Power Metal Resources plc has expanded its Canadian lithium portfolio by staking 5,788.5 hectares of the 100% owned North Wind project in Ontario.
2023 PROGRAMME
The company’s other lithium project is in Authier North, Quebec.
Power Metal identified North Wind by researching and analysing more than 600,000 lake sediment sample points collected by the Ontario Geological Survey, which also prepared recommendations for exploration.
The company said it was conducting further desktop analysis and planned a comprehensive Phase I field sampling programme in Q1-Q2 2023.
NORTH WIND
The site is over a 16km long trend of highly anomalous lithium-in-lake sediment results.
Power Metal said it considered North Wind to be prospective for lithium, caesium, and tantalum-bearing pegmatite occurrences.
North Wind lies less than 25km northwest of the town of Beardmore and is criss-crossed by multiple access roads which connect to the Trans-Canada Highway less than 40km away.
COST
Power Metal staked 278 mining claim cells for a total CAD$13,900 (circa £8,500).
Each mining claim cell covers 20.82 hectares and has an annual exploration spend commitment of CAD$400 from year two onwards.
The total exploration spend commitment is £68,000 by the end of year 2 and then annually onwards.
BRIGHT FUTURE
Chief executive Paul Johnson added that the acquisition was a significant boost for the company as a new and “potentially high-impact lithium-focused opportunity”.
“We consider that lithium as a commodity has a particularly bright future with high demand and constrained supply.
“In fact, the significant move higher in the lithium price has sparked considerable interest in available exploration properties around the world, and particularly those in safe jurisdictions.”