Power Metallic Mines – Key Takeaways From The Updated Mineral Resource Estimate, Exploration Update, Working Towards a PEA at the NISK Project

Terry Lynch, CEO of Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1), joins us to review the key takeaways from the updated Mineral Resource Estimate and a comprehensive exploration update from their fully funded 100,000-meter drill program at the polymetallic NISK Project, located in the James Bay territory of Québec.  We also discuss all the pending drill results still at the assay lab further expanding the Lion Zone, other key regional exploration targets of interest, and the various modern technological survey approaches being deployed to guide their drill targeting.

 

On Sept. 8, Power Metallic announced an updated Mineral Resource Estimate ("MRE") for its Nisk Project (Power Metallic 80% / Critical Elements Lithium Corp. 20%) including the inaugural mineral resource for the Lion Zone and an updated mineral resource for the Nisk Main deposit.

 

Key Highlights:

 

 

• On Sept. 8, Power Metallic announced an updated Mineral Resource Estimate ("MRE") for its Nisk Project (Power Metallic 80% / Critical Elements Lithium Corp. 20%), including the inaugural mineral resource for the Lion Zone and an updated mineral resource for the Nisk Main deposit.
• Lion contains 4.145 Mt Indicated at 3.86% CuEq (68% Cu, 2.61 g/t Pd, 0.85 g/t Pt, 0.49 g/t Au, 12.21 g/t Ag, 0.10% Ni), plus 0.601 Mt Inferred at 4.01% CuEq (1.84% Cu, 2.86 g/t Pd, 0.59 g/t Pt, 0.41 g/t Au, 12.47 g/t Ag, 0.13% Ni).
• Over 85% of resource already in Indicated status
• MRE cut-off was April 19; the post-MRE cut-off deep drilling was not included
• Currently 5 drill rigs are still active, as part of the ongoing 100,000 meter exploration program
• Additional assays are expected back from the lab by late September
• Mineralization starts at surface with ~59% of tonnes within open-pit resource
• Metallurgical studies have demonstrated a >98% Cu recovery, with a 25%+ Cu concentrate
• The company has ongoing workstreams building towards a Preliminary Economic Study (PEA) in H1 of 2027.

 

From here, the exploration question is how deep Lion goes and where the nickel went? Lion carries the copper and precious metals that come out of a magmatic sulphide system last; the nickel-rich sulphide that comes out first should be somewhere in the system, and the Company has not found it yet. The summer program has been aimed at the down-dip extension of the shoot, with some holes targeting hundreds of metres below the current resource. Assays on Lion Deep are expected by the end of September.

 

Terry outlines that the current drill program focused on expanding the mineralization around the Lion Zone both stepping out looking for other broad mineralized zones, and also testing at depth for the potential “Elephant Zone” feeder system to the mineralization at Lion West, Lion Deep, and the Tiger Deep zones.  Terry mentioned that there were some surprising gold intercept values encountered when testing part of Lion Deep that will get some follow-up work down the road. Additionally, new polymetallic targets are being tested in fan holes at the Hydro Fold-Hinge Zone, which will utilize borehole EM technology. 

  

Next we discussed the utilization of modern scientific approaches to exploration, building on the recent Muon Tomography program to accelerate the hunt for deeper high-grade Ni-Cu-PGE zones, look for a similar specific gravity reading as where they’ve already encountered massive sulphide mineralization. Power Metallic is also conducting an Ambient Noise Tomography (ANT) survey on the Nisk Far West target, completing a gravity survey over the Lion area, and completing a superconducting quantum magnetometer SQUIDs survey over the Lion area. These state-of-the-art techniques that will sharpen future drill targeting for the Lion Zone extensions and new discoveries across the expanded property.

 

Wrapping up Terry outlined the larger value proposition in Power Metallic with updated MRE leading to a PEA in H1 of 2027, all the additional drill results that will keep coming in for the foreseeable future, the extra optionality from the Saudi Arabian exploration initiatives, and the continued exposure to Chilean Metals.

 

 

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