Exceptional Tantalum grades of up to 5328ppm recorded in drill hole PWM-24-217
Phase III Program successfully underway, building on strategic momentum and delivering further exploration opportunities
VANCOUVER, BC, Nov. 19, 2024 /CNW/ - Power Metals Corp ("Power Metals" or the "Company") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce continued success from its 2024 Phase II drill program at the Company's 100%-owned Case Lake Project (CLP) in northeastern Ontario.
Figure 1 – Plan View Map of Phase II Drilling Collars displaying results as highlighted in this announcement (CNW Group/Power Metals Corp.)
Figure 2 – Cross Section Map of PWM-24-223 from Phase II Drilling at West Joe (CNW Group/Power Metals Corp.)
Figure 3 – Cross Section Map of PWM-24-224 from Phase II Drilling at West Joe (CNW Group/Power Metals Corp.)
Figure 4 – Cross Section Map of PWM-24-225 from Phase II Drilling at West Joe (CNW Group/Power Metals Corp.)
Figure 5 – Black Diamond Drill Rig underway at Case Lake for Phase III (CNW Group/Power Metals Corp.)
Figure 6 – Power Metals Corp Project Locations Map in Ontario and Quebec Canada (CNW Group/Power Metals Corp.)
The latest results highlight a sustained trend of high-grade mineralization in cesium, lithium, and tantalum, further solidifying the project's robust resource potential. Targeted drilling at the West Joe Zone has confirmed additional high-grade cesium oxide (Cs₂O) and tantalum mineralization, with exceptional shallow intercepts reaching concentrations of up to 20.67% Cs₂O and 5328ppm Ta.
Assay results from the Case Lake Project continue to demonstrate the world-class nature of this asset, showcasing a high-grade, multi-element resource with significant upside. These results underscore the Case Lake Project's growing potential as a high-grade, multi-element deposit, including:
Hole PWM-24-223: 4.30 meters averaging 8.38% Cs₂O in a pollucite-rich zone
Hole PWM-24-224: 6.20 meters averaging 3.67% Cs₂O
Hole PWM-24-225: 4.00 meters averaging 8.33% Cs₂O (refer to Figure 1-4 for further details)
The Case Lake Project continues to demonstrate its potential as a world-class asset, aligning closely with global critical minerals strategies and the growing demand for cesium in technical industries. Phase II drilling at the West Joe Zone has delivered exceptional results, highlighting significant high-grade mineralization:
WEST JOE HIGHLIGHTS:
PWM-24-223: 8.45m at 1.96% Li2O, 4.55% Cs₂O and 681 ppm Ta from 11.75m
Including 4.30m @ 2.09 % Li2O, 8.38% Cs₂O and 1102 ppm Ta from 15.20m
Including 0.95m @ 1.83% Li₂O, 17.71% Cs₂O and 117 ppm Ta from 16.75m
PWM-24-224: 6.20m @ 1.07% Li2O, 3.67% Cs₂O and 339 ppm Ta from 19.60m
including 2.00m @ 1.74% Li₂O, 10.52% Cs₂O and 306 ppm Ta from 22.40m
including 0.60m @ 1.45% Li₂O, 20.67% Cs₂O and 7 ppm Ta from 22.40m
PWM-24-225: 8.25m at 0.77% Li2O, 4.18% Cs₂O and 344 ppm Ta from 6.50m
including 4.0m @ 1.02% Li₂O, 8.33% Cs₂O and 499 ppm Ta from 10.00m
including 1.0m @ 0.54% Li₂O, 20.04% Cs₂O and 481 ppm Ta from 10.00m
Haydn Daxter, Power Metals CEO commented:
"The recent assay results further reinforce the world-class potential of our Case Lake Project. As global demand for critical minerals drives advancements in technology, we are very pleased with the progress made to date and grateful for the Canadian Government's continued support in validating this project's significance. Commencing Phase III while awaiting final results from Phase II has only strengthened our confidence in the project's resource potential. We look forward to sharing the remaining results in the coming weeks as Phase III progresses towards completing our 2024 exploration program."
Johnathan More, Chairman and Founder of Power Metals, added,
"The high-grade cesium and tantalum discoveries at Case Lake during our 2024 Phase II program are an exciting milestone for the Company. With Phase III now in full swing, these results confirm the exceptional mineralization at West Joe and reinforce the Case Lake Project as a vital resource for critical minerals. The combination of high-grade cesium and tantalum intercepts with significant lithium values highlights the growing strategic importance of this project in meeting the rising global demand for advanced technologies."
