Business
Power Metals Corp. Quadruples Paradox Basin, Utah PetroLithium Brine Exposure
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2017) - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1) is ple
About this update from Power Metals Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2017) - Power Metals Corp. (\"Power Metals Corp.\" or the \"Company\") (TSX VENTURE:PWM)(FRANKFURT:OAA1) is pleased to announce completion of an LOI with American Potash Corp. (\"AMP\"), regarding a joint venture agreement to explore and develop lithium brines totalling 13,520 acres of prime ground. AMP's US Federal lithium claims and Utah state lithium leases cover known brine-hosting clastic stratigraphy in the Paradox Formation. Significant lithium concentrations ranging up to 1700 ppm have been measured in brines produced 10 miles south of the AMP claim block. These occur from the same brine-hosting stratigraphy as the Federal 1-26 located on AMP's claim block. Johnathan More, CEO of Power Metals noted, \"We are pleased to partner with American Potash on this exciting petro-lithium project in the Paradox basin. We benefit from their early mover advantage having been in the Paradox basin for nearly a decade. We now have a commanding land position - one of the largest in the Basin - and believe that the key ground that our partner secured years before the recent staking rush puts Power in a prime position to target the potential highest concentration areas for lithium brines, given historical results within the land package and adjoining it.\" Lithium potential at the American Potash lithium-potassium project area Comparison of gamma and neutron logs from three historic oil and gas wells (Federal 1-26, Shell Quintana and Federal 1-27U) on American Potash's northern area of interest (AOI) with Southern Natural Gas Long Canyon No. 1 in the Big Flat-Long Canyon area, which produced a brine sample containing 500 ppm lithium, indicates identical stratigraphic sequences containing the same clastic units. Further, well logs for Federal 1-26, located in the approximate centre of American Potash's northern AOI, record overpressured brine production from a 54-foot-(16.4-metre)-thick clastic break at a depth of approximately 5,892 feet to 5,946 feet below surface (1,785.5 metres to 1,801.8 metres). American Potash geologists are confident that this brine is hosted in clastic break No. 17, which correlates with clastic break No. 17 in Pure Oil No. 1 in the Long Canyon area from which a brine sample returned 134 ppm lithium and 25,500 ppm potassium. The two clastic break horizons th...