08:05 AM EST, 11/27/2024 (MT Newswires) -- Power Metals ( PWRMF ) said Wednesday that it identified a new prospective pegmatite zone from soil sampling in the north-northwest of the West Joe area of the Case Lake property in Ontario.

The company said the results indicate anomalous levels of cesium, tantalum, lithium, and rubidium, which further affirms prospective drill targets for the upcoming winter program.

"I am very excited with the results from the soil sampling program that has defined a new prospective area on the property as we continue to target cesium and critical minerals at our Case Lake project," CEO Haydn Daxter said. "The ongoing development of our geological model continues to define additional drill targets for cesium and critical minerals outside of West Joe."

"In addition, our Phase II drone magnetic survey data will further strengthen our geological understanding across the property and will set the stage for our 2025 exploration activities," Dexter added.

Power Metals ( PWRMF ) noted that it has submitted a new early exploration permit to the Ontario Mines Department which will supersede the current permit that is expiring in the first quarter of 2025.

The new three-year permit is expected to be granted in January 2025, covering all critical mineral exploration targets across the property, Power Metals ( PWRMF ) said.

Power Metals' ( PWRMF ) share price rose 1.4% on Tuesday to $0.375 on the TSX Venture Exchange.