Vancouver, British Columbia–(Newsfile Corp. – November 22, 2017) – Power Americas Minerals Corp. (TSXV: PAM) (OTC Pink: PWMRF) (FSE: VV0) (“Power Americas” or the “Company”) is pleased to announce the acquisition of an additional 100% interest in 10 unpatented mining claims totaling 140 units having a combined area of approximately 2,240 hectares. Eight of the new claims are contiguous to Power America’s Kittson property located approximately 8 km northwest of the town of Latchford and 120 km by road north of North Bay in the Coleman, Kittson and Brigstocke Townships of the Larder Lake Mining Division, in Northeastern Ontario. Two of the new claims are approximately 5 km south of the Kittson properties southern boundary.
This newly acquired ground has prospective geology covering Nipissing diabase and is interpreted to host the western extension of the Shakt-Davis and Edison mine structures. Two separate claims ~5 kilometres south of the Kittson property cover a cobalt showing which has returned up to 0.14% Cobalt and 0.68 g/t gold listed in the Ontario Geological Surveys Mineral Deposit Inventory (MDI31M05SW00020) and previously held by Tri-Origin Exploration.
Power Americas can acquire 100% interest in the properties under the terms of a share purchase agreement for a purchase price of $1,430,000 payable by the issuance of 13,000,000 common shares of the Company at a deemed price of $0.11 per share. This transaction is subject to TSX Venture Exchange approval.
The technical content of this news release has been reviewed and approved by Neil Pettigrew, M.Sc., P.Geo., a director of the Company, and a qualified person as defined by National Instrument 43-101.
About Power Americas Mineral Corp
Power Americas Minerals Corp. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium, copper and other energy metals in North and South America. The Company’s shares are listed and posted for trading on the TSX Venture Exchange under the symbol “PAM”, the OTC Pinks under the symbol “PWMRF” and on the Frankfurt Exchange under the symbol “VV0”.
Power America’s acquisition strategy focuses on acquiring affordable, cost effective and highly regarded mineral properties in areas with proven geological potential. These areas include historical and currently producing mines with existing infrastructure. This strategy includes acquiring 100% interests in mineral properties, with no payment terms or work program commitments that would threaten a junior mining company’s financial stability. The Company believes it can create maximum shareholder value efficiently and cost effectively implementing this acquisition strategy.
Power Americas believes that the demand profile for Lithium, Cobalt and other essential power related materials will be fundamentally led by the growing adaptation of electric vehicles, renewable energy and increased production of super alloys. With a focus on identifying and developing ethically sourced materials within the Americas, the Company intends to address the growing demand for energy metals that are being driven by innovation and the introduction of new technologies.
On behalf of the Board of Directors:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.