PHASE II DRILLING
The current results from Phase II drilling produced strong mineralization with pollucite bearing high-grade cesium, spodumene, and tantalum (LCT) in holes PWM-24-217, and PWM-24-222/225 with the successful intersection of consistent high-grade mineralization. These intercepts further confirm the continuation of the West Joe mineralization trend both up and down dip of previously reported drillholes PWM-24-212, PWM-18-112, PWM-24-209, PWM-22-128, and PWM-24-200 (Figures 2-4). The strong mineralization zones in these drillholes are characterized by intercepts of 1.77% to 4.55% Cs2O, 0.77% to 2.22% Li2O, and 339 ppm to 962 ppm Ta in 6.20 to 8.45 meters thick pegmatites. The rich core of the mineralization is 3.52 meters thick and on average contains 7.12%Cs2O,1.82% Li2O, and 865 ppm Ta. In addition to the strong cesium mineralization, PWM-24-217 hosts shallow (16.5 to 18 meters down hole) lithium and tantalum mineralization with individual high-grade samples running 3.01% to 4.57 % Li2O and 1487 to 5328 ppm Ta. Similar shallow high-grade cesium mineralization was encountered at 10.00 to 23.80 meters down drillholes PWM-24-222/225 with multiple individual samples reporting 13.58 %Cs2O on average.
Drillhole PWM-24-220 intersected strong lithium and tantalum mineralization that averages 1.15% Li2O and 226 ppm Ta over three meters. Drillhole PWM-24-221 intersected strong lithium-tantalum and low-grade cesium mineralization that averages 1.31% Li2O, 245 ppm Ta, 0.45% Cs2O over 8.85 meters, further delineating LCT mineralization up dip of previously reported drillhole PWM-22-150.
Exploration holes PWM-24-215, 216, 219, 228, & 229 that tested structural and geophysical targets did not report significant mineralization. However, all holes intersected LCT pegmatites with anomalous lithium, cesium, and tantalum, confirming the exploration potential of the main structure at West Joe.
The remaining eight (8) drill holes to report from 2024 Phase II are expected in the coming weeks to complete this program, these holes are predominantly regional exploration holes to define the geological structures and lithologies around the broader mineralization zones at the CLP.
2024 PHASE III DRILLING
The Company commenced its 2024 Phase III drilling program over the weekend at the Case Lake Project (CLP) in collaboration with Black Diamond Drilling (Figure 5). Drilling is scheduled to continue through mid-December, focusing on the West Joe and Main Zone targets. Following the completion of this phase, all field activities will be temporarily shut down until early 2025. Sample dispatch to SGS Laboratories is expected to begin later this month and continue into December. Results from the Phase III program are anticipated in late January and will continue through February 2025.
Table 1 – Drill Collar Table (Bold Hole ID's reported in the announcement)
Hole ID
Easting
Northing
Elevation
Hole Depth (m)
Dip
Azimuth NAD83
From (m)
To (m)
Significant Intersections
NAD83
NAD83
MASL
Interval (m)
Cs2O (%)
Li2O %
Ta (ppm)
West Joe
PWM-24- 207
576312
5431119
344
71
-45
170
16.35
25.00
8.65
5.74
1.60
378
including 3.0m @ 15.86% Cs2O, 1.67% Li2O, & 119 ppm Ta from 18.35m
including 1.0m @ 22.58% Cs2O, 1.72% Li2O, & 130 ppm Ta from 18.35m
PWM-24- 208
576306
5431120
344
71
-45
170
16.38
23.40
7.02
1.77
1.25
355
including 3.0m @ 3.98 % Cs2O, 0.7 % Li2O, & 457 ppm Ta from 19.0m
PWM-24- 209
576308
5431125
344
71
-45
170
20.07
25.78
5.71
1.42
1.19
287
including 2.5m @ 3.18 % Cs2O, 1.37 % Li2O, & 456 ppm Ta from 22.5m
PWM-24- 210
576301
5431115
344
71
-45
170
11.78
20.87
9.09
2.25
0.98
367
including 3.2m @ 5.06% Cs2O, 1.39% Li2O, & 634 ppm Ta from 13.80m
including 1.0m @ 8.78% Cs2O, 2.42% Li2O, & 426 ppm Ta from 16.00m
PWM-24- 211
576319
5431122
350
74
-45
170
19.20
27.10
7.90
4.05
1.50
423
including 3.9m @ 7.83% Cs₂O, 1.43% Li2O, and 410 ppm Ta from 20.07m
including 1.0m @ 12.72% Cs₂O, 0.59% Li2O, and 521 ppm Ta from 22.00m
PWM-24- 212
576325
