POWER METALS COMMENCES LARGE-SCALE DRILLING FOR PHASE TWO CASE LAKE DRILLING

VANCOUVER, BC, 16 August 2024 /CNW/ – Power Metals Corp. (“Power metals” or the “Pursue“) (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce that it Large holes for its upcoming drilling program (the “Program”) to be conducted on its 100% owned Case Lake Project (the “Property”). The Company has continued to advance a number of high priority cesium targets in the West Joe and Main Zone following recent drilling and high-grade pollucite results obtained on the Property (Figure 1).

Haydn Daxter, CEO of Power Metals, commented: “The Company is very pleased to partner with Large holes again as we continue to advance our Case Lake project. Drilling at West Joe and Main Zone is expected to commence in the coming weeks on priority targets we have identified in recent studies with several industry specialists.”

Johnathan MoreChairman and Founder of Power Metals, commented: “Power Metals remains on track with our 2024 exploration programs and is fully funded to realize the potential of Case Lake. The team continues to develop the high-grade pollucite mineralization at West Joe, which is attracting strong interest from the Company.”

To Large holes

Major Drilling Group International Inc. (“Major Drilling”) is one of the world’s largest drilling services companies, primarily serving the mining industry. Large holes maintains branches and offices in Canada, the United States, Mexico, South America, Africa and Australasia, where specialised global teams provide a full range of drilling services for above and below ground projects.

Large holes is independent of the company.

Case Lake Property

The Case Lake property is located 80 km east of Cochranenortheast Ontario near the Ontario – Quebec (province) border. The property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies Townships, Larder Lake Mining Division. The property is 10 km by 9.5 km and has 14 granite domes. The Case Lake pegmatite swarm consists of six spodumene veins known as the North, Main, South, East and Northeast veins on the Henry Dome and the West Joe vein on a new dome. Together they form a mineralizing trend that extends for approximately 10 km (Figure 2).

Power Metals has completed several exploration campaigns resulting in the discovery and expansion of new and historic spodumene-bearing LCT pegmatites at Case Lake. The Company has completed a total of 19,607 metres of core drilling on the property between 2017 and 2024. The Case Lake property is 100% owned by Power Metals Corp. A National Instrument 43-101 compliant technical report has been prepared for the Case Lake property and filed on 18 July 2017 (Figure 2).

Pelleting property

The Pelletier property is located 50 km south of Hearstnortheast Ontario near a network of logging roads. The property consists of 337 mineral claims totaling 7000 hectares in the Franz, Roche, Scholfield and Talbot townships in the Porcupine mining district. The Pelletier Project is characterized by LCT prospective S-type pegmatitic granites intruding into Quetico metasediments and amphibolites at or near the Archean Quetico-Quetico terrane boundary. Wawa Sub-provinces (Figure 2).

Decelles property

The Decelles property comprises 669 claims covering 38,404 hectares of prospective LCT land near the mining centers of Val-dÓr and Rouyn-Norandaabout 600 km from Montreal. Power Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal that allowed Winsome to increase its interest to 19.59% (see news release dated 24 August 2023). The geology of the Decelles property is part of the Archean Pontiac Subprovince where the S-type LCT prospective pegmatite-bearing granitic Decelles Batholith intrudes metasedimentary units of the Pontiac Group. Spodumene and beryl-bearing pegmatites have been historically intercalated within the Pontiac Sub-province associated with S-type garnet-muscovite garnet. The Decelles property is adjacent to Vision Lithium's Cadillac property, where the discovery of high-grade lithium pegmatites was reported in 2022 (Figure 2).

Mazerac Real Estate

The Mazerac property is located approximately 30 km east of Power Metals’ Decelles property near established mining camps in the Abitibi region of Canada and is accessible via a network of mining forest roads. The Mazerac property comprises 259 claims covering 14,700 hectares of prospective LCT land near the Val-dÓr mining center and Rouyn-Noranda. The regional geology of Mazerac is similar to that of Decelles, where S-type LCT prospective pegmatite-bearing granites of the Decelles Batholith intrude metasedimentary units of the Pontiac Group. Spodumene and beryl-bearing pegmatites have historically been deposited within the Pontiac Subprovince associated with S-type garnet-muscovite-garnet (Figure 2).

Pollucite and cesium

Pollucite is a rare mineral containing high-grade caesium and is associated with highly fractionated, rare pegmatites. The most important known caesium source worldwide is pollucite (Cs,Na)₂(Al₂Si₄O₁₂)•2H₂O. (Currently the Tanco mine in Manitoba, Canada is the only active cesium deposit and contains over 60% of the world's known reserves.

Scientific and technical disclosure

The scientific and technical information contained in this press release has been reviewed and approved by Amanuel BeinP.Geo., Vice President of Exploration for Power Metals, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure of Mineral Projects. Exploration data was collected and reviewed in accordance with the guidelines outlined in CIM's Mineral Exploration Best Practice Guidelines.

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 support the tremendous growth of the lithium battery and cleantech industries. For more information, visit www.powermetalscorp.com.

ON BEHALF OF THE BOARD

Johnathan MoreChairman and 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 the content of this release.

No securities regulatory authority has approved or disapproved the contents of this press release. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or the securities laws of any state and may not be offered or sold in the United Statesor to, or for the account or benefit of, a “US Person” (as defined in Regulation S under the US Securities Act), unless an exemption applies. This press release is for information purposes only and does not constitute an offer to sell or the 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 statements based on current expectations, including with respect to the use of funds raised in the Offering. These statements should not be relied upon as guarantees of future performance or results. Such statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed in such statements. Although such statements are based on reasonable assumptions of management, Power Metals assumes no responsibility to update or revise any forward-looking statements to reflect new events or circumstances, except as 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. Because forward-looking statements address future events and conditions, they inherently involve risks and uncertainties. These statements speak only as of the date of this news release. Actual results may differ materially from those currently anticipated as a result of a variety of factors and risks, including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These 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 news release.

Source: Power Metals Corp.

View original content to download multimedia: