VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 22, 2016) - Power Metals Corp. ("Power " or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1) is pleased to announce the results of the laboratory analysis of the 606 soil samples over the 1.6 KM grid from its previously announced press release date December 7th, 2016.
Lithium and Rubidium levels averaged higher than at the Brazil Lake deposit, in the same geological setting.
A core drilling program of 28 holes in 2011 at Brazil Lake encountered Li2O as high as 7.7 percent in spodumene with average deposit drill intersection grades of 1.08 per cent (north pegmatite dike) and 1.39 per cent (south pegmatite dike).
The company has attached pictures of the high-grade spodumene crystals at Brazil Lake on it's website at http://www.Powermetalscorp.com
Power Metals CEO Johnathan More noted "The spodumene crystals at Brazil Lake bear close resemblance to those at Kings Mountain, North Carolina. North Carolina's Gaston and Cleveland Counties at one point contained more than 80 percent of the known reserves in the United States and produced over 50 percent of the world's estimated output of lithium. Those properties were the beginning of what is now the massive FMC Lithium Corp (Albermale)."
The Company is highly encouraged with the results to date and is accelerating the commencement of the planned drill program to take place in early Q1, 2017.
At Case Lake, in preparation for its drill program also set for early Q1, 2017, the company has commenced a process of re-assay on approximately 500m of existing core from the 2010 drill program which includes highlights:
- 14.07 metres at 1.35 per cent Li2O;
- 9.2 metres at 1.98 per cent Li2O;
- 8.8 metres at 1.02 per cent Li2O;
- 4.4 metres at 1.49 per cent Li2O.
Case Lake is host to three main dikes currently with the potential to host many more, including the untested northeast dike that sampled 2 percent Li2O (lithium oxide). The local geology of pegmatite dike swarms gives Case Lake the potential for large tonnage.
Spodumene-rich pink pegmatites outcrop intermittently over at least 1,200m, representing 15 percent of the Main dike. Government geologic mapping indicates the presence of pegmatites over a strike length of in excess of 5km.
John F. Wightman, MSc. (Geology), P.Eng., FGAC, a qualified person, prepared the disclosure reports related to this project. National Instrument 43-101 reports have not been prepared on this property.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the mineralization of the Case Lake or Larder River Properties, the payment of funds and incurring of expenditures toward exploration of such properties, and the earning of interests therein. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of current exploration and testing. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Specifically, there is no assurance the Company will be able to raise the necessary funds to make all the cash payments and incur all of the exploration expenditures required to earn an interest in any of the mineral properties described herein; that it will be able to verify past drill results; that it will determine the existence of any mineralization, resources or reserves within any of the properties, whether of lithium or any other metal or substance. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.