5431128
349
71
-45
170
25.50
33.13
7.63
4.09
0.75
249
including 4.0m @ 7.70% Cs₂O, 1.01% Li2O, and 321 ppm Ta from 28.00m
including 2.0m @ 10.88% Cs₂O, 1.08% Li2O, and 372 ppm Ta from 29.00m
PWM-24- 213
576329
5431124
348
90
-45
170
24.30
31.75
7.45
0.14
1.60
360
including 5.9m @ 0.17% Cs₂O, 2.00% Li2O and 392 ppm Ta from 24.30m
PWM-24- 214
576285
5431136
348
90
-45
170
34.85
41.75
6.90
0.11
0.12
283
PWM-24- 215
576277
5431130
349
81
-45
170
No Significant Results
PWM-24- 216
576273
5431160
345
72
-45
170
No Significant Results
PWM-24- 217
576316
5431115
350
71
-45
170
13.40
21.50
8.10
1.77
2.22
962
including 5.5m @ 2.56% Cs₂O, 2.26% Li₂O, and 1237 ppm Ta from 14.50m
including 2.5m @ 4.67% Cs₂O, 2.09% Li2O, and 1430 ppm Ta from 17.50m
PWM-24- 218
576316
5431143
345
83
-51
170
31.00
35.05
4.05
0.12
0.62
257
including 2.8m @ 0.16% Cs₂O, 0.89% Li2O, and 235 ppm Ta from 31.00m
46.95
52.3
5.35
0.26
1.35
350
including 1.7m @ 0.68% Cs₂O, 1.70% Li2O, and 401 ppm Ta from 31.00m
PWM-24- 219
576339
5431161
339
81
-45
170
No Significant Results
PWM-24- 220
576337
5431124
344
62
-45
170
23.65
26.75
3.10
0.05
1.15
226
PWM-24- 221
576321
5431116
349
71
-45
170
14.55
23.40
8.85
0.45
1.31
245
including 2.0m @ 1.28% Cs₂O, 1.02% Li₂O, and 347 ppm Ta from 21.40m
PWM-24-222*
576302
5431120
345
30
-45
170
15.65
22.10
6.45
2.96
1.69
623
including 3.8m @ 4.96% Cs₂O, 1.81% Li₂O and 843 ppm Ta from 18.00m
PWM-24- 223*
576316
5431114
346
30
-45
170
11.75
20.20
8.45
4.55
1.96
681
including 4.3m @ 8.38% Cs₂O, 2.09% Li₂O and 1102 ppm Ta from 15.20m
including 0.95m @ 17.71% Cs₂O, 1.83% Li₂O and 117 ppm Ta from 16.75m
PWM-24- 224*
576309
5431125
344
30
-45
170
19.6
25.80
6.20
3.67
1.07
339
including 2.0m @ 10.52% Cs₂O, 1.74% Li₂O and 306 ppm Ta from 22.40m
including 0.6m @ 20.67% Cs₂O, 1.45% Li₂O and 7 ppm Ta from 22.40m
PWM-24- 225*
576311
5431106
34
30
-56
170
6.5
14.75
8.25
4.18
0.77
344
including 4.0m @ 8.33% Cs₂O, 1.02% Li₂O and 499 ppm Ta from 10.00m
including 1.0m @ 20.04% Cs₂O, 0.54% Li₂O and 481 ppm Ta from 10.00m
PWM-24- 226
576440
5431204
338
199
-45
170
awaiting assay results
PWM-24- 227*
576317
5431115
345
30
-45
170
awaiting assay results
PWM-24- 228
576502
5431365
342
252
-45
170
No Significant Results
PWM-24- 229
576617
5431200
341
252
-45
170
No Significant Results
Main Zone
PWM-24- 230
578217
5431598
353
122
-45
147
awaiting assay results
PWM-24- 231
578283
5431651
350
111
-45
147
awaiting assay results
PWM-24- 232
578305
5431659
347
71
-50
147
awaiting assay results
PWM-24- 233
578329
5431716
344
150
-45
150
awaiting assay results
PWM-24- 234
578145
5431515
352
111
-45
150
awaiting assay results
PWM-24- 235
578273
5431638
355
72
-45
147
awaiting assay results
* 2024 Phase II HQ holes for metallurgical testing
Sampling and QAQC Procedures
Samples were taken across every pegmatite and 1.5 meter into the barren host rock on either side of dykes. Sample lengths were around 1-metre NQ (48 mm) and HQ (64 mm) core diameter, though individual sample length was determined based on internal zoning of the dykes and the locations of their contacts. The sampled core was cut in half with one half being sent for analysis and the other half remaining in the box for reference. All core is stored at Power Metals core storage facility in Cochrane, Ontario. Each sample was put into its own plastic sample bag with a sample tag and closed with zip ties. About 15% of the samples submitted SGS Canada ("SGS") for analysis were QAQC samples that were inserted into the sample stream and consist of a high- and low-grade lithium, Tantalum, and Cesium standards, blank material, and duplicates. Samples were dropped at SGS Cochrane, in Ontario. Samples submitted to SGS were prepped, crushed, and pulverized in Sudbury and were subsequently sent to SGS Burnaby and SGS Lakefield for multi element analysis using sodium peroxide fusion ICP-AES/ICP-MS and borate fusion XRF. All cesium results above 1% were analyzed using 4-Acid digest AAS at SGS Lakefield.
