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Power Metal farms into lithium rich Canada

17 July 2021
LON: POW
Rueben Hale
Gear with energy relative silhouettes. Design set of coal mining industry. Lithium chemical element. 3D rendering

London-listed Power Metal Resources has signed an earn-in agreement through its Canadian subsidiary, allowing the company to work towards 100 per cent interest in two Canadian lithium pegmatite exploration properties amidst the sustained ascent of prices on minor metals markets.

Under the deal, the company will explore the  Authier North and Duval East properties situated in the prolific Val D’Or mining camp in Quebec, Canada.

Authier North is adjacent to Sayona Mining’s  12.1 million tonne project. Duval sits east of a northwest-southeast trending lithium pegmatite dyke, boasting historical drilling intersections equivalent to two metres of lithium oxide 1.38 per cent.

“Today’s announcement brings a focussed and high-impact lithium opportunity into the Power Metal Canada business,” chief executive Paul Johnson said.

“We believe that lithium is an important strategic commodity to have within our portfolio.  However, as an exploration and development company what matters most is the quality of opportunity, which we think we have with these two Earn-in properties.

“One property is situated adjacent to a major lithium Reserve that offers significant exploration potential, and the second property is interpreted to host the open eastward extension of a historical lithium deposit delineated in the 1950s, which holds potential subject to further drilling.”

Fastmarkets lithium hydroxide price had risen by more than 3 per cent since mid-June, with spot prices to China, Japan and Korea finishing at $US15.50 a kilogram last week.  

COMPANY OVERVIEW

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery. The Company has a global portfolio of project interests including gold exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects. The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

COMPANY INFORMATION

LON: POW

Website

https://www.powermetalresources.com/
https://www.londonstockexchange.com/stock/POW/power-metal-resources-plc/company-page

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