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ePower Metals Inc
Symbol EPWR
Shares Issued 33,320,923
Close 2018-01-22 C$ 0.53
Market Cap C$ 17,660,089
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ePower samples 1.5 m of 0.37% Co, 3.1 g/t Au at Panther

2018-01-22 10:16 ET - News Release

Mr. Michael Collins reports

EPOWER METALS INC. REPORTS COBALT, GOLD AND COPPER RESULTS FROM PANTHER CREEK COBALT PROJECT, IDAHO AND ANNOUNCES WINTER PROGRAM

ePower Metals Inc. has released the results of its fall exploration program at the Panther Creek cobalt project located in the Idaho cobalt belt in Lemhi county, Idaho. Assays for 14 rock samples range from trace to 0.37 per cent cobalt, and 0.014 gram per tonne to 19.3 g/t gold. The 797 soil samples ranged from 4.7 parts per million to 355 ppm cobalt and have been received and highlights are reported in this news release.

Highlights include:

  • Cobalt oxide and gold in outcrop:
    • 0.37 per cent cobalt, 3.10 grams per tonne gold and 1.75 per cent copper over five feet (1.5 metres) chip/channel sample quartzite;
    • 0.27 per cent Co, 19.3 g/t Au and 2.4 per cent Cu over one foot (0.3 m) in oxidized quartz vein/gossan;
    • 0.23 per cent Co, 0.22 g/t Au and 0.70 per cent Cu over two feet (0.6 m) in biotite-rich quartzite;
    • 0.002 per cent Co, 4.15 g/t Au and 0.29 per cent Cu over three feet (0.9 m) in oxide-stained quartz veining;
    • 0.002 per cent Co, 5.95 g/t Au and 0.35 per cent Cu over three feet (0.9 m) in oxide-stained quartz veining with biotite.
    • Delineation of two parallel soil anomalies which:
      • Intersect historic working on Long Dike and Sweet Repose;
      • Trend toward the Blackbird mine to the west along the Panther Creek trend.
    • Reconnaissance mapping confirmed the presence of widespread cobalt-copper mineralization including erythrite in stratiform and vein-type occurrences.

Michael Collins, president and chief executive officer, stated: "These results demonstrate the robust nature of the mineralization on the Panther Creek trend and confirm our geological and exploration models as we search for the next cobalt deposit in the Idaho cobalt belt. The high gold grades in outcrop are also seen in the Ram and Blackbird deposits and indicates we are on the right track to discovery.

"ePower is committed to creating significant shareholder value by putting together a high-quality property portfolio of cobalt projects that the company believes are undervalued, strategically positioned and have the potential to provide future supply to the growing rechargeable battery sector."

Winter program

ePower is permitting a sampling and structural mapping program for both the Sweet Repose adit, and Long Dike adit. Given the high-grade gold values returned from outcrop samples, the pulp splits from the fall soil-sampling program have been sent for gold assay. This work will help define drill targets below the two adits and will refine the company's exploration model for the Panther Creek trend. Additional soil and outcrop sampling is planned to fully cover the Panther Creek project as soon as weather permits. This information will be integrated with the results presented here and used for targeting geophysical surveys and drilling.

The Panther Creek claims are contiguous with eCobalt Solution Inc.'s Ram deposit where a recently completed feasibility study outlined a measured and indicated resource of 3.44 million tonnes grading 0.59 per cent cobalt and 0.73 per cent copper.

The Panther Creek cobalt property

ePower has earned a 50-per-cent interest in the Panther Creek cobalt property and has the right to earn up to a 100-per-cent interest. The property comprises 156-lode mining claims totalling 3,060 acres and a 41.297-acre mining lease located in the heart of the Idaho cobalt belt. For full details on the property transaction please see the company's news release dated Oct. 24, 2017, or ePower's website.

Located in the Blackbird mining district of Lemhi county, Idaho, the property is contiguous with the claims of eCobalt Solutions and its Ram cobalt-copper-gold mine. There are several historic mine workings both on the Long Dike patent claims and around the Sweet Repose adit which form a linear trend that ends at the historic Blackbird mine. A historic mine adit on the property was channel sampled by the United States Geological Survey and returned 1.04 per cent cobalt and 4.14 per cent copper across 10 feet or 3.04 m (U.S. Geological Survey, open file report No. 98-478).

Surface sampling on the property by Utah Mineral Resources LLC returned values from trace to 0.91 per cent cobalt and 3.63 per cent copper, and 0.74 per cent cobalt and 0.27 per cent copper. The cobalt-copper mineralization is hosted in the micaceous quartzites of the Apple Creek formation which is a similar geological setting as the historic Blackbird mine as well as eCobalt's Ram mine.

Idaho cobalt belt

The Idaho cobalt belt trends northwest-southeast for nearly 37 miles in east-central Idaho. Included within this belt are numerous historic mines and prospects of the centrally located Blackbird district and deposits of the Iron Creek area at the southeast end (U.S. Geological Survey, 2010). The Idaho cobalt belt contains the largest known cobalt resources in the United States and is important because it represents a stable and environmentally sustainable source of cobalt. eCobalt is developing the Idaho cobalt project, located to the west of the Panther Creek cobalt project in the Blackbird district. eCobalt has just completed a feasibility study with a measured and indicated resource of 3.44 million tonnes grading 0.59 per cent cobalt and 0.73 per cent copper.

The company's fall exploration program was conducted under contract by Brewer Exploration and Geological Services Inc. of Salmon, Idaho, and was conducted by, or under the direct supervision of Brian Brewer, certified professional geologist, and a qualified person as defined by National Instrument 43-101. The soil and rock samples were delivered under chain of custody to the ALS Laboratory in Reno, Nev. As an early-stage exploration program, the company has relied on internal ALS laboratory standards and blanks for quality assurance/quality control. Samples were processed and analyzed for cobalt, copper and 46 other elements using the four-acid digestion and ICP analytical procedure (ICP AES with Au 30-gram gravimetric finish for overlimits).

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