Power Metals Corp.
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Power Metals Corp.

November 13, 2017 09:00 ET

Power Metals Discovers up to 40 % Spodumene on Surface at New Zone at Case Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2017) - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1)(OTC:AOUFF) is pleased to announce that it has discovered large spodumene megacrysts (up to 32 cm long) on the Northeast Dyke located 900 m northeast along strike of the current drill program on the North and Main Dykes and is within the same tonalite dome as the North and Main Dykes. This discovery of these large and abundant coarse grained spodumene crystals gives us evidence of the presence of high grade lithium. Since the Northeast, North and the Main Dykes are along the same strike and within the same dome indicates that they were emplaced along the same deep-seated structure. The Northeast Dyke has a pair of parallel pegmatite dykes: north and south outcrops similar to the North and Main Dykes that are currently being drilled.

Power Metals' exploration team peeled back thick moss to discover abundant coarse-grained spodumene crystals on the south outcrop of the Northeast Dyke whereas the one previous historic grab sample had no spodumene (Figure 4). The spodumene crystals ranges from 3 to 13 cm long and up to 2 to 3 cm wide. The spodumene ranges from 2-10% and locally up to 20% of the pegmatite dyke. One green spodumene crystal was 32 cm long by 2 cm wide (Figure 1). The mineralogy of the south outcrop is similar to that in the Main Dyke. The pegmatite consists of white coarse-grained K-feldspar, quartz, spodumene and muscovite. The quartz core of the pegmatite dyke contains up to 40% spodumene megacrysts with cross sections up to 14 cm across (Figure 2). The length of the spodumene crystals is always greater than the cross section, so these are significantly long crystals. Brent Butler, P.Geo and CEO of Power Metals stated, "These newly discovered spodumene crystals in this new zone are the largest I have ever seen on any property in all my years."

The south outcrop spodumene pegmatite dyke appears to be 3 to 6 m wide, but that was the limit of the peeled moss, the actual width of the dyke may be more with additional excavation. The south outcrop has a 70 m strike length.

Prospecting and peeling moss also revealed that the north outcrop of the Northeast Dyke also contains megacrysts of spodumene. A pale green spodumene megacryst 30 cm long and 8 to 10 cm wide was discovered next to a cluster of radiating spodumene crystals (Figure 3). The pegmatite consists of spodumene, K-feldspar, quartz and aplite similar to the North and Main Dykes.

Power Metals is planning a 2000 m drill program on the Northeast Dyke in January 2018.

Dr. Selway, VP of Exploration stated "The discovery of spodumene megacrysts in the two outcrops for the Northeast Dyke indicates that this dyke has high potential to host spodumene mineralization similar to that in the Main Dyke. I am excited to drill the Northeast Dyke this winter to test the extent of the lithium mineralization."

Brent Butler, CEO stated, "Case Lake continues to amaze us. Firstly, we are nearing completion of our initial 5000 m drill program and we will have a large amount of assays to press release to the market in the coming 2 months as we receive assay results from the lab. The first batch of assays we press released on November 2nd were exceptional so we are excited to see more. Secondly, this new high grade zone located approximately 1km away from our current drill site is a huge discovery as the richness of spodumene in this new zone looks to be richer than what was on surface at our current drill location."

To view Figure 1 32 cm by 2 cm spodumene crystal in Northeast Dyke - south outcrop, please visit the following link: http://media3.marketwire.com/docs/a1104707.jpg

To view Figure 2 Oval cross sections of at least 8 beige spodumene megacrysts up to 14 cm across in quartz core of Northeast Dyke - south outcrop, please visit the following link: http://media3.marketwire.com/docs/b1104707.jpg

To view Figure 3 Pale green spodumene megacryst 30 cm long and 8 to 10 cm wide from Northeast Dyke - north outcrop, please visit the following link: http://media3.marketwire.com/docs/c1104707.jpg

To view Figure 4 Geology map of Case Lake pegmatites showing location of spodumene discoveries on Northeast and East Dykes, please visit the following link: http://media3.marketwire.com/docs/d1104707.jpg

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 five dykes: North, Main, South, East and Northeast Dykes. The Northeast Dyke contains very coarse-grained spodumene. Power Metals has an 80% interest with its 20% working interest partner MGX Minerals Corp. (CSE:XMG).

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, including zeolites. 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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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. 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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