May 30, 2018 (Source) — Power Americas Minerals Corp. (“Power Americas” or the “Company“) (TSX-V: “PAM”) is pleased to announce it has signed an agreement to purchase the historic Thomas Edison mine located in the heart of the Kittson-Cobalt project. The mine lies on the same fracture system that hosts the historic Shakt-Davis mine located ~1 km to the east. The Thomas Edison property, consists of one 16 hectare patented claim with both surface and mineral rights. Power America’s 100% owned Kittson Project now consists of 216 unpatented claims and 1 patented claim totaling 4,440 hectares.
Jeffrey Cocks, President and CEO said: “The Thomas Edison Mine is a landmark acquisition for the Company. Over 100 years ago the famous inventor and entrepreneur, Thomas Edison, developed this mine as a source of cobalt for his groundbreaking iron-cobalt batteries. Today, cobalt is once again in demand for the green energy revolution using lithium-cobalt batteries. The Thomas Edison mine has not been explored since 1907 and will be the central focus of this summer’s exploration program.”
The Thomas Edison mine, as the name implies, was developed by the famous inventor and entrepreneur Thomas Edison. While Edison is better known for inventions such as the first practical light bulb, he was also very involved in the mining industry. Edison pioneered new geophysical techniques, mineral extraction technologies, and developed the battery powered miners’ head lamp. He was instrumental in the discovery of nickel at Falconbridge, Ontario and also had interests in iron ore in New Jersey, and gold in New Mexico. Edison was heavily involved with the original Cobalt, Ontario silver rush, however it was not the silver he was after. At the turn of the 20th century, Edison was developing a new cobalt-Iron battery (US patent No. US678722A). Similar to today, Edison had difficulty sourcing sufficient supplies of cobalt. In order to keep the price down, Edison sent undercover representatives to Cobalt, Ontario to buy cobalt bearing minerals, which were produced as a by-products from silver mining in the area, for his battery manufacturing facility in New Jersey. He also used these representatives to attempt to buy high-grade cobalt silver mines and prospects. Eventually Edison acquired the Darby property (now the Thomas Edison Mine) in 1905. From 1905 to 1907 Edison remotely directed operations at the mine which included sinking two shafts to 150 feet, which were connected by an adit, as well as several exploration drifts and crosscuts. Between 6 and 8 tons of ore of unknown grade are reported to have been extracted, but no commercial production is recorded. Edison’s correspondence with his agent in Cobalt who was later his mine manager has been preserved and makes for a fascinating read. It has been well summarized in “TIMES WERE HARD BUT MEMORIES ARE GOOD” Proceeding of the history workshop, Timiskaming Abitibi Heritage Association, April 27, 1996, which is available from Rosanne Fisher Publishing in Haileybury, Ontario.
The transaction is expected to close within 30 days.
Planning is currently underway on Power Americas’ summer exploration program, which will include follow-up drilling on the property, as well as reconnaissance mapping, prospecting, geophysical surveys and soil sampling on the newly-acquired claims extending to the southwest (see PAM news release: 12-18-2017). Additional results from the Company’s recent drill program will be released as they become available.
About the Kittson-Cobalt Project
The Project is located near the town of Cobalt in northeast Ontario, Canada. The Project hosts the historic Thomas Edison, Shakt-Davis and Cobalt-Kittson mines, as well as numerous historic workings, the deepest extending down to 628 feet, and over 2,700 feet of lateral workings. Cobalt mineralization occurs in Proterozoic-aged quartz-carbonate veins hosted in brittle shears in Nipissing diabase. This style of mineralization is similar to that of the famous Cobalt Silver Camp Located ~15 km east of the Property, which produced 420 million ounces of silver with cobalt as a significant by-product. Veins hosting the mineralization at the Kittson-Cobalt Project differ from the typical Cobalt Silver Camp veins in that they are lower in silver but richer in cobalt, and are associated with significant gold. Historic reports from the Shakt-Davis mine indicate values of 1.5% Co over 1.37 metres and select grab samples returning up to 4% Co and 93.3 g/t Au. Locally significant nickel, copper and to a lesser extend lead, zinc and bismuth also occur within the quartz-carbonate veins.
About Power Americas Mineral Corp.
Power Americas Minerals Corporation is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium and other energy metals in North and South America. Power Americas’ acquisition strategy focuses on acquiring affordable, cost-effective and highly regarded mineral properties in areas with proven geological potential. The Company’s shares are listed and posted for trading on the TSX Venture Exchange under the symbol “PAM”, in the USA on the OTC Markets under the symbol “PWMRF”, and on the Frankfurt Exchange under the symbol “VV0”.
The technical content of this news release has been reviewed and approved by Neil Pettigrew, M.Sc., P.Geo., Vice President of Exploration and a director of the Company, and a qualified person as defined by National Instrument 43-101.
On behalf of the Board of Directors:
“Jeffrey Cocks”
Jeffrey Cocks
President
For more information please contact:
Howard Milne V.P. Business Development
Tel: (604) 377-8994 Email: [email protected]
Website: www.poweramericascorp.com
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws). Such information is identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”,”outlook”, “foresee” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information includes, but is not limited to, statements or information related to the use of the net proceeds of the Offering. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information except as required by law.
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