Power Metals Acquires Prospective Lithium Projects Adjacent to Existing Deposits and Discoveries - Seite 2

The Gullwing - Tot Lake pegmatites are located 13 km north east of International Lithium Corp's Mavis Lake - Fairservice pegmatites. International Lithium's partner Pioneer Resource Limited completed 12 drill holes totaling 1,305 m on March 2, 2017 on the Mavis Lake Property with drill highlights of 1.47 % Li₂O over 17.9 m and 1.70 % Li₂O over 26.3 m (International Lithium, press release dated April 11, 2017).

Highlights include:

• The Gullwing-Tot Pegmatite group, also known as the Lateral Lake Stock, has been identified as a east-northeast trending cluster of pegmatites extending 15km in length with a width ranging between 0.8 and 2.2 km. This pegmatite field remains largely unexplored for rare metals and practically unexplored for lithium.
  
  
• The Sleeping Giant pegmatite at Gullwing Lake contains rubidium and cesium with a drill hole intersection of 36.3m grading 0.135% Rb.
  
  
• The Tot Lake Pegmatite was drill tested intersecting up to 5.3m of pale yellow, green and pink spodumene but none of the spodumene bearing intersections were assayed for lithium.
  
  
• Dyke chip samples collected across two 9m long trenches on the Tot Lake Pegmatite contained an average grade of 1.0% Li2O.
  
  
• More recent grab sampling confirmed a high degree of fractionation of the Tot Lake pegmatite with the presence of large pink spodumene crystals, pollucite and manganotantalite.
  
  

Johnathan More, Chairman of Power Metals states, "With the addition of these two exciting projects, we are even more excited about the dynamic company that will be created by the Spin-Out of Power Lithium and its suite of assets fitting our rigorous qualitative criteria. We are also confident that this move will be a bonus for the company by clarifying and streamlining its distinct business units. The creation of two separate entities from one should unlock significant value for our shareholders."

As previously announced on March 13th, 2017, Power Metals intends to Spin-Out its Hard Rock Lithium Assets and form a new public company. Power Metals intends to call the new company Power Lithium Corp. and has decided to list it on the Canadian Securities Exchange ("CSE"). The Company has begun the process of completing the Spin-Out through a Plan of Arrangement. This Spin-Out is intended to provide efficiencies in the new company by focusing on a targeted type of exploration which will maximize shareholder value of all the company's assets. Each shareholder of Power Metals Corp. will receive a new share of Power Lithium Corp. on a one for one basis. Power Lithium Corp. will hold the Case Lake and Larder River mineral property interests as well as the two newly optioned properties announced today. The Company will make further comments to the timing of the Spin-Out along with dates and specifics in the near future as all the filings are made. The Spin-Out and listing on the CSE will be subject to approval of the Power Metals shareholders, the B.C. Supreme Court, the TSX Venture Exchange and the CSE.