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Power Metals Corp.'s (PWM.V) drill holes have intersected, for assays received to date, three impressively wide high-grade lithium (Li) and tantalum (Ta) mineralized intervals for the main dike at Case Lake, east of Cochrane, Ont.

PWM-17-08:  1.94 per cent Li2O (lithium oxide) and 323.75 parts per million Ta over 26.0 metres

PWM-17-09:  1.23 per cent Li2O and 148.0 parts per million Ta over 16.0 metres

PWM-17-10:  1.74 per cent Li2O and 245.96 parts per million Ta over 15.06 metres

Lithium grades are up to 3.29 per cent Li2O over 1.0 metre in PWM-17-08 in the quartz core with coarse-grained pale green spodumene.

Drill hole collar locations are given in Power Metals' press release dated Sept. 21, 2017. Assay highlights for assays over 0.9 per cent Li2O, holes PWM-17-01 to PWM-17-12, are given in the attached table.

While the focus of Power Metals' exploration team is lithium mineralization in the form of spodumene, Case Lake pegmatites have an extra bonus of high-grade tantalum mineralization in the form of tantalum oxide minerals. PWM-17-08 has 2.50 per cent Li2O and 1770.0 parts per million Ta over 1.0 metre. The high-grade lithium and tantalum mineralization in the main dike is present in the intermediate zones and quartz core with coarse-grained pale green spodumene. According to the Metalary.com website: "Tantalum is sold as tantalite ore from which the metal can then be extracted. The starting point for negotiations is $123.61 (U.S.) per kilogram." The most important function of the metal is in the manufacture of electrolytic capacitors for the electronics industry and is ideal for mobile phones, personal computers, DVD players, video game systems and automotive electronics. Tantalum assays above 200 parts per million are generally considered to be ore grade.

                          ASSAY HIGHLIGHTS FOR PWM-17-01 TO PWM-17-12

Drill hole No.                 From (m)       To (m)       Interval (m)           Li2O (%)       Ta (ppm)

PWM-17-01                        21.95        22.90               0.95               2.52          89.40
PWM-17-01                        25.50        26.50               1.00               2.50         154.00
PWM-17-01                        44.00        44.70               0.70               2.27         242.00
PWM-17-01                        47.00        47.80               0.80               1.06         119.00
PWM-17-02                        assays pending
PWM-17-03                        assays pending
PWM-17-04                       105.82       107.00               1.18               1.97         211.00
PWM-17-05                        assays pending
PWM-17-06                        assays pending
PWM-17-07                        assays pending
PWM-17-08                        20.00        46.00              26.00               1.94         323.75
including                        21.00        23.00               2.00               2.80          39.05
and                              26.00        27.00               1.00               1.83         738.00
and                              39.00        40.00               1.00               2.50        1770.00
and                              41.00        42.00               1.00               3.29          73.70
PWM-17-09                        29.00        45.00              16.00               1.23         148.40
including                        30.00        33.00               3.00               2.73          34.37
and                              33.00        40.00               7.00               1.09         274.14
and                              38.00        39.00               1.00               2.73          98.30
PWM-17-10                         6.26         7.00               0.74               0.94          39.40
PWM-17-10                        35.00        50.06              15.06               1.74         245.96
including                        35.00        36.00               1.00               3.07          28.20
and                              38.00        39.00               1.00               3.11         158.00
and                              44.00        46.00               2.00               2.41         711.50
PWM-17-10                        55.00        58.00               3.00               1.39         147.77
PWM-17-10                        74.72        75.61               0.89               0.92         324.00
PWM-17-11                        assays pending
PWM-17-12                        assays pending

Drill holes intersected the pegmatite dikes at almost 90 degrees, so intervals are close to true widths.

Power Metals has completed 35 drill holes of a 5,000-metre drill program to date on the main, north and south dikes. The purpose of the drill program is to extend the lithium mineralization in the main and north dikes along strike and downdip. Power Metals' 2017 drill program has extended the main dike spodumene pegmatite zone 250 metres to the west of the historic drill holes. The main dike zone is typically 32 metres to 35 metres wide close to surface and consists of multiple spodumene pegmatite dikes.

Last week, Power Metals completed drill hole PWM-17-35, which is 30 metres west along strike from PWM-17-10. Both holes intersected spodumene in the north dike and the main dike. In PWM-17-35, the north dike is 6.7 metres wide with 10 to 15 per cent spodumene over all, and the main dike zone is 29.4 metres wide and is composed of multiple pegmatite dikes. One of the pegmatite dikes within the main dike zone has 7.5 metres of 25 per cent spodumene. In comparison, the north dike is 7.6 metres wide and main dike zone is 28.22 metres wide in PWM-17-10. Visual estimates of spodumene do not necessarily equate to lithium grade in assays. Assays are pending for PWM-17-35.

Dr. Julie Selway, vice-president of exploration, stated: "We are impressed by the widths and grades of the lithium mineralization in the main dike. The tantalum mineralization is a nice extra bonus to the lithium mineralization. We are eager to see the assay results from PWM-17-35, as the drill core is similar to that of PWM-17-10."

Johnathan More, chairman of Power Metals, stated: "We are thrilled from this first batch of assays. This represents a very small portion of holes drilled to date, and we are eager to see more results as we receive them from the lab. The high-grade tantalum is a huge bonus to [Power Metals] as we remain focused on the high-grade lithium."

Quality control

The drill core was sampled so that one metre of the Case batholith tonalite host rock was sampled followed by one-metre-long samples of the pegmatite dike and one metre of the Case batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the less-than-20-centimetre pegmatite veins in tonalite which were merged into one sample. The drill core samples were delivered to Actlabs preparation lab in Timmins by Power Metals' geologists. The core was crushed and pulverized in Timmins and then shipped to Actlabs analytical lab in Ancaster, which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore-grade Li2O per cent was prepared by sodium peroxide fusion with analysis by ICP-OES (inductively coupled plasma-optical emission spectrometry) with a detection limit of 0.01 per cent Li2O.

Case Lake

The Case Lake property is located in Steele and Case townships, 80 kilometres east of Cochrane, Northeast Ontario, close to the Ontario-Quebec border. The Case Lake pegmatite swarm consists of five dikes: the north, main, south, east and northeast dikes. The northeast dike contains very coarse-grained spodumene. Power Metals has an 80-per-cent interest with its 20-per-cent working interest partner, MGX Minerals Corp.

Qualified person

Dr. Julie Selway, PhD, PGeo, supervised the preparation of the scientific and technical disclosure in this news release. Dr. Selway is the vice-president of exploration for Power Metals and the qualified person (QP) as defined by National Instrument 43-101. Dr. Selway is supervising the exploration program at Case Lake. Dr. Selway completed a PhD on granitic pegmatites in 1999 and worked for about three years as a pegmatite geoscientist for the Ontario Geological Survey. Dr. Selway also has 23 scientific journal articles on pegmatites. A National Instrument 43-101 report has been prepared on Case Lake property and filed on July 18, 2017.

About Power Metals Corp.

Power Metals is a diversified Canadian mining company with a mandate to explore, develop and acquire high-quality mining projects. The company is committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals, including zeolites. It sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean technology industries.