Power Metals Corp. [PWM-TSXV, PWRMF-OTCQB, OAA1-Frankfurt] said Thursday it has named Gerry Brockelsby as the company’s new CEO. Brockelsby has over 45 years of experience in the investment industry and once served as Chief Investment Officer of the Inco Pension Plan.
Brockelsby will replace Power Metals founder Johnathan More, who will continue to serve as the company’s Chairman of the Board.
“His knowledge and contacts in the Canadian mining industry are unprecedented as Power Metals is about to build a massive presence in the lithium space,’’ More said in a press release, Thursday. “The company has approximately $10 million in cash and is ready to embark on a large-scale drill and exploration program,” he said. These exploration plans are expected to be revealed shortly.
Power Metals has said it is committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. In a March 27, 2023 press release, the company said it had closed a $6.45 million private placement of flow through shares priced at 57 cents per share.
The company said the proceeds will be used to fund exploration at the company’s Ontario projects, where drill crews recently intersected high grade lithium, cesium and tantalum mineralization at the West Joe and Main Dykes at Power Metals’ 100%-owned Case Lake property near Cochrane, Ontario, close to the Ontario-Quebec border.
The Case Lake property consists of 585 cell claims located in the Larder Lake Mining Division. It covers 10 kilometres by 9.5 kilometres and contains 14 identified tonalite domes.
The lithium-cesium-tantalum pegmatites at Case Lake are hosted by biotite tonalite domes (laccoliths) within the Case Lake Batholith. The domes are shaped like water drops on a table.
Power Metals was recently engaged in a summer drill program consisting of 5,000 metres. A recent news release contains that was issued after the company had completed 2,000 metres of drilling contained assays from drill hole PWM-22-128 on the West Joe Dyke and drill holes PWM-22-132 and 133 on the Main Dyke. The purpose of each drill hole was to infill on known mineralization to aid in a future resource estimate.
Brines (in salt ponds) and spodumene (hard rock) represent the two main sources of commercial lithium production.
The company said the lithium mineralization is mainly spodumene, but also lepidolite at West Joe and is spodumene on the Main Dyke. Cesium mineralization is pollucite at West Joe and Tantalum mineralization is Tantalum-oxides at West Joe and Main Dykes.
The West Joe pegmatite dyke is unique in that it is one of the few cesium-rich pegmatites in the world.
On March 29, 2023, Power Metals shares closed at 28.5 cents and currently trade in a 52-week range of 44 cents and 15 cents.