Power Metallic to Increase From 3 to 6 Drill Rigs
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Posted On: 03/17/2025 8:56:24 AM
Power Metallic to Increase From 3 to 6 Drill Rigs at the Nisk Project
https://www.prnewswire.com/news-releases/powe...02777.html
TORONTO, March 17, 2025 /PRNewswire/ - Power Metallic Inc. (the "Company" or "Power Metallic"
(TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to provide an update on the current exploration activity (Q1 2025), and the planned scaling up of exploration programs beginning in Q2 of 2025.
### THE BIG PICTURE
With the recent equity raise, the Company's exploration budget through the end of 2026 is more than C$40 million based on flow-through proceeds raised. With this expenditure, the Company is targeting approximately 100,000 metres of drilling and other exploration programs over the next 21 months. The drilling will include extending the zones in the Lion and Tiger polymetallic areas (Figures 1 to 5), expansion of the Nisk deposit (Figures 1 & 6), and exploring the untested 5.5 km of strike between these areas (Figure 1).
There are currently three drill rigs, with increased drill capacity limited by current core logging and sampling facilities at the site. To accelerate the exploration program, the Company is in the midst of planning a complete revamp of the core logging facility to allow an increase to six drills. This expansion should be completed in May and allow scaling up to six drills starting in June.
The Company will be continuing to use both borehole electromagnetic surveys (BHEM) and ground EM as primary tools to inform drill targeting. BHEM has provided excellent success in identifying off-hole anomalies that have resulted in the discovery of sulphide drill intersections. We are currently greatly anticipating drilling conductors recently found west of Lion (Figure 3) and following up on recent success in the Tiger (Figure 4) and between Lion and Tiger (Figure 4).
Follow-up drilling on BHEM anomalies has resulted in sulfide drill intersections at Lion and Tiger (Figures 2 to 5), with no false positives encountered to date. The BHEM work will allow the Company to fully integrate many other geophysical data sets, including ground EM, ground magnetics, and gravity, and match this to surface geological mapping (Figure 1).
Currently, the Company has completed surveys of all previously targeted drill holes, and now with 3 drills turning on mineralized targets, results will progress quicker. BHEM will continue but will be seamlessly integrated with the completion of each drill hole to limit drilling delay.
### THE EXECUTION
**Lion (Figure 3)**
Power Metallic is continuing to explore Lion at depth with success (Figure 3). All drilling in 2025 (and assay pending 2024 holes) have intersected the Lion zone, extending the plunge of Lion. We are currently awaiting assay results from holes PN-24-086, 087, 092, 093, 096, 097, and 100. All these drill holes had significant visual mineralization.
In addition to following the down-plunge direction of Lion to expand the potential resource, Power Metallic has successfully completed BHEM on holes to the west of Lion, and these have indicated strong off-hole plates that will be followed up as soon as possible.
**Tiger (Figure 4)**
Following the initial intersection at Tiger in hole PN-24-094 (700 meters east of Lion), Power Metallic completed BHEM on this hole and identified multiple conductive off-hole plates. These plates were targeted, resulting in sulphide intersections both west (PN-25-098) and east (PN-25-099) of PN-24-094 (Figure 4). Assays are pending for all these holes, but visual logging and XRF results indicate Cu and Ni mineralization. Power Metallic then stepped out further to the west (Figure 5) from hole PN-25-098 to follow up on more BHEM targets and successfully hit sulphides in hole PN-25-101.
The limited drilling so far has not yet provided a confident model for the Tiger zone, and current interpretations assume that strike, dip, and plunge will be similar to Lion and Nisk. As more drilling information accumulates, Power Metallic will provide an interpreted model for Tiger. Drill holes PN-24-094, 098, 099, and 101 all have assays pending.
**Between Lion and Tiger (Figure 5)**
Following the success of Tiger's BHEM surveying, Power Metallic revisited drill hole PN-24-088, which is located approximately halfway between the Lion and the Tiger zones. A semi-completed BHEM survey on the bottom half of PN-24-088 (top of hole collapsed) resulted in an off-hole anomaly, and by using a previous airborne EM anomaly, a vector to the BHEM was estimated. Drill hole PN-25-102 successfully intersected sulphide mineralization. This hole is significant as it provides evidence that mineralization is potentially connected all along the Lion to Tiger trend.
