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Power Metals, MGX Minerals find Li at Case Lake

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Power Metals, MGX Minerals find Li at Case Lake

2017-09-21 02:04 ET – News Release

See News Release (C-PWM) Power Metals Corp

Mr. Johnathan More reports

POWER METALS INTERSECTS SIGNIFICANT LITHIUM MINERALIZATION IN FIRST THOUSAND METRES OF DRILL PROGRAM

Continuing drilling has intersected significant lithium mineralization at Power Metals Corp.’s Case Lake property. Power Metals has an 80-per-cent interest with its 20-per-cent working interest partner MGX Minerals Corp. The Case Lake drill target area consists of a pegmatite dike swarm: North, Main and South dikes, as well as multiple unnamed pegmatite dikes. Drill hole PWM-17-08 intersected 35.22 metres of continuous spodumene pegmatite as part of the Main dike with very coarse-grained spodumene crystals up to 10 centimetres long. A total of 12 drill holes have been drilled to date. With the exception of hole 3, all drill holes intersected spodumene-bearing pegmatite. Assays are pending. The drill program targeted downdip extension of the North, Main and South dikes in an area of known mineralization, and the east and west along strike extension of the three dikes in areas with no previous drill holes. This drill program has also drilled the first ever holes on the South dike.

Johnathan More, chairman of Power Metals, stated: “We couldn’t be more pleased with our progress on the drill program to date and eagerly await assay results to confirm our interpretation of the potential tonnage and grade at Case Lake. With our drill program set for a minimum of 5,000 metres, we expect the balance of the drill program to be completed by the end of October, at which point we will quickly aim to deliver a 43-101-compliant resource calculation to the market.”

Preliminary highlights include the following.

Drill holes PWM-17-08, 09 and 10 are the best drill holes of the program so far. These holes were designed to test the up and downdip extension of the Main dike.

  • PWM-17-08 intersected continuous spodumene pegmatite from 18.86 to 54.08 metres for an interval of 35.22 m of the Main dike.
  • PWM-17-09 intersected continuous spodumene pegmatite from 26.5 to 60.0 m for an interval of 33.5 m of the Main dike. This intersection included a 42-centimetre-long-by-two-centimetre-wide pale green spodumene blade.
  • PWM-17-10 intersected spodumene pegmatite from 33.83 to 62.05 m for an interval of 28.22 m of the Main dike. This interval includes two sections of case batholith host rock: 2.99 m and 0.62 m long.

Drill holes PWM-17-01, 02 and 03 intersected the Main and South dikes as part of the western extension of the strike length of both dikes.

  • These holes extended the Main dike zone lithium mineralization 152 m to the west from historical drilling. These were the first holes ever drilled on the South dike and were designed to test for lithium mineralization at depth. Assays are pending.
  • Pegmatite dikes were intersected within a few metres of the company’s predicted intersections based on the company’s 3-D model, which gave the company confidence in the 3-D model.
  • The Main dike zone in PWM-17-02 was intersected from 53.10 to 88.84 m for an interval of 35.74 m. The zone consisted of a 10.4-metre-long spodumene pegmatite dike with up to 25 per cent very coarse-grained spodumene, a 2.99-metre-long aplite dike and multiple other thin aplite dikes. Assays are pending. (Visual estimates of spodumene percentage do not always equate to Li2O per cent grade.)

Drill holes PWM-17-04 and 05 were designed to test the downdip extension of the North and Main dikes downdip of historical hole DDH-5.

  • Drill hole PWM-17-04 intersected 1.7 metres of North dike. The Main dike zone was intersected from 75.2 to 107.55 m for an interval of 32.35 m. The Main dike zone consisted of three spodumene-bearing dikes up to 12.8 m long, one pegmatite dike and one aplite dike. One dike within of the Main dike zone is a 1.85-metre-long spodumene dike, which contains 30 to 40 per cent pale green coarse-grained spodumene. Assays are pending. (Visual estimates of spodumene percentage do not always equate to Li2O per cent grade.)

Drill holes PWM-17-06 and 07 were designed to test the downdip extension of the Main dike downdip from historical hole DDH-2. Drill hole PWM-17-06 intersected nine m of spodumene pegmatite.

Drill holes PWM-17-11 and 12 were designed to test the eastern extension of the Main dike along strike. These holes intersected multiple pegmatite dikes hosted by metasedimentary rocks.

                       SUMMATION OF SIGNIFICANT INTERSECTIONS OF SPODUMENE PEGMATITE 
                                     AT THE MAIN DIKE, CASE LAKE

Drill hole       From (m)     To (m)      Interval (m)                                                      Lithology

PWM-17-02          53.10      63.50             10.40                                             Spodumene pegmatite
PWM-17-04          75.20      88.00             12.80                                             Spodumene pegmatite
PWM-17-06          82.00      91.00              9.00                                             Spodumene pegmatite
PWM-17-08          18.86      54.08             35.22                                  Continuous spodumene pegmatite
PWM-17-09          26.50      60.00             33.50                                  Continuous spodumene pegmatite
PWM-17-10          33.83      62.05             28.22     Spodumene pegmatite including a total of 3.61 m of tonalite

Case Lake

Case Lake property is located in the Steele and Case townships, 80 kilometres east of Cochrane, Northeastern Ont., close to the Ontario-Quebec border. The Case Lake pegmatite swarm consists of five dikes: North, Main, South, East and Northeast dikes. Both the North and Main dikes have spodumene-rich zones (muscovite-K-feldspar-quartz-spodumene-albite) and albitic aplite border zones. Spodumene is absent in the beryl-type South dike and the potassic pegmatite East dike. The Northeast dike contains very coarse-grained spodumene. Power Metals has an 80-per-cent interest with its 20-per-cent-working-interest partner MGX Minerals.

Qualified person

Dr. Julie Selway, PhD, PGeo, supervised the preparation of the scientific and technical disclosure in this news release. Dr. Selway is a qualified person (QP) as defined by National Instrument 43-101. Dr. Selway is supervising the exploration program at Case Lake. Dr. Selway completed a PhD on granitic pegmatites in 1999 and worked for about three years as a pegmatite geoscientist for the Ontario Geological Survey. Dr. Selway also has 23 scientific journal articles on pegmatites. A National Instrument 43-101 report has been prepared on the Case Lake property filed on July 18, 2017.

About Power Metals Corp.

Power Metals is a diversified Canadian mining company with a mandate to explore, develop and acquire high-quality mining projects. It is committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals, including zeolites. It sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean technology industries.

We seek Safe Harbor.

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