VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 7, 2016) - Power Metals Corp. ("Power" or the "Company") (TSX VENTURE:PWM) (FRANKFURT:OAA1) is pleased to announce the results of its Phase I program at Larder River, Nova Scotia.
The Company extended its existing strike length of 1km by 75m at Larder River with 606 soil samples over a 1.6 km grid with the majority of results now in hand demonstrating lithium grades consistently several factors above background.
Power Metals followed that up with the drilling of two core holes designed to aid in geophysical interpretation. These holes intersected multiple pegmatites. 14 core samples have been selected and have been delivered to the Fredericton location of Activation Lab for preparation.
President and CEO Johnathan More, noted: "We are very excited that our first Phase of evaluation work has vindicated our thesis, and the prior work by the Nova Scotia government, which demonstrated that the highest levels of any recorded lithium in the province were discovered at Larder River, within the company's 3,200-acre project area, which is located three kilometers west of the village of New Ross, N.S., in the central portion of the South Mountain Batholith -- 100km from Halifax, right off of the highway and proximal to port."
More continued, "There are close geological similarities between areas of Nova Scotia and North Carolina's Gaston and Cleveland Counties which at one point contained more than 80 percent of the known lithium reserves in the United States, and produced over 50 percent of the world's estimated output. Those properties were the launching pad of what is now the massive FMC Lithium Corp. (Albemarle Corporation)."
Power Metals is readying a ~10 hole drill program at Larder River in Q1 following additional mapping and analysis to target anomalies with the identified strike.
The company is also preparing for an estimated ~15 hole program at the 2,500 acre Case Lake project in Q1. Case Lake is located 130 kms NE of Timmins, a major mining town in northern Ontario, as well as 80 kms east of Cochrane, and adjacent to Batholithic & Sub-province Boundaries.
Case Lake is host to 3 main dikes presently with the potential to host many more, including the untested NE dike that sampled 2% Li2O. The local geology of pegmatite dike swarms gives Case Lake the potential for large tonnage.
Spodumene-rich pink pegmatites outcrop intermittently over at least 1200 m, averaging 15% of the Main dike. Government geologic mapping indicates presence of pegmatites over a strike length of in excess of 5 kms.
A limited drilling campaign to a depth of 75 metres in 2010 yielded strong grades and widths including:
14.07m @ 1.35% Li2O
9.2 m @ 1.98% Li2O
8.8m @ 1.02% Li2O
4.4m @ 1.49% Li2O
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 clean power fuels like uranium. We see an unprecedented opportunity to supply the staggering growth of the lithium battery industry.
ON BEHALF OF THE BOARD
- Johnathan More, Johnathan More, CEO 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 Information:
Johnathan More
CEO
646-661-0409
info@powermetalscorp.com