Vancouver, British Columbia–(Newsfile Corp. – December 7, 2017) – Power Americas Minerals Corp. (TSXV: PAM) (“Power Americas“ or the “Company“) is pleased to announce it has completed the 2017 exploration program on the Kittson Cobalt Project Located in the prolific Cobalt Silver Camp in Northeast Ontario, Canada.
The 2017 exploration program consisted of reconnaissance prospecting, geological mapping, and shallow diamond drilling using an ultralight man-portable drill rig. The primary focus of the 2017 exploration program was to define and better understand the historic cobalt mineralization on the project in order to develop drill targets for a future drill program. Preliminary prospecting results from this program returned up to 3.66% Cobalt (see PAM news release 10-03-2017).
The drilling portion of the of the 2017 exploration program included seven drill holes, totaling 161m, of BTW core. This work was designed to test beneath overburden filled historic workings on the historic Shakt-Davis mine. The program successfully intersected the fracture zone that hosts the Shakt-Davis mineralization over a strike length of 55 metres. The fracture zone ranged from 5 to 13 meters wide (drilled core length) and hosted several 0.1-1.0 metre quartz-carbonate veins surrounded by intense carbonate alteration. Assay results are pending and will be released as they become available.
Mapping and sampling was also completed as part of the Company’s due diligence on newly acquired claims to the southwest of the core property (see PAM news release 11-22-17). This work encountered numerous undocumented workings (pits, shafts and trenches) over approximately three kilometre strike length located in a Nipissing diabase, similar to the mineralization at the Shakt-Davis mine. Sampling results are pending and will be released as they become available. Closing of the above transaction is subject to receipt of all required documentation and final approval of the TSX Venture Exchange.
The Company also announces that Neil Pettigrew, M.Sc., P.Geo., a current director has been appointed Vice-President of Exploration. The 2017 Kittson Cobalt Exploration Program has been under the direct supervision and management of Mr. Pettigrew and Fladgate Exploration Consulting Corp. Mr. Pettigrew has over 15 years of experience in the mineral exploration industry and worked for several junior and major companies, and held officer and director positions in several Junior companies. He has also worked for the Ontario Geological Survey as a Senior Precambrian Geoscientist. He is a founder, part-owner and vice-president of Fladgate Exploration Consulting Corp. a full-service mineral exploration consulting firm located in Thunder Bay ON.
The company also announces the appointment of Janet Francis B.Sc. as it new corporate secretary. Ms. Francis has 12 years’ experience in the field of regulatory compliance and corporate governance, most recently as director of a private company providing corporate secretarial services to public companies listed on the TSX, TSX Venture, and Canadian Securities Exchanges, and to other reporting issuers. Ms. Francis is an officer or director of several listed issuers. Dianne Szigety has resigned as the Company’s previous corporate secretary.
Finally, the Company is granting 2,500,000 incentive stock options to certain officers, directors, consultants and employees of the company to purchase up to a total of 2,500,000 common shares of the company at a price of 20 cents per common share for a period of five years.
The stock options are subject to the terms of the company’s stock option plan and regulatory approval.
The technical content of this news release has been reviewed and approved by Neil Pettigrew, M.Sc., P.Geo., Vice President, Exploration, and a director of the Company, and the Company’s Qualified Person as defined by National Instrument 43-101.
About the Kittson Cobalt Project
The Project is located near the town of Cobalt in northeast Ontario, Canada. The Project hosts the historic Shakt-Davis and Kittson Cobalt mines, as well as numerous historic workings, the deepest extending down to 628 feet, and over 2,500 feet of lateral workings. Cobalt mineralization occurs in Proterozoic aged quartz-calcite veins hosted in brittle shears in Nipissing diabase. This style of mineralization is similar to that of the famous Cobalt Silver Camp which produced 420 million ounces of silver with cobalt as a significant by product. The mineralization at the Kittson Cobalt project differs from the typical Cobalt Silver Camp veins in that they are lower in silver content but richer in cobalt and are associated with significant gold. Historic reports from the Shakt-Davis mine indicate values of 1.5% cobalt over 1.37 meters and select grab samples returning up to 4% cobalt and 93.3 g/t gold. Locally significant nickel, copper and to a lesser extend lead, zinc and bismuth also occur within the quartz-carbonate veins.
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 and other energy metals in North and South America. Power America’s acquisition strategy focuses on acquiring affordable, cost-effective and highly regarded mineral properties in areas with proven geological potential. 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”.
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.