Power Metals Increases Case Lake Drill Program by 50% and Receives $1.1 Million From Warrant Exercise
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 7, 2017) - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1) is pleased to announce that it has increased the size of its previously announced drill program at Case Lake (see press release dated April 24th, 2017). A recent site visit and encouraging data assessment has immediately prompted the Company to expand its program from its previously stated 5,000 meters to greater than 7,500 meters.
The drilling will target the North and Main Dykes to define the pegmatite and lithium mineralization and to extend the dykes to the east and west along strike and down dip. There is 100 meters of surface exposed strike length for the Main Dyke that has not yet been drill tested. The Company believes that the Main Dyke is actually two parallel pegmatite dykes not just one dyke. Since the pegmatite dykes within the Case Lake pegmatite swarm are parallel to each other, there is potential to find additional buried dykes at depth. Power Metals has an Exploration Plan on Case Lake Property approved by MNDM and has submitted an Exploration Permit application with MNDM for the Case Lake drill program.
In addition to the exploration targets of extension of the North and Main Dykes, there are other exploration targets to be investigated on the Case Lake Property (Figure 1):
- The fault offset dyke target is a 1 km long target which is assumed to be the down faulted continuation of the North and Main spodumene dykes. The East Dyke is the down faulted continuation of the South Dyke.
- The Far East Dyke is an underexplored pegmatite outcrop which is along the same strike as the North and Main Dykes.
- The Metasedimentary host rock Li anomaly target along strike to the east of North and Main Dykes
- Northeast Dyke with historical assay of > 2.15 % Li2O
To view Figure 1 Case Lake Exploration Targets, please visit the following link: http://media3.marketwire.com/docs/PMC.jpg
Warrant Exercise
The Company is pleased to announce that it has already received approximately $1.1 million from the exercise of warrants attached to the last financing completed in January 2017.
Johnathan More, Chairman of the Company states "Power Metals continues to improve the upside potential of the exciting Case Lake property. The ability to increase the size of our upcoming drill program will give us a far better indication of the size of this deposit."
Qualified Person
John F. Wightman, MSc. (Geology), P.Eng., FGAC, a qualified person, prepared the disclosures reports related to these projects. National Instrument 43-101 reports have not been prepared on these properties.
About Power Metals Corp.
Power Metals Corp. is one of Canada's newest premier mining companies with a mandate to explore, develop and acquire high quality mining projects for minerals contributing to power. We are committed to building an arsenal of projects in both lithium and other clean power fuels. We see an unprecedented opportunity to supply the staggering growth of the lithium battery industry.
ON BEHALF OF THE BOARD,
Johnathan More, Chairman and Director
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contact
Power Metals Corp.
Johnathan More
Chairman and Director
646-661-0409
info@powermetalscorp.com