Power Metals Corp. (TSXV:PWM, OTC:PWRMF) is mobilizing a crew in preparation for the 2018 diamond drilling program at its Case Lake hard-rock Lithium Property near Cochrane, 80km east of Ontario Canada. The 1,648 hectare project is located near mining friendly Kirkland Lake, NE Ontario, just 200 kilometres north of the monstrous Macassa Mine, operated by Kirkland Lake Gold. The claims cover an extensive, well-altered laccolith system, containing 9 identified tonalite domes, where only the Henry dome has been mapped and drilled. The claims are located along the subprovincial boundary between the Opatica subprovince (Case Batholith to the North), and Abtibi subprovince (Scapa Metasediments to the South). This area has been extensively surveyed but never drilled.
In January, Power Metals Corp reported results from 2 holes drilled in 2017. Drill hole PWM-17-33 had impressive lithium and tantalum mineralization. Lithium grades were up to 3.02 % Li2O over 2.0 m and 2.84 % Li2O over 4.0 m in PWM-17-33. Drill hole PWM-17-34 had an impressive width of 17.0 m of continuous lithium and tantalum mineralization. Lithium grades were up to 2.59 % Li2O over 1.0 m and 2.42 % Li2O over 2.0 m. Tantalum grades were up to 264.25 ppm Ta over 4.0 m.
Dr. Selway, VP of Exploration stated “We are impressed by the high-grade lithium and tantalum mineralization drill holes PWM-17-33 and 34. We are expecting to receive more high-grade assays from the drill program on the Main Dyke in the next couple of weeks. We are looking forward to seeing the drill core from the first drill hole from the Northeast Dyke after the recent discovery of abundant very coarse-grained spodumene on surface.”
Subsequently in January, Power Metals Corp announced that they have successfully intersected significant high-grade lithium mineralization on the Northeast Dyke. The presence of up to 30% coarse grained spodumene in the drill core was found in several of the first few holes. The presence of high grade spodumene at the NE Dyke, which is a 900 meter step-out from the previously-drilled mineralised Main Dyke, has been regarded as spectacular. Besides the NE Dyke, there are also a number of areas at Case Lake which Power Metals Corp will concentrate on drilling out this month.
“I am thrilled to enter Power Metals’ next phase of large scale drilling in the coming weeks at Case Lake." Dr Selway stated, "The upcoming drill programs are designed to increase known mineralised zones as well as find additional high-grade zones like the one at our Main Dyke. We firmly believe that we have only scratched the surface so far at Case Lake and the exploration upside on the property is immense.”
Geological mapping program at Case Lake has already begun. A DPGS survey to ±4-16 cm accuracy of Power Metals’ 50 drill hole collars on the Main Dyke and 32 drill hole collars on the Northeast Dyke has been completed and will be used to fine-tune the 3D model of both dykes in preparation for the upcoming drill program.
The drill contract for Case Lake’s upcoming 15,000 m spring/summer drill program has been awarded to Jacob and Samuel Drilling Ltd., Sudbury, Ontario. Drilling will be scheduled to commence as soon as the ½ load road restrictions are lifted in the Cochrane area. Six distinct drill target areas on the Case Lake Property will be drilled out during this program. The diamond drill program is fully funded and Power Metals has a valid MNDM exploration permit for the drilling, valid for 3 years.
Power Metals Corp last announced a brokered bought deal private placement of 6,900,000 units at a price of C$0.50 per unit for gross proceeds of C$3,450,000 in January 2018. Eight Capital was the underwriter for the Offering. All of the securities issued under the private placement were subjected to a hold period expiring four months and one day from the settlement date.
The shares are trading at C$0.47.
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