**NISK (Figure 6)**
Power Metallic is currently drilling with one drill in the Nisk area. This program is designed to expand the MRE (Jan 2024) at Nisk, especially to establish its potential to be a much larger Ni/Cu/Co/PGE deposit, and to follow up on indications of possible Lion-style polymetallic mineralization on the fringes east and west of the Nisk main deposit. Future work will expand westward from Nisk along the strike trend of the ultramafic host rock in areas previously shown to be mineralized in historical drill holes.
So far in 2025, Power Metallic completed one hole targeting an off-hole BHEM conductor. This hole intersected a narrow massive sulphide zone, but XRF analyses indicated very high Ni and Co tenor in the sulphides, significantly above previous metal values at Nisk. Although very narrow, this increase in metal tenor opens up the possibility of a new deposit hybrid in the Nisk camp. A second hole is currently drilling down plunge on the Nisk Main deposit to help establish the possibility of a larger resource at Nisk.
### THE FUTURE
In June, the new core facility setup will enable Power Metallic to have six rigs operating. Detailed planning is ongoing, and of course, any future planning will be modified or superseded to follow success. It is currently expected that four drills will work in the Lion-Tiger area, with multiple goals, including expanding Lion and Tiger, developing the Lion-Tiger 'in-between zones,' following the BHEM Lion west targets, and finally infill drilling on Lion in preparation for a possible 1H 2026 mineral resource estimate (MRE).
To facilitate a Lion MRE, work is currently being done on the mineralogy of the deposit to determine the habit of the base metals (Cu, Ni) and the deportment of the PGEs, Au, and Ag. This will help inform a future metallurgical study the Company expects to deliver in 2H 2025.
As the snow melts, other work will include detailed geological mapping and possible soil and till sampling to help identify subsidiary zones of potential mineralization. Finally, Power Metallic is revisiting its 2023 Ambient Noise Tomography (ANT) survey. Recent technological advances in this geophysical method offer the opportunity to refine previous targeting in the Nisk area and encourage an expansion of the surveyed areas for both strike and dip targets integrated with 3-D magnetic and gravity modeling.
"To date, Power Metallic's technical team has gone from one success to another. These successes have allowed Power Metallic to complete its recent financial raise. This money provides the technical team with the funding to follow up and expand on our previous successes," states Joe Campbell, VP Exploration.
### Qualified Person
Joseph Campbell, P.Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.
https://www.prnewswire.com/news-releases/powe...02777.html
TORONTO, March 17, 2025 /PRNewswire/ - Power Metallic Inc. (the "Company" or "Power Metallic"
(TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to provide an update on the current exploration activity (Q1 2025), and the planned scaling up of exploration programs beginning in Q2 of 2025. ### THE BIG PICTURE
With the recent equity raise, the Company's exploration budget through the end of 2026 is more than C$40 million based on flow-through proceeds raised. With this expenditure, the Company is targeting approximately 100,000 metres of drilling and other exploration programs over the next 21 months. The drilling will include extending the zones in the Lion and Tiger polymetallic areas (Figures 1 to 5), expansion of the Nisk deposit (Figures 1 & 6), and exploring the untested 5.5 km of strike between these areas (Figure 1).
There are currently three drill rigs, with increased drill capacity limited by current core logging and sampling facilities at the site. To accelerate the exploration program, the Company is in the midst of planning a complete revamp of the core logging facility to allow an increase to six drills. This expansion should be completed in May and allow scaling up to six drills starting in June.
The Company will be continuing to use both borehole electromagnetic surveys (BHEM) and ground EM as primary tools to inform drill targeting. BHEM has provided excellent success in identifying off-hole anomalies that have resulted in the discovery of sulphide drill intersections. We are currently greatly anticipating drilling conductors recently found west of Lion (Figure 3) and following up on recent success in the Tiger (Figure 4) and between Lion and Tiger (Figure 4).
Follow-up drilling on BHEM anomalies has resulted in sulfide drill intersections at Lion and Tiger (Figures 2 to 5), with no false positives encountered to date. The BHEM work will allow the Company to fully integrate many other geophysical data sets, including ground EM, ground magnetics, and gravity, and match this to surface geological mapping (Figure 1).
Currently, the Company has completed surveys of all previously targeted drill holes, and now with 3 drills turning on mineralized targets, results will progress quicker. BHEM will continue but will be seamlessly integrated with the completion of each drill hole to limit drilling delay.
