VANCOUVER, April 3, 2018 /CNW/ - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1)(OTC:PWRMF) is pleased to announce the planning of a geological mapping program at its Paterson Lake Property, located 60 km north of Kenora, Ontario, that will commence in the coming weeks. The purpose of the mapping program is to confirm the location of the known petalite pegmatite dyke outcrops and historic drill collars for a future drill program. The mapping program will also search for petalite (lithium ore mineral) in multiple other pegmatite dyke outcrops on the Property. The mapping program at Paterson Lake will run concurrently with the recently announced 15,000 m drill program at Case Lake (see press release dated April 2, 2018).
The Paterson Lake Property has been underexplored. Highlights of the Paterson Lake Property include:
7 named petalite pegmatite dykes on the Property and up to 50 unnamed pegmatite occurrences that require investigation
11 historic drill holes were drilled by Tanco on the Property, the majority of which were not assayed for lithium (Li), even though petalite was present
11 historic lithogeochemical anomalies based on Li+Rb+Cs contents identified, but only 3 anomalies have been partially tested with individual drill holes
7 historic enzyme leach B-horizon soil anomalies identified, but only a few of the anomalies have been partially tested with individual drill holes
Dr. Selway, VP of Exploration, stated "Paterson Lake has a staggering amount of pegmatite dykes identified on surface, along with lithogeochemistry anomalies and soil anomalies that have not yet been explored. All of this contributes to huge potential of finding more lithium mineralization on the Property. I look forward to the results of the mapping program."
Paterson Lake Property occurs within the Separation Rapids Greenstone Belt which is also home to the Big Whopper and Big Mack petalite pegmatites (Figure 1). Separation Rapids Greenstone Belt is known as the Bird River Greenstone Belt in Manitoba which hosts the Tanco pegmatite. Petalite (LiAlSi4O10) is the high temperature lithium aluminosilicate whereas spodumene (LiAlSi2O6) is the low temperature/high pressure lithium aluminosilicate.
Power Metals' Paterson Lake property consists of 7 mineral claims, 68 claim units and 1088 ha within the Paterson Lake and Treelined Lake Areas. The Property is approximately 7 km x 3 km in size. Power Metals optioned the Paterson Lake Property in 2017 because the property has multiple known petalite pegmatite dykes on surface, but yet is still underexplored.
A preliminary review of the historic geological data on the property indicates there are 9 named pegmatites and multiple unnamed pegmatites on the Paterson Lake Property. Of the 9 named pegmatites, 7 have petalite identified on surface and/or in drill core. The ground was historically held by Tantalum Mining Corporation of Canada Limited (Tanco) who explored the ground for tantalum (Ta). Tanco completed drilling on the Paterson Lake Property: 3 diamond drill holes, totaling 283 m in 1996; 5 drill holes, totaling 516 m in 1997 and 3 drill holes, totaling 723 m in 2000-2001. The majority of the pegmatite in drill core was not assayed for lithium even though petalite was present, as Tanco's focus was tantalum.
Tanco also completed lithogeochemical sampling, soil sampling and geological mapping between 1996 and 2003. On the Paterson Lake Property, Tanco identified 11 lithogeochemical anomalies based on Li+Rb+Cs contents of grab samples and 7 enzyme leach B-horizon soil anomalies based on multiple indicator elements contents in soil samples. The majority of the area covered by Tanco's lithology and soil anomalies have not yet been drill tested.
Paterson Lake Property is located in Paterson Lake and Treelined Lake Areas, 60 km north of Kenora, NW Ontario close to the Ontario-Manitoba border. Paterson Lake Property is located within the Separation Rapids Greenstone Belt and hosts multiple petalite-bearing pegmatite dykes. The Property was optioned from Exiro Minerals Corp. in 2017 (Power Metals press release dated April 20, 2017). Avalon Advanced Materials Separation Rapids Lithium Project with 8.12 Mt at 1.37 % Li2O measured + indicated resources as of November 15, 2017 is located 1.2 km from the Paterson Lake Property. Power Metals has an 80% interest with its 20% working interest partner MGX Minerals Inc.
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 Inc.
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.
SOURCE POWER METALS CORP
For further information: Power Metals Corp., Johnathan More, 646-661-0409, [email protected]