Power Metals Corp. [TSXV: PWM; OTCQB: PWRMF; FSE: OAA1] received approval from the TSX Venture Exchange on the company’s acquisition of Decelles and Mazerac properties in Quebec, Canada, from Winsome Resources Ltd. [OTCQB: WRSLF].
As part of the original agreement announced August 24, 2023, for the acquisition of Winsome Resources’ Decelles and Mazerac projects, Winsome Resources was entitled to receive 17.65 million common shares in Power Metals. These shares shall now be issued, bringing Winsome Resources’s total holding to 16.15% of Power Metals’ issued capital value.
With the addition of the Decelles and Mazerac properties, the company is well positioned to advance exploration and development of key battery and technology metals, reinforcing its role as an emerging contributor to North America’s critical minerals landscape.
Power Metals CEO, Haydn Daxter, commented: “We are pleased to receive the final confirmation from the TSX Venture Exchange on the acquisition of these two properties in Quebec, Canada. This strengthens our footprint in Canada for critical minerals exploration and confirms our collaboration with Winsome Resources as our major shareholder.”
The Case Lake property is located 80 km east of Cochrane in Northeastern Ontario, near the Ontario-Quebec border. It comprises 586 cell claims across Steele, Case, Scapa, Pliny, Abbotsford and Challies townships within the Larder Lake mining division. The property is 10 km by 9.5 km in size with 14 granitic domes.
The Case Lake pegmatite swarm consists of six spodumene dikes known as the North, Main, South, East and Northeast dikes on the Henry dome and the West Joe dike on a new dome, collectively forming mineralization trend that extends for approximately 10 kilometres.
Power Metals has completed several exploration campaigns leading to the discovery and expansion of new and historic spodumene-bearing LCT (lithium/cesium/tantalum) pegmatites at Case Lake. The company has drilled a total of 23,976 metres of core between 2017 and 2024 at the property. The Case Lake property is owned 100% by Power Metals. A NI 43-101 technical report was prepared on the Case Lake property and filed on July 18, 2017.
The Decelles property contains 247 claims, covering 14,229 hectares of LCT-prospective ground near the mining centres of Val d’Or and Rouyn-Noranda, approximately 600 km from Montreal. Power Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal that increased Winsome’s equity stake to 19.59%; the transaction has been approved by the TSXV as per this announcement. The geology of the Decelles property is part of the Archean Pontiac subprovince, where S-type, LCT-prospective, pegmatite-bearing, granitic Decelles batholith intrudes into metasedimentary units of the Pontiac group.
Spodumene- and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite. The Decelles property is adjacent to Vision Lithium’s Cadillac property, where discovery of high-grade lithium pegmatites was reported in 2022.
The Mazerac property is located approximately 30 kmes east of Power Metals’ Decelles property near well-established mining camps in the Abitibi region of Canada and is accessible by network of mining-grade forestry roads. The Mazerac property contains 115 claims that cover 6,653 hectares of LCT-prospective ground near the mining centre of Val d’Or and Rouyn-Noranda. The regional geology of Mazerac is similar to Decelles, where S-type, LCT-prospective, pegmatite-bearing granites of Decelles batholith intrude into metasedimentary units of the Pontiac group. Spodumene- and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite.
Pollucite is a rare mineral that hosts high-grade cesium and is associated with highly fractionated, rare element pegmatites. The main source of cesium known globally is pollucite (Cs, Na)2(Al2Si4O12).2H2O. Currently, there is no operational mining of high-grade cesium from pollucite occurring globally.
Its flagship Case Lake property in Ontario – 100%-owned by Power Metals – is a high-grade cesium, lithium and tantalum asset, poised to become one of only four cesium mines globally. Beyond Case Lake, the company’s portfolio includes the Decelles and Mazerac properties near Val d’Or. Together, these assets cover 947 claims spanning more than 330 km2 of LCT-prospective ground.
