norseman, Western Australia. Dr. Nigel Brand also serves as Adjunct Senior
Research Fellow, School of Earth Sciences at the University of
Western Australia.
APPROVAL OF OJEP GRANT
The Ontario Junior Exploration Program ("OJEP") grant amount
will cover up to 50% eligible exploration costs, to a maximum of
$200,000 in relation to expenditures
incurred by the Company during the period from April 1, 2024, to February
28, 2025, on the CLP. The receipt of grant funding
represents another milestone for the Company, along with leveraging
government support in advancing our exploration activities for
critical minerals.
Johnathan More, Chairman of
Power Metals commented "I am extremely excited with the ongoing
support from the Government of Ontario as we advance our high-grade cesium
project at Case Lake. In addition, we welcome Dr. Nigel Brand as the Company develops a robust
committee to maximize value and the development of the West Joe
Cesium Project."
Haydn Daxter, Power Metals CEO commented "We are very pleased
to acknowledge the ongoing support from the Government of
Ontario with a $200,000 grant through OJEP. This will enable
further test work and exploration activities on the property as we
continue to develop our cesium deposit at West Joe. In addition, we
are extremely excited with the appointment of Dr. Nigel Brand as part of our Cesium Advisory
Committee as we continue to advance discussions with various global
cesium chemical specialists."
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 1).
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 19,607 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 1).
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 1).
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 1).
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 1).
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
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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 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 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.