### THE EXECUTION
**Lion (Figure 3)**
Power Metallic is continuing to explore Lion at depth with success (Figure 3). All drilling in 2025 (and assay pending 2024 holes) have intersected the Lion zone, extending the plunge of Lion. We are currently awaiting assay results from holes PN-24-086, 087, 092, 093, 096, 097, and 100. All these drill holes had significant visual mineralization.
In addition to following the down-plunge direction of Lion to expand the potential resource, Power Metallic has successfully completed BHEM on holes to the west of Lion, and these have indicated strong off-hole plates that will be followed up as soon as possible.
**Tiger (Figure 4)**
Following the initial intersection at Tiger in hole PN-24-094 (700 meters east of Lion), Power Metallic completed BHEM on this hole and identified multiple conductive off-hole plates. These plates were targeted, resulting in sulphide intersections both west (PN-25-098) and east (PN-25-099) of PN-24-094 (Figure 4). Assays are pending for all these holes, but visual logging and XRF results indicate Cu and Ni mineralization. Power Metallic then stepped out further to the west (Figure 5) from hole PN-25-098 to follow up on more BHEM targets and successfully hit sulphides in hole PN-25-101.
The limited drilling so far has not yet provided a confident model for the Tiger zone, and current interpretations assume that strike, dip, and plunge will be similar to Lion and Nisk. As more drilling information accumulates, Power Metallic will provide an interpreted model for Tiger. Drill holes PN-24-094, 098, 099, and 101 all have assays pending.
**Between Lion and Tiger (Figure 5)**
Following the success of Tiger's BHEM surveying, Power Metallic revisited drill hole PN-24-088, which is located approximately halfway between the Lion and the Tiger zones. A semi-completed BHEM survey on the bottom half of PN-24-088 (top of hole collapsed) resulted in an off-hole anomaly, and by using a previous airborne EM anomaly, a vector to the BHEM was estimated. Drill hole PN-25-102 successfully intersected sulphide mineralization. This hole is significant as it provides evidence that mineralization is potentially connected all along the Lion to Tiger trend.
**NISK (Figure 6)**
Power Metallic is currently drilling with one drill in the Nisk area. This program is designed to expand the MRE (Jan 2024) at Nisk, especially to establish its potential to be a much larger Ni/Cu/Co/PGE deposit, and to follow up on indications of possible Lion-style polymetallic mineralization on the fringes east and west of the Nisk main deposit. Future work will expand westward from Nisk along the strike trend of the ultramafic host rock in areas previously shown to be mineralized in historical drill holes.
So far in 2025, Power Metallic completed one hole targeting an off-hole BHEM conductor. This hole intersected a narrow massive sulphide zone, but XRF analyses indicated very high Ni and Co tenor in the sulphides, significantly above previous metal values at Nisk. Although very narrow, this increase in metal tenor opens up the possibility of a new deposit hybrid in the Nisk camp. A second hole is currently drilling down plunge on the Nisk Main deposit to help establish the possibility of a larger resource at Nisk.
### THE FUTURE
In June, the new core facility setup will enable Power Metallic to have six rigs operating. Detailed planning is ongoing, and of course, any future planning will be modified or superseded to follow success. It is currently expected that four drills will work in the Lion-Tiger area, with multiple goals, including expanding Lion and Tiger, developing the Lion-Tiger 'in-between zones,' following the BHEM Lion west targets, and finally infill drilling on Lion in preparation for a possible 1H 2026 mineral resource estimate (MRE).
To facilitate a Lion MRE, work is currently being done on the mineralogy of the deposit to determine the habit of the base metals (Cu, Ni) and the deportment of the PGEs, Au, and Ag. This will help inform a future metallurgical study the Company expects to deliver in 2H 2025.
As the snow melts, other work will include detailed geological mapping and possible soil and till sampling to help identify subsidiary zones of potential mineralization. Finally, Power Metallic is revisiting its 2023 Ambient Noise Tomography (ANT) survey. Recent technological advances in this geophysical method offer the opportunity to refine previous targeting in the Nisk area and encourage an expansion of the surveyed areas for both strike and dip targets integrated with 3-D magnetic and gravity modeling.
"To date, Power Metallic's technical team has gone from one success to another. These successes have allowed Power Metallic to complete its recent financial raise. This money provides the technical team with the funding to follow up and expand on our previous successes," states Joe Campbell, VP Exploration.
### Qualified Person
Joseph Campbell, P.Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.
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