VANCOUVER, British Columbia, Dec. 22, 2023 (GLOBE NEWSWIRE) — POWR Lithium Corp. (CSE: POWR) (FRA: 6JX / WKN: A3D6BS) (OTCQB: PWRLF) (“POWR” or the “Company”), a mineral exploration and development company focused on American lithium deposits to support domestic demand, is pleased to provide the initial results from a four-hole, 2,899 feet (883.9-metre) HQ core program. The Halo project is located less than 3 kilometres northwest of Tonopah, NV and surrounded by several lithium-exploration companies with published resources or, at least, discoveries (see Figure 1).
Highlights:
- Results from the first drill hole reveal lithium concentrations as high as 1,735 ppm Li.
- Lithium-bearing claystone and siltstone were intersected in a 125.4 ft (38.2 m) thick (true thickness) package with an average grade of 938.1 ppm Li, starting at 187.0 ft (57.0 m). The initial hole was drilled to a total depth of 503.9 ft (153.6 m).
- Interval contained within broader envelope between 92.8 to 331.0 feet (28.3 – 100.9m) of >400ppm Li.
CEO Matt Chatterton states, “We are very pleased with these first results.”
The inaugural work program on the Halo property consisted of four drill holes, ranging from 503.8 to 804.9 feet (153.6 – 245.4m) in depth. Drill Hole No. Halo-001-23, shown in Figure 1, was positioned closest to the basin’s current margin and bottomed in lithic tuff with Li values <100ppm Li. Hole Nos. Halo-002 thru -004 are located further west and north revealing greater sediment thickness and, hence, hole depths, i.e. to 770.8 feet (235m). These greater sediment thicknesses are consistent with results reported by both American Lithium and American Battery Technology located to the north and west, respectively. The importance of this observation will be more carefully considered once all the results have been received.
The Company anticipates the assay results for the remaining three holes early in 2024. Upon receipt and quality assurance review of the outstanding assays, the Company will complete a comprehensive review and analysis of the results.
“These results are encouraging. They show a substantial sequence of finely laminated lithium-bearing claystone and siltstone. More broadly speaking, these results are similar to the results published by our neighbors including American Lithium (TLC Project), American Battery Technology and Tearlach (Gabriel Project),” stated CEO Matt Chatterton.
For additional project details please visit our website at https://www.powrlithium.com/
Figure 1. Map of the POWR land package showing drill hole and neighboring land positions.
Qualified Person
The technical data in this news release have been reviewed by Robert Johansing, M.Sc., P. Geol. (MMSA #01520QP), a qualified person under the terms of NI 43-101.
In November, the QP was on-site and became familiar with the drill sites and drilling procedures for the Halo Project and witnessed all components of the core logging and sampling procedures conducted at their core storage facility in Tonopah, NV.
All samples were retrieved by representatives of American Assay Labs (AAL) and transported to their facility in Sparks, Nev., for the 28 element, 4 acid ICP-OES (inductively coupled plasma optical emission spectroscopy) analytical package. Both the Company and AAL have inserted standards, blanks and duplicates into the sample sequence for the reported results. These results have been reviewed by the QP and any sampling or analytical issues have not been observed. A more comprehensive analysis of the data will occur once all the results have been received.
On Behalf of The Board of Directors,
Sincerely,
~Matt Chatterton~
Matt Chatterton
Chief Executive Officer
POWR Lithium Corp.
www.powrlithium.com
About POWR Lithium Corp. (CSE: POWR) (FRA: 6JX / WKN: A3D6BS) (OTCQB: PWRLF)
POWR Lithium is an exploration and development company dedicated to the advancement of North American lithium deposits to support domestic demand. The Company holds interests on the Halo and Eli properties in Nevada. The Company is also focusing on the development of claystone extraction and processing technologies aimed at delivering scalable efficiencies across the value chain in a sustainable manner. To find out more visit www.powrlithium.com and watch our video.
POWR Lithium advises the public that as part of its disclosure obligations as a public issuer, all material and regulatory filings can be found on www.sedar.com. We also invite the public to visit our website at www.powrlithium.com and to sign up to our “news alerts” to be advised of future news releases and related company information. Please also ensure you watch our video which is now available on the website.
Forward Looking Information Disclaimer
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the timing of receipt of the assay results of the remaining three drill holes at the Halo property and the completion of a comprehensive review of the results by the Company.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s annual Management Discussion and Analysis dated December 16, 2022, under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
The CSE has neither approved nor disapproved the contents of this press release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
POWR Lithium Corp.
Investor Relations
Email: [email protected]
Phone: +1 (778) 383-7240
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2abd259d-8650-4715-b7c5-6ccd7216eef7
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