Power Metals Corp. is pleased to announce that it has entered into an agreement (the "Agreement") to acquire the Bromley Creek North Zeolite Project, situated near Princeton, British Columbia.
The Bromley Creek North Zeolite Project represents a continuation of Power Metals Corp.'s rapid expansion of zeolite mineral projects with the objective being to capture demand growth from emerging agricultural and clean-technology sectors (see also Power Metals Corp. Acquires MMJ Zeolite Project in Nova Scotia; Pursues Leading Zeolite Market Position dated August 15, 2017).
"With Power Metals acquisition of the Bromley Creek North Zeolite Project, we become the first publicly-traded zeolite company in Canada to hold zeolite projects on both the West Coast and East Coast of North America. We believe this continental approach provides our company with a tremendous first-mover advantage to be positioned for zeolite demand from multiple-markets and cross-selling opportunities given the varied zeolite subsets.
Our peers at Canadian Zeolite have mapped the presence of the Bromley Vale tephra, which hosts zeolites at their adjacent Bromley Creek quarry, to our property border, and we believe the zeolite exploration potential at Bromley Creek North to be highly-prospective. With our property neighbor already producing zeolite material, we believe if our zeolite exploration efforts prove successful that we may be able to rapidly mirror a similar development path on our adjacent zeolite project," stated Johnathan More, Director of Power Metals.
About the Bromley Creek North Zeolite Project
The Bromley Creek North Zeolite Project consists of License 1053904, which is 105.03 ha in size (approximately 259.4 acres). The project is located within the Similkameen Mining district near road and powerline access and is approximately 10km from Princeton, British Columbia.
The Bromley Creek North Zeolite Project shares a contiguous northern boundary with Canadian Zeolite Corp.'s Bromley Creek zeolite operations.
In furtherance of the Bromley Creek North Project, Power Metals has already identified target areas within the project for immediate zeolite exploration.
To view Figure 1 - Map of the Bromley Creek North Zeolite Project, please visit the following link: http://media3.marketwire.com/docs/Figure1_PWM.jpg
Upon closing of the acquisition, the Company will commence the development of exploration plans for this new British Columbia Zeolite project.
The Bromley Creek North Zeolite Project was acquired from an arm's-length party in exchange for the payment of certain licensing fees and the granting of a 2% royalty.