Power Metals Corp. on Jan. 26 said it is acquiring 23 metallic and industrial minerals permits in the Leduc formation in Alberta from arm's-length parties.

The company said the permits were "one of the largest lithium brine permit portfolios in Alberta" in terms of actual coverage over relevant formations. The project area covers over 450,000 acres.

Subject to regulatory approval, the undisclosed vendor will receive 5 million common shares of the company and a 2% gross overriding royalty for the property.