Case Lake Property
The Case Lake Property is located 80 km east of Cochrane, northeastern Ontario close to the Ontario - Quebec border. The Property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake Mining Division. The Property is 10km by 9.5km in size with 14 granitic domes. The Case Lake pegmatite swarm consists of six spodumene dykes known as the North, Main, South, East and Northeast dykes on the Henry Dome, and the West Joe dyke on a new dome, collectively forming mineralization trend that extends for approximately 10km (Figure 6).
Power Metals have completed several exploration campaigns that have led to the discovery and expansion of new and historic spodumene bearing LCT pegmatites at Case Lake. The Company has drilled a total of 22,231 meters of core between 2017 and 2024 at the Property. The Case Lake Property is owned 100% by Power Metals Corp. A National Instrument 43-101 Technical Report has been prepared on Case Lake Property and filed on July 18, 2017 (Figure 6).
Pelletier Property
The Pelletier Property is located 50km south of Hearst, northeastern Ontario close to a network of forestry roads. The Property consists of 337 mineral claims that account for a total of 7000 hectares in Franz, Roche, Scholfield, and Talbot townships in the Porcupine mining division. The Pelletier Project is characterized by LCT prospective S-type pegmatitic granites intruding into metasedimentary and amphibolite of the Quetico at or near Archean terrane boundary between the Quetico and Wawa sub-provinces (Figure 6).
Decelles Property
The Decelles Property contains 669 claims, covering 38,404 hectares of LCT prospective ground near the mining centers of Val-dÓr and Rouyn-Noranda, approximately 600km from Montreal. Power Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal that allowed Winsome to increase its stake to 19.59% (Refer to press release announced on August 24, 2023). The geology of Decelles property is part of the Archean Pontiac sub-province where S-type LCT prospective, pegmatite bearing, granitic Decelles Batholith intrudes into metasedimentary units of the Pontiac Group. Spodumene and Beryl bearing pegmatites have been reported historically within the Pontiac sub-province in association with S-type garnet-muscovite granite. The Decelles property is adjacent to Vision Lithium's Cadillac property where discovery of high-grade lithium pegmatites was reported in 2022 (Figure 6).
Mazerac Property
The Mazerac Property is located approximately 30 km east of Power Metals' Decelles property near well-established mining camps in the Abitibi region of Canada and is accessible by network of mining-grade forestry roads. The Mazerac property contains 259 claims that cover 14,700 hectares of LCT prospective ground near the mining center of Val-dÓr and Rouyn-Noranda. The regional geology of Mazerac is similar to Decelles where S-type LCT prospective, pegmatite bearing, granites of Decelles Batholith intrude into metasedimentary units of the Pontiac Group. Spodumene and Beryl bearing pegmatites have been reported historically within the Pontiac sub-province in association with S-type garnet-muscovite granite (Figure 6).
Pollucite and Cesium
Pollucite is a rare mineral that hosts high grade cesium and is associated with highly fractionated, rare element pegmatites. The main source of cesium known globally is pollucite (Cs,Na)₂(Al₂Si₄O₁₂)•2H₂O, (https://www.gov.mb.ca/iem/geo/industrial/pollucite.html). Currently the Tanco mine in Manitoba, Canada is the only operating cesium deposit and holds over 60% of the known reserves globally.
Scientific and Technical Disclosure
The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, P.Geo., Vice President of Exploration for Power Metals, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects.
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 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a 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 information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Power Metals assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless 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. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several 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 press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such 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 press release.
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