Power Metal Resources PLC (AIM:POW), the metal exploration company, has begun exploring for lithium at the North Wind Lithium Project in Ontario, Canada, a statement from the company revealed.
The North Wind project is wholly owned through the company’s subsidiary, Ion Battery Resources Limited, an explorer aimed at targeting transition metals like graphite and lithium.
Operating in Ontario, Saskatchewan and Quebec, Power Metal owns the Authier North lithium project and the Doerksen Bay graphite venture as well as North Wind, allowing the group to explore some of the most “compelling and prospective” areas in Canada’s top mining jurisdictions.
North Wind covers more than 57 square kilometres upon the Onaman-Tashota Greenstone Belt, which is considered “highly prospective” for ‘hard rock’ lithium.
North Wind project overview map Source: Power Metal Resources
Sean Wade, chief executive officer of Power Metal, said: "Power Metal has a number of interests providing potential exposure to lithium and we see an opportunity with Ion to create considerable value through a material investment in active lithium exploration.
“Based on studies conducted by the Ontario Geological Survey, and highly anomalous lake sediment sampling results, the North Winds Project area is considered highly prospective for lithium pegmatite exploration, and the significant opportunity means we are moving ahead at pace with this programme. As is the case across our portfolio, we aim to undertake methodical and cost-effective exploration, and we look forward to updating shareholders on the results in due course.
“Ion currently represents a small part of the Power Metal global project portfolio. However, it is shaping up well and we expect to confirm Ion's planned crystallisation pathway in the coming months."
Shares in Power Metal dropped more than 2% on Thursday morning, having opened at just under 0.74p.