Power Metals Acquires Prospective Lithium Projects Adjacent to Existing Deposits and Discoveries

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 20, 2017) - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1) is pleased to announce the acquisition of two new prospective lithium assets in Canada and to provide an update to shareholders on the Company's planned Spin-Out of its hard rock lithium properties.

Paterson Lake

The Paterson Lake Property is located 75 km north of Kenora, northwestern Ontario in Paterson Lake. The Property is composed of 64 mining claims totaling 1198 ha and is approximately 15 km by 5 km in size.

The project is proximal to Avalon's Big Whopper pegmatite which is located about 3 km west of the western claim block and has a resource of 11.6 million tonnes at 1.34% Li2O, 0.30% Rb2O and 0.007% Ta2O5. This resource has a strike length of 600m to a maximum vertical depth of 250m and the lithium grades are consistent with a petalite content averaging about 25%.

Highlights include:

• Over 50 exposures of pegmatite have been identified on the property.
  
  
• Twenty-nine drill holes intersected over 775m of pegmatite but only 12% was assayed for lithium.
  
  
• Both spodumene and petalite have been identified and are white in colour indicative of high quality lithium mineralization.
  
  
• The known petalite pegmatites on Exiro's property define three parallel 70° trends which have not been fully explored.
  
  
• The Draven's Pegmatite, located immediately outside Exiro's northern property boundary intersected 1.82% Li2O over 0.85m.
  
  
• Ten historical lithogeochemistry anomalies have been identified on the property where two anomalies were drill tested and pegmatite was intersected. The majority of these anomalies have not been drill tested.
  
  
• Six historical enzyme leach anomalies were identified that overlap with the lithogeochemistry anomalies providing further evidence of buried pegmatites. One of the enzyme leach anomalies was drill tested successfully intersecting the White Turtle Pegmatite Swarm and the J-Series Pegmatites at depth. The remaining five anomalies have not been drill tested.
  
  

Gullwing - Tot Lake

The Gullwing - Tot Lake Property is located 30 km northeast of Dryden, northwestern Ontario in Webb township. The Property is composed of 76 mining claims totaling 1216 ha and is approximately 17 km by 1.5 km in size.