Power Metals to Commence Aggressive Drill Program on Hard Rock Lithium Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 24, 2017) - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1) is pleased to announce the upcoming drill and work programs for the Company's hard rock lithium properties. "This is a very busy time for Power Metals as we are now entering an exciting period of work and drilling which can very quickly prove up the value of our assets. Additionally, we will be providing shareholders with further details on the recently announced Plan of Arrangement to Spin-Out the hard rock assets and the upcoming work programs on our petro-lithium assets," comments Johnathan More, Chairman of Power Metals.

Case Lake

Case Lake spodumene pegmatite swarm is located 80 km east of Cochrane, northeastern Ontario. Case pegmatite swarm consists of five dykes exposed on surface: North, Main, South, East and Northeast Dyke. North, Main and Northeast Dykes contain spodumene. North Dyke is has > 100 m strike length, Main Dyke has > 350 m strike length and the Northeast Dyke has > 75 m strike length.

Power Metals summer 2017 exploration program on the Case Lake Property will consist of ~5000 m of drilling of approximately 50 drill holes. The drilling will target the North and Main Dykes to define the pegmatite and lithium mineralization and to extend the dykes to the east and west along strike and down dip (Figure 1). There is 100 m of surface exposed strike length for the Main Dyke that has not yet been drill tested. The Company will also test the possibility that the Main Dyke is actually two parallel pegmatite dykes not just one dyke. Since the pegmatite dykes within the Case Lake pegmatite swarm are parallel to each other, there is potential to find additional buried dykes at depth.

Power Metals has an Exploration Plan on Case Lake Property approved by MNDM and has submitted an Exploration Permit application with MNDM for the Case Lake drill program.

In addition to the exploration targets of extension of the North and Main Dykes, there are other exploration targets to be investigated on the Case Lake Property (Figure 1):

• The fault offset dyke target is a 1 km long target which is assumed to be the down faulted continuation of the North and Main spodumene dykes. The East Dyke is the down faulted continuation of the South Dyke.
• The Far East Dyke is an underexplored pegmatite outcrop which is along the same strike as the North and Main Dykes.
• The Metasedimentary host rock Li anomaly target along strike to the east of North and Main Dykes.
• Northeast Dyke with historical assay of > 2.15 % Li₂O.

To view Figure 1 Case Lake Exploration Targets, please visit the following link: http://media3.marketwire.com/docs/Figure-1-PWM.jpg