Power Metallic to ramp up exploration at Nisk project following fundraising
Power Metallic Mines Inc (TSX-V:PNPN, OTCQB:PNPNF) announced that it plans to scale up exploration at its flagship Nisk project in Quebec during the second quarter of 2025.
The company said following a recent equity raise its exploration budget through to 2026 is more than C$40 million.
It is aiming to complete 100,000 meters of drilling and other exploration programs over the next 21 months, including drilling in the Lion and Tiger polymetallic areas, expansion of the Nisk deposit, and exploring the 5.5 kilometers between these two zones.
Power Metallic is revamping its core logging facility to support the increased drilling pace, which will enable the deployment of six drill rigs, up from three currently.
Drilling in the Lion zone has successfully extended its mineralized plunge, with several drill holes intersecting sulphide mineralization, the company said.
Results are pending for multiple holes, and new targets west of Lion identified by borehole electromagnetic (BHEM) surveys are slated for follow-up drilling.
In the Tiger zone, initial drilling identified sulphide mineralization, with additional holes west and east of the initial discovery also hitting sulphides. Further drilling between Lion and Tiger has revealed mineralization, indicating potential continuity between the zones.
In the Nisk area, drilling aims to expand the mineral resource estimate and explore new polymetallic targets. A recent drill hole intersected a narrow but high-tenor nickel-cobalt sulphide zone, suggesting potential for new discoveries.
Upcoming program
Looking ahead, Power Metallic said it plans to concentrate four rigs on the Lion-Tiger corridor to expand known zones, follow up on new BHEM targets, and conduct infill drilling in preparation for a potential mineral resource estimate in the first half of 2026.
The company is also advancing metallurgical studies, geological mapping, and geophysical surveying to refine drill targets and improve resource understanding.
“To date, Power Metallic’s technical team has gone from one success to another,” Power Nickel VP of exploration Joe Campbell said in a statement.
“As any project matures it would normally be expected that discoveries will become more difficult to find, but the highly motivated exploration team believe that our current methods and planning will result in more discoveries throughout the 2025/2026 exploration campaigns.”
Shares of Power Metallic were up 4.1% on Monday morning in Canada.
