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Power Metals Completes Option Agreement for 100% Ownership of Paterson Lake and Gullwing-Tot Lakes Li-Cs-Ta Properties and Provides Corporate Update
Power Metals Completes Option Agreement for 100% Ownership of Paterson Lake and Gullwing-...
About this update from Power Metals Corp.
[{"type":"text","content":"\n \n \n \n Power Metals Completes Option Agreement for 100% Ownership of Paterson Lake and Gullwing-Tot Lakes Li-Cs-Ta Properties and Provides Corporate Update\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n VANCOUVER, BC,\n \n Dec. 24, 2020\n \n /CNW/ -\n \n Power Metals Corp.\n \n (\"\n \n Power Metals Corp.\n \n \" or the \"\n \n Company\n \n \") (TSX-V: PWM)(FRANKFURT: OAA1)(OTC: PWRMF) is pleased to announce that it has entered into an amending agreement with Exiro Minerals Corp. regarding the remaining payments due by the Company to acquire the Paterson Lake and Gullwing-Tot Lakes properties.\n \n \n \n \n \n \n \n \n \n To exercise the option to acquire the properties, the Company and Exiro Minerals have agreed that the remaining cash payment and share issuance due under the\n \n March 1, 2017\n \n property option agreement (as amended) will be settled by the Company delivering 920,000 common shares of the Company. Exiro has agreed to accept equity in lieu of cash to complete the option agreement. Power Metals will own the two properties 100% upon shares payment. In addition (i) upon a feasibility study being completed on a property, Power Metals will make an additional\n \n $450,000\n \n payment (in cash or shares at Power Metals' election); and (ii) Exiro will be entitled to a 0.5% NSR royalty on all production from the Properties.\n \n \n The amending agreement is subject to TSX Venture Exchange approval.\n \n \n Paterson Lake Property is located within the Separation Rapids Greenstone Belt, north of\n \n Kenora\n \n , northwestern\n \n Ontario\n \n . Paterson Lake Property has Li-Cs-Ta mineralization with multiple petalite (Li ore mineral) and Ta-oxide pegmatites including Marko's Pegmatite and Jesse's Pegmatite (Power Metals press releases dated\n \n Oct. 29, 2018\n \n and\n \n Nov. 28, 2018\n \n ). Marko's pegmatite also contains pollucite (Cs ore mineral).\n \n \n Power Metals has two lithium drill ready targets at Paterson Lake located along two parallel northeast-southwest petalite pegmatite trends:\n \n \n ...