09:07 AM EST, 12/18/2024 (MT Newswires) -- Power Metals ( PWRMF ) said Wednesday that it has commenced hydrometallurgical test work on concentrate samples from its Case Lake project in Ontario.

Through the test work, the company aims to demonstrate increased economic value from the multielement potential of the project following the addition of tantalum and lithium.

Power Metals ( PWRMF ) said it has completed a total of 23 drill holes for 1,475 meters as part of its phase III exploration drilling program at the West Joe area.

In addition, the company also completed a drone magnetic survey and a monitoring and data analysis program for December.

"Case Lake has produced a trifecta of world-class results in cesium, tantalum and lithium. The economics of Case Lake are robust and we are eager to continue advancing this project," said Johnathan More, chairman and founder of Power Metals ( PWRMF ). "The completion of our exploration programs round out an incredible year for the company that has laid a very strong base for the year ahead."

Power Metals ( PWRMF ) rose 7.7% on Tuesday to a 52-week high of $0.49 on the TSXV.