Case Lake Drilling Extends the Total Strike Length of East Dyke to 1.1km

VANCOUVER, Sept. 18, 2018 -  Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM) (FRANKFURT:OAA1) (OTC:PWRMF) is pleased to announce that drill holes PWM-18-100 to 109 successfully extended the East Dyke along strike by 320 m westward from known outcrop. The East Dyke now has a total strike length of 1.1km. The East Dyke is one of six spodumene pegmatite dykes currently identified on the Case Lake Property, 80 km east of Cochrane, Ontario.

Power Metals made a bold step out from the Main Dyke to drill the East Dyke on the west side of the Case River. Power Metals geologists believed that the East Dyke extended on the west side of the Case River even though it did not outcrop on surface. The East Dyke is only exposed on surface on the east side of the Case River. This was the first drill hole on the East Dyke, as it was not drilled historically. The East Dyke has minimal horizontal displacement where the Case River crosses it which is an interpreted fault line. The East Dyke western extension consists of aplite and wall zone (quartz-feldspar-muscovite with trace garnet and lepidolite) hosted by metasedimentary rocks.

Dr. Selway, VP of Exploration stated, "Power Metals geologists have been rewarded by having the nerve to drill where no one had drilled before and where there was no exposed outcrop. Our theory that the East Dyke extended on the west of Case River was proven correct. I am excited about the extension of the East Dyke by 320 m to the west. The East Dyke now has a total strike length of 1.1 km and is open along strike and down dip. It is an excellent exploration target for lithium mineralization."

The East Dyke western extension was intersected 32 m down hole in shallow holes PWM-18-102 and 105 and 134 and 137 m down hole, respectively, in down dip holes PWM-18-107 and 108. The East Dyke has a strike length of 750 m on the east side of Case River and contains spodumene ranging from 0.5 to 6 cm long (Power Metals press release dated Oct. 10, 2017). The East Dyke now has a total strike length of 1.1 km. The East Dyke is open down dip and along strike and represents an exploration target for lithium mineralization.

Case Lake summer 2018 drill program focused on four exploration targets:

• Main Dyke – filling in gaps from summer 2017 drill program
• New dykes between Main Dykes and South Dykes
• East Dyke
• West Joe Dyke

Power Metals is also pleased to announce additional assays from the Main Dyke. The summer 2018 drill program has intersected 1.40 % Li₂O and 196 ppm Ta over 6.94 m on Main Dyke in drill hole PWM-18-94 (Table 1). This interval includes 2.01 % Li₂O over 3.00 m. Drill hole PWM-18-94 drilled through the North and the Main Dykes and was designed to fill in a gap from the summer 2017 drill program.

Power Metals successfully intersected 1.42 % Li₂O and 158 ppm Ta over 19.17 m in the longitudinal hole PWM-18-84 designed to test the continuity of the Main Dyke along strike and down dip (Power Metals, press release dated Aug. 21, 2018). Power Metals also successfully intersected the new dykes between Main and South Dykes with spodumene mineralization including 1.92 % Li₂O over 1.05 m from drill hole PWM-18-85 (Power Metals, press release dated Aug. 21, 2018) and in drill holes PWM-18-93 and 98 (Table 1). Power Metals also discovered a new dyke south of the South Dyke in drill hole PWM-18-96 (Table 1).

Power Metals discovered the West Joe Dyke located west of Little Joe Lake in August 2018 (Power Metals press release dated Aug. 23, 2018). In outcrop, West Joe Dyke consists of pale green to white coarse-grained spodumene up to 1 m long and up to 9 cm wide x 15 cm long. Drill hole PWM-18-123 parallel to the dyke dip intersected 35 m of pegmatite on West Joe Dyke which includes 18.5 m and 7.72 m of spodumene mineralization. Assays are pending.

Figure 1 Case Lake Property map showing location of drill holes PWM-18-93 to 109.

Table 1 Assay highlights for summer 2018 drill program, holes PWM-18-93 to 109, Case Lake

This press release covers assays from drill holes PWM-18-93 to 109. Assays from subsequent holes from the summer 2018 drill program will be released as they are received. Drill hole collar locations are given in Table 2 and Figure 1.

Table 2 Drill hole collar locations for holes PWM-18-93 to 109, UTM NAD 83, Zone 17.

Quality Control

The drill core was sampled so that 1 m of the host rock was sampled followed by 1 m long samples of the pegmatite dyke and 1 m of the host rock. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the < 20 cm pegmatite veins in tonalite which were merged into one sample. The drill core samples were delivered to SGS preparation lab in Cochrane by Power Metals' geologists. The core was then shipped to SGS analytical lab in Lakefield, Ontario which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore grade Li₂O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.002 % Li₂O. A QA/QC review of the standards and blanks for this drill program indicate that they passed and the drill core assays are accurate and not contaminated.

Case Lake

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 six spodumene dykes: North, Main, South, East and Northeast Dykes on the Henry Dome and the West Joe Dyke on a new tonalite dome. Power Metals has an 80% interest with its 20% working interest partner MGX Minerals Inc.

Qualified Person

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

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SOURCE Power Metals Corp.