Major Highlights
- Ontario Ministry of Mines approves Exploration Permit
PR-24-000235 across the entire Case Lake Project
- The permit is a major milestone for the Company and
effective immediately
- Enables expansion into a suite of newly identified
exploration opportunities
VANCOUVER, BC, Feb. 5, 2025
/CNW/ - Power Metals Corp ("Power Metals" or the "Company")
(TSX VENTURE: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to
announce that the Ontario Ministry of Mines has issued the
exploration permit for its 100%-owned Case Lake Project (CLP) in
northeastern Ontario.
The newly issued Early Exploration Permit (PR-24-000235)
is effective immediately for a three-year period, paving the way
for the Company to initiate its highly anticipated winter drilling
program. The program will include several newly identified cesium
targets uncovered through late-2024 soil sampling, further
solidifying Case Lake as a globally significant critical minerals
asset.
Haydn Daxter, CEO of Power Metals commented:
"This permit is a major milestone, enabling further expansion
of the Case Lake Project. We're delighted to receive this support
from the Ontario Ministry of Mines and regional stakeholders as we
work to transform Case Lake into a world-class project set to meet
the surging global demand for critical minerals. With winter
drilling set to begin, we're confident in unlocking even greater
value for our shareholders."
Johnathan More, Chairman
and Founder of Power Metals, added,
"The Company is delighted to have the ongoing support with
this new exploration permit that allows continued growth of the
Case Lake Project in Ontario.
Case Lake has delivered exceptional results in cesium,
tantalum, and lithium through exploration drilling to date, and we
are excited to expand the project with a suite of newly identified
targets to unlock even greater potential.
With continued exploration and strategic de-risking efforts,
the Company is poised for another landmark year, driving growth and
advancing Case Lake as a globally significant resource for critical
minerals."
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 23,976 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 centres 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 transaction
remains subject to TSXV approval. 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 centre 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 Corp (TSX-V: PWM)
Power Metals Corp (TSX-V: PWM) is a Canadian exploration company
focused on developing high-quality critical mineral projects.
Its flagship Case Lake Property in Ontario – 100 per cent owned by Power Metals -
is a high-grade cesium, lithium and tantalum asset, poised to
become one of only four cesium mines globally.
Beyond Case Lake, the Company's portfolio includes the Pelletier
Property in Ontario and the
Decelles and Mazerac Properties near Val-D'Or, Québec. Together, these assets cover
1,265 claims spanning more than 600km² of lithium-cesium-tantalum
(LCT) prospective ground.
As global demand for critical minerals continues to grow global,
and particularly in North America,
Power Metals is strategically advancing its projects to support the
continent's growing supply needs.
Learn more at www.powermetalscorp.com.
-ON BEHALF OF THE BOARD-
Johnathan More, Chairman &
Director
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the content of this news release.
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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
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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
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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.