Power Metallic reports final Lion Zone drill assays at Quebec’s Nisk project ahead of resource estimate
Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) has reported high-grade copper mineralization near surface from the latest drilling at the Lion Zone within its Nisk polymetallic project in Quebec.
The results from the winter drill program will complete the data set expected to support an initial NI 43-101 mineral resource estimate. The latest results are from infill drilling on the eastern side of the Lion Zone, aimed at increasing confidence in the geological model, particularly within the potential limits of a future open pit.
Among the highlights, drill hole PML-26-116 intersected 36.42 metres grading 2.83% copper equivalent from 84 metres, including 6 metres grading 12.38% copper equivalent. The company noted the interval contained high-grade copper mineralization close to surface.
Other reported results included hole PML-26-113, which returned 44.5 metres grading 0.75% copper equivalent, including 14.5 metres grading 1.7% copper equivalent and a higher-grade interval of 0.81 metres grading 21.39% copper equivalent.
Hole PML-26-111 intersected 14 metres grading 0.96% copper equivalent, including 2 metres grading 3.36% copper equivalent.
Power Metallic noted that several holes drilled along the eastern edge of the Lion Zone intersected the targeted mineralized structure but returned lower-grade assays, helping define the boundary for resource modelling. Additional holes between the Lion and Tiger zones also intersected the mineralized structure with weak copper and palladium values.
The company added that assay results from its ongoing summer drilling program, including regional exploration targets, are expected in the coming weeks.
The company expects to complete and report the Lion and Nisk deposit MREs by the end of July. The resource estimates will form the basis for a preliminary economic assessment (PEA), which is scheduled to begin immediately afterward.
Separately, shareholders approved all items presented at the company’s June 30 annual general and special meeting in Toronto. The approved resolutions included the election of directors, the reappointment of auditor MNP LLP, the reapproval of the omnibus equity incentive plan, and an amendment to the company’s articles to increase the quorum threshold for shareholder meetings to one-third of outstanding shares.
Power Metallic indicated the quorum amendment is intended to align its governance with requirements expected for companies listed on a US national stock exchange. The company stated it plans to implement the amendment when its board determines to proceed with pursuing such a listing.
