February 8, 2018 (Source) — Power Americas Minerals Corp. (“Power Americas” or the “Company“) (TSX-V: “PAM”) is pleased to announce it has closed its previously announced (see news release 11-22-2017) acquisition of an additional 100% interest in 10 unpatented mining claims totaling 140 units having a combined area of approximately 2,240 hectares. Power America’s 100% owned Kittson Project now consists of 15 unpatented mining claims totaling 208 units having a combined area of approximately 3330 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. Due diligence sampling this past fall by the company on these structures returned up to 0.97% Co (see news release 12-19-2017). 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. Further field work is planned for this spring to in order to generate drill targets on this new ground.
Drilling continues on the Shakt-Davis mine structure (see news release 01-23-2018), with 5 holes totaling ~800m completed thus far.
Power Americas acquired 100% interest in the properties for a purchase price of $1,511,250 paid by the issuance of 13,000,000 common shares of the Company at a deemed price of $0.11625 per share.
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 Cobalt-Kittson 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-carbonate veins hosted in brittle shears in Nipissing diabase. This style of mineralization is similar to that of the famous Cobalt Silver Camp Located ~15 km east of the Property, which produced 420 million ounces of silver with cobalt as a significant by-product. Veins hosting the mineralization at the Kittson-Cobalt Project differ from the typical Cobalt Silver Camp veins in that they are lower in silver but richer in cobalt, and are associated with significant gold. Historic reports from the Shakt-Davis mine indicate values of 1.5% Co over 1.37 metres and select grab samples returning up to 4% Co and 93.3 g/t Au. 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 Corporation 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 Americas’ 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”.
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.
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.