Megawatt appoints Elmore Limited to Lead Fieldwork at Prime Australian Rare Earth & Uranium Projects

Rhea-AI Summary

Megawatt Lithium and Battery Metals Corp. (OTC PINK: WALRF) has appointed Elmore Limited as the lead geological consultancy for the Arctic Fox and Isbjorn properties in Northern Territory, Australia. These properties show potential for rare earth elements, particularly neodymium and praseodymium, as well as uranium oxide mineralization. The appointment follows promising reports indicating favorable demand-supply dynamics for rare earths and uranium, driven by green policies and electric vehicle adoption. The exploration campaign will last 8-10 days, involving geological mapping and sampling, potentially leading to targeted drilling.

Positive

• Appointment of Elmore Limited enhances expertise in developing key properties.
• Properties have confirmed potential for rare earth elements and uranium.
• Favorable demand-supply dynamics for REEs and uranium projected to increase prices.

Negative

• None.

VANCOUVER, BC, June 24, 2021 /PRNewswire/ - Megawatt Lithium and Battery Metals Corp. (CSE: MEGA) (FSE: WR20) (OTC PINK: WALRF) (the "Company" or "Megawatt") is pleased to announce  that geological consultancy, Elmore Limited of Perth Australia has been appointed to take the lead in developing the Artic Fox and Isbjorn properties in Northern Territory, Australia.

Legacy desktop work has verified the two properties are prospective for rare earth elements, especially neodymium and praseodymium, and uranium oxide mineralisation.  Arctic Fox is contiguous and along strike from the world-class Nolans Bore REE project, which is set for commissioning in mid-2022 and has a JORC Compliant Mineral Resource. Additionally, Isbjorn is contiguous to the advanced Charley Creek REE project.

Internal review of recent reports by Adamas Intelligence on rare earth elements (REEs) and Canaccord Genuity on uranium have indicated favorable forward demand-supply dynamics, resulting in potential upward price pressure over the balance of the decade. Much of the anticipated incremental demand for REEs and uranium arises from green stimulus, decarbonization polices and increasing uptake of electric vehicles. 

Geological consultancy appointed

Megawatt has appointed ASX-listed Elmore Limited (ASX: ELE), an experienced geological consultancy and mining contract processor to manage the inaugural exploration campaign across the Artic Fox and Isbjorn properties. 

Elmore expects the campaign to take 8-10 days in total and use a team of four made up of geologists and technicians. The team will undertake geological mapping and comprehensive sampling across prospective areas within both properties. Further, the team would use helicopter and follow up ground support to ensure the campaigns are completed most efficiently. 

Review of assay results once fully analysed, may lead to formulation of targets for test-drilling and further follow up development work.

David Thornley-Hall Chief Executive Officer commented: "We are very encouraged by the outlook for REEs and uranium and excited to work with Elmore as our Northern Territory geological consultancy."

Qualified Person

Mr. Geoffrey Reed (MAusMM (CP)) (MAIG), Consultant for the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and has reviewed the scientific and technical information in this press release.

About MegaWatt Lithium and Battery Metals Corp.

MegaWatt is a British Columbia based company involved in the acquisition and exploration of mineral properties in Canada. The Company holds a 100% undivided interest, subject to a 1.5% NSR on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of British Columbia, Canada.

Additionally, the Company has acquired a 60% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in two prospective silver-zinc projects in Australia, being the Tyr Silver Project and the Century South Silver-Zinc Project (see press release dated August 13, 2020), an indirect 100% interest (subject to a 1% NSR) in and to certain mining tenements in Northern Territory and New South Wales, Australia prospective for nickel-cobalt-scandium and rare earths and a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province of Quebec, covering 2,126 hectares (see press release dated February 3, 2021).

Investors can learn more about the Company and team at https://megawattmetals.com.

The CSE does not accept responsibility for the adequacy or accuracy of this release.

This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the trading of the Company's common shares on the Exchange and the Company's use of proceeds and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward- looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release.

View original content to download multimedia:http://www.prnewswire.com/news-releases/megawatt-appoints-elmore-limited-to-lead-fieldwork-at-prime-australian-rare-earth--uranium-projects-301319290.html

SOURCE MegaWatt Lithium and Battery Metals Corp.

FAQ

What is the significance of Elmore Limited's appointment for WALRF?

Elmore Limited's appointment is significant for WALRF as it brings expertise to explore the Arctic Fox and Isbjorn properties, which could enhance the company's asset value.

What rare earth elements are targeted by Megawatt Lithium and Battery Metals Corp.?

Megawatt targets neodymium and praseodymium in its Arctic Fox and Isbjorn properties.

How long will the exploration campaign for Arctic Fox and Isbjorn last?

The exploration campaign is expected to last 8-10 days.

What properties does WALRF hold in Northern Territory, Australia?

WALRF holds the Arctic Fox and Isbjorn properties in Northern Territory, which are prospective for rare earth elements and uranium.

What are the expected market trends for REEs and uranium according to the press release?

The press release indicates favorable forward demand-supply dynamics for REEs and uranium, likely resulting in upward price pressures driven by green policies and increased electric vehicle usage.