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POWER METALS CORP 10.09.2018
Power Metals - Press Release - LOI dated July 8, 2017 - draft (00795082.DOCX;1)

 

Power Metals Assays 6.78% Li2O from Spodumene Grab Sample, Gullwing Lake Pegmatite

 

VANCOUVER, BRITISH COLUMBIA – (September 10th, 2018) - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1)(OTC:PWRMF) is pleased to announce that assays have confirmed the presence of high grade Lithium (Li) and Tantalum (Ta) mineralization on Gullwing-Tot Lakes Property located 30 km northeast of Dryden, Ontario. Gullwing Lake pegmatite and Tot Lake pegmatite are located 6.3 km apart and are hosted by the same mafic metavolcanics unit.

 

The assay highlights from grab samples from Tot Lake pegmatite include:

 

-          4.58 % Li2O from quartzspodumene core, sample 159056 (Figure 1)

-          2.62 % Li2O from quartz – spodumene core, sample 159057

-          1.68 % Li2O and 233 ppm Ta from pink spodumene pegmatite zone, sample 1590235

-          498 ppm Ta from albitized K-feldspar zone, sample 159238 (Figure 2)

 

The assay highlights from grab samples on the Gullwing North outcrop include:

 

-          6.78 % Li2O from pure spodumene sample, sample 159082 (Figure 3)

-          0.73 % Li2O from spodumene – albite – quartz sample, sample 159084

-          759 ppm Ta from large Ta-oxide crystals in albite unit, sample 159254 (Figure 4)

 

Figure 1 spodumene – quartz core, sample 159056, Tot Lake

 

 

Figure 2 coarse-grained Ta-oxide in albitized K-feldspar zone, sample 159238, Tot Lake

 

Figure 3 pure spodumene sample with trace lepidolite, sample 159082, Gullwing North outcrop

 

Figure 4 large Ta-oxide crystal on albite, sample 159254, Gullwing North outcrop

 

Location map for Gullwing and Tot Lakes pegmatites is given in Figure 5 and tables of assays and UTM coordinates are given in Tables 1 and 2.

 

Mapping on Tot Lake pegmatite revealed eye-popping lithium and tantalum mineralization with pale green megacrystic spodumene blades up to 75 cm long and 15 cm wide identified next to megacrystic K-feldspar crystals in historical trench 3 (Power Metals Corp, press release dated July 11, 2018). The Ta-oxide crystals are up to 1 by 2 cm in size and are some of the largest Ta-oxide crystals in pegmatites in the province of Ontario. Typically, Ta-oxide minerals are 1 to 2 mm in size. In addition to lithium and tantalum mineralization, the cesium mineralization is also impressive at Tot Lake. Pollucite (Cs ore mineral) at Tot Lake is concentrated in a 1 by 5 m pod near the southwestern end of the pegmatite dyke where it comprises 32 vol% of the pod (Breaks et al., 2014). Pollucite is rare in nature and is only known at four other pegmatite localities in Ontario (Breaks et al., 2014). Pollucite is an indicator mineral for extreme chemical fractionation.

 

Table 1  High grade Li assays for grab samples from Gullwing and Tot Lakes pegmatites, UTM NAD 83, Zone 15.

Sample No.

Station

Easting (m)

Northing (m)

Elevation (m)

Lithology

Ta (ppm)

Li2O (%)

Pegmatite

159082

JK-18-157

532777

5529476

397

Pegmatite

7.2

6.78

Gullwing North

159056

JK-18-126

538935

5530873

287

Pegmatite

27.8

4.58

Tot Lake

159057

JK-18-126

538935

5530872

287

Pegmatite

78

2.62

Tot Lake

159235

AV-18-075

538930

5530873

397

Pegmatite

233

1.68

Tot Lake

159059

JK-18-126

538934

5530872

396

Ultramafic Volcanic

18.2

0.757

Tot Lake

159084

JK-18-158b

532777

5529480

393

Pegmatite

40.6

0.733

Gullwing North

159058

JK-18-127

538936

5530878

392

Pegmatite

9.2

0.551

Tot Lake

159241

AV-18-080

538932

5530877

400

Pegmatite

40

0.512

Tot Lake

 

 

 

 

 

 

 

 

 

Sample 159059 represents the metasomatized ultramafic host rock next to spodumene-rich pegmatite.

 

 

Table 2 High grade Ta assays for grab samples from Gullwing and Tot Lakes pegmatites, UTM NAD 83, Zone 15.

Sample No.

Station

Easting (m)

Northing (m)

Elevation (m)

Lithology

Ta (ppm)

Li2O (%)

Pegmatite

159254

AV-18-104

532783

5529473

401

Pegmatite

759

0.007

Gullwing North

159238

AV-18-078

538918

5530897

399

Pegmatite

498

0.019

Tot Lake (north)

159235

AV-18-075

538930

5530873

397

Pegmatite

233

1.68

Tot Lake

159237

AV-18-077

538916

5530888

401

Pegmatite

227

0.342

Tot Lake

159239

AV-18-079

538933

5530876

397

Pegmatite

208

0.004

Tot Lake

159262

AV-18-111

532774

5529386

413

Pegmatite

150

0.013

Central Gullwing

159236

AV-18-076

538935

5530874

395

Pegmatite

101

0.061

Tot Lake

 

 

 

 

 

 

 

 

 

 

 

Figure 5 Location of high grade grab samples from Gullwing and Tot Lakes pegmatites, northeast of Dryden.

 

Dr. Selway, VP of Exploration, stated “The summer mapping program at Gullwing-Tot Lakes Property confirmed the presence of high-grade spodumene and tantalum on both pegmatite dykes. The Property has been historically underexplored, but the property is now drill ready. I look forward to a drill program on the pegmatites in the near future.”

 

Quality Control

The grab samples were shipped to SGS analytical lab in Lakefield, Ontario by Manitoulin Transport. SGS analytical lab in Lakefield has ISO 17025 certification. Every 20 samples included one external quartz blank and one external lithium standard. 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 mapping program indicate that they passed and the assays are accurate and not contaminated.

 

Gullwing-Tot Lakes

 

Gullwing-Tot Lakes Property is located in Drope and Webb townships, 30 km northeast of Dryden, NW Ontario with excellent road access. Gullwing and Tot Lakes pegmatites contain spodumene. The Property was optioned from Exiro Minerals Corp. in 2017 (Power Metals press release dated April 20, 2017). The Property is located 5.5 km northeast of the Mavis Lake spodumene pegmatite field. Power Metals has an 80% interest with its 20% working interest partner MGX Minerals Inc.

 

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

 

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.

 

Power Metals Corp.

Johnathan More

646-661-0409

info@powermetalscorp.com

 

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 onwww.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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