Power Metallic Mines advances Nisk Project with updated mineral resource
Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) announced that it has released an updated mineral resource estimate for its Nisk Project in Québec, including an inaugural resource for the Lion Zone and an updated estimate for the existing Nisk Main deposit.
The estimate, prepared by SGS Canada in accordance with NI 43-101 standards, has an effective date of June 19, 2026, and incorporates drilling completed through April 19, 2026. Power Metallic owns 80% of the Nisk Project, with Critical Elements Lithium holding the remaining 20%.
The Lion Zone, discovered in 2023, hosts 4.145 million tonnes of Indicated resources grading 3.86% copper equivalent, including 1.68% copper, 2.61 grams per tonne palladium, 0.85 grams per tonne platinum, 0.49 grams per tonne gold, 12.21 grams per tonne silver and 0.10% nickel. The estimate also includes 601,000 tonnes of Inferred resources grading 4.01% copper equivalent.
More than 85% of the initial Lion resource is classified as Indicated, while the mineralization remains open for expansion. Power Metallic is conducting additional drilling at the zone, with five rigs currently active and targeting extensions at depth and along strike. The company expects assays from its summer 2026 drilling program to begin in September.
Metallurgical testing by SGS produced copper recoveries above 98% across the tested composites, with concentrates grading above 25% copper. High recoveries were also reported for gold, palladium, platinum and silver.
Power Metallic is evaluating engineering proposals for a Preliminary Economic Assessment of Lion, including the potential integration of the Nisk resource. The company expects the PEA to examine an initial open-pit operation followed by underground mining, along with processing options that could incorporate Nisk Main feed.
The updated estimate also includes the Nisk Main nickel-copper resource, which the company plans to assess alongside Lion as part of the broader development strategy. Nisk’s updated resource includes 607,000 tonnes of Indicated open-pit material grading 0.60% nickel equivalent and 2.096 million tonnes of Indicated underground material grading 0.96% nickel equivalent.
Power Metallic CEO Terry Lynch said that the Lion estimate confirms the company’s view of the deposit as a high-grade polymetallic system. He highlighted the resource’s near-surface mineralization and continued potential at depth, while noting that the company’s exploration focus is determining the deposit’s scale and testing for potential nickel-rich mineralization.
“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 we have not found it yet,” Lynch said.
“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.”
Joe Campbell, Power Metallic’s VP Exploration, said that the Lion Zone is a “textbook fractionated copper- and precious-metal-rich shoot within a magmatic sulphide system.”
He noted that mineralization begins at surface and has been modelled to more than 600 metres of vertical depth. Campbell added that the company’s priority since the April 19 resource cut-off has been testing the deposit below 600 metres through deep step-out drilling and borehole electromagnetic surveys.
The company also reported that a two-year environmental baseline survey program began in January 2026. The first field season is scheduled to run through October, with a second season planned for summer 2027 as Power Metallic works toward environmental and social impact assessment requirements.
