Winsome Resources Ltd (ASX:WR1) welcomes the appointment of its managing director Chris Evans to the board of Canadian-listed exploration and development company Power Metals Corp.
The appointment follows Winsome’s recent acquisition of a 5.72% stake in Power Metals from Sinomine Rare Metals Resources, which also included an equal number of warrants priced at C$0.40 and the rights to offtake from the Vancouver-based company’s Case Lake caesium, lithium and tantalum project in Ontario.
Evans will replace a resigning Sinomine director.
“Natural fit”
“I am honoured to accept this role on the board of Power Metals Corp. With Winsome recently becoming a substantial shareholder in Power Metals and acquiring the rights to offtake from the Case Lake Project, this position is a natural fit and provides a great opportunity to assist and influence future directions.
“Both companies bring significant experience and opportunity to the table, and it is our intention to leverage their combined experience and assets as we move forward with the development of Case Lake and other projects held by each company,” he added.
Combining assets
Both companies intend to cooperate and combine their assets to develop Case Lake and other projects in the future. To that end, terms are being discussed and will be defined in a formal collaboration agreement, which is expected to be finalised in early 2023.
“We welcome Mr. Evans to the board of Power Metals. He has done an amazing job to date with Winsome Resources and his track record is impeccable,” Power Metals chairman Johnathan More said.
“Our next step is to form a formal collaboration agreement between our two companies. This will bring immense value to all of our shareholders as we will be able to leverage our combined assets and experience.”
About Case Lake
The Case Lake property is l80 kilometres east of Cochrane in northeastern Ontario, close to the Ontario-Quebec border.
It consists of 585 cell claims in the Steele, Case, Scapa, Pliny, Abbotsford and Challies townships in the Larder Lake Mining Division.
Power Metals owns 100% of the property with 14 identified tonalite domes over an area 10 by 9.5 kilometres in size.
Lithium-focused
Winsome is a Perth-based, lithium-focused exploration and development company with five project areas in Quebec, Canada, three of which – Cancet, Adina and Sirmac-Clappier – are 100% owned.
Additionally, the company has exclusive option agreements to acquire and explore 669 claims in Decelles and a further 259 claims at Mazerac, near the Quebec mining town of Val-d'Or.