Power Metals Corp
TSX VENTURE : PWM
FRANKFURT : OAA1

Power Metals Corp

May 11, 2017 00:01 ET

Power Metals Corp. Defines Drill Targets at Case Lake and Plans to Commence Optimal Lithium Extraction Testing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 11, 2017) - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM) (FRANKFURT:OAA1) is very pleased to announce the completion of a 3D exploration model for the Company's 100% owned Case Lake Property. The 3D model will aid Power Metals in targeting drill holes as well as aid in our understanding of the morphology of the pegmatite dykes. This will assist in understanding the known mineralization and aid in its expansion.

The Case Lake spodumene pegmatite swarm is located 80 km east of Cochrane, northeastern Ontario. Case Lake pegmatite swarm consists of five dykes exposed on surface: North, Main, South, East and Northeast Dyke. North, Main and Northeast Dykes contain spodumene. North Dyke is has > 100 m strike length, Main Dyke has > 350 m strike length and the Northeast Dyke has > 75 m strike length.

A 3D exploration model has been created for Case Lake pegmatite swarm based on 7 historic drill holes, channel sampling, detailed mapping and general mapping. The fault planes were identified from geophysics maps and satellite images. The pegmatite dykes are modelled to a depth of 100 m.

One purpose of the 3D model is to understand the morphology of the pegmatite dykes (Figure 1). The 3D model indicates that the North and Main Dykes have a strike of 60°NE and a dip of 33-43°N. South and East Dykes have a strike of 80-90°E-W. The fault plan has a strike of 347°NW.

Another purpose of the 3D model is drill targeting and predicting the extension of the spodumene pegmatite dykes. Power Metals summer 2017 drill program will consist of ~5000 m of drilling of approximately 50 drill holes. 3D modelling suggests that the Main Dyke is actually two parallel dykes not just one dyke. This will be tested during Power Metals' drill program, in addition to drilling the portion of the Main Dyke that has been exposed on surface but not yet drilled. The drilling will also target the extension of North, Main and South Dykes to the east and to the west with a goal to extend the Main Dyke from 350 m to 780 m long.

The extension of the spodumene North and Main Dykes has been faulted down and thus the offset dyke is an 800 m long exploration target (Figure 2). Both the Northeast and Far East Dykes need trenching and geological mapping to fully expose their strike lengths on surface.

Additionally, an initial bulk sample of lithium rock is being collected and forwarded to Thibault and Associates Inc. in Fredericton, News Brunswick (See press release dated April 10th, 2017). This sample will be used to evaluate technology that would best process the feed stock to meet end user requirements. This initial sample will be supplemented with core samples from the upcoming drill program on the property.

Johnathan More, Chairman of Power Metals states "This 3D model of Case Lake is a huge step in the planning of the upcoming drill program not only in terms of drill locations but also in realizing the potential size of this exciting structure. Additionally, we will be providing an update on our Petro-Lithium assets associated with our technology process in the very near future. Furthermore, we are running at full steam ahead on all of our projects while we wait for the recently filed share spin-out."

To view Figure 1: '3D model of Case Lake North, Main and South Dykes and exploration targets, looking north,' please visit the following link: http://media3.marketwire.com/docs/1094352fig1.pdf

To view Figure 2: '3D model of Case Lake pegmatite exploration targets, looking north,' please visit the following link: http://media3.marketwire.com/docs/1094352fig2.pdf

Qualified Person

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 other and clean power fuels. We see an unprecedented opportunity to supply the staggering growth of the lithium battery industry.

ON BEHALF OF THE BOARD,

Johnathan More, Chairman

None of the TSX Venture Exchange, the CSE nor their Regulation Service Providers (as that term is defined in the policies of the TSX Venture Exchange) accept 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.

Cautionary Note Regarding Forward-Looking Information

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Power Metals such as the statement that: (i) the Plan of Arrangement will be completed; (ii) Power Metals shareholders will receive shares of Power Lithium on a 1:1 basis pro rata with their shareholdings in Power Metals; (iii) Power Metals will transfer all of its interests in its hard rock lithium properties to Power Lithium (iv) Power Lithium will be listed on the CSE or at all and (v) Power Metals will transfer an amount of cash to Power Lithium through the Arrangement such that Power Lithium Corp will meet CSE listing requirements. There are numerous risks and uncertainties that could cause actual results and Power Metals' plans and objectives to differ materially from those expressed in the forward-looking information, including other factors beyond Power Metals' control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Power Metals assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

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