New name, spot in TSX Venture 50 for Power Nickel
Canadian explorer Power Nickel (TSX-V:PNPN) has rebranded to Power Metallic Mines after receiving TSX Venture Exchange approval for the new name.
At the same time, the company came in fourth in the TSX Venture 50, which ranks the top performing companies on the Canadian exchange over the last year, with a 365% spike in its share price in 2024.
The explorer, which has a market capitalisation of C$359.3 million ($398 million), made the strategic decision to change its name after its Nisk Project in Québec proved to be more than just a nickel discovery.
“Nickel isn’t a four-letter word in North America but it also does not reflect the high grade polymetallic discovery we have made at Nisk,” CEO Terry Lynch notes.
“The Lion Zones impressive high-grade copper, platinum and palladium assays across now 40 holes and hundreds of metres of drilling suggested a more compelling name was needed.
“So on Feb 21 we will launch our new web site – www.PowerMetallic.com – and our new video and what we believe will become our most important phase of discovery yet. Welcome to Power Metallic Mines Inc.”
Power Metallic Mines will still trade under the existing ‘PNPN’ ticker.
The market seemed to appreciate the new moniker, with shares gaining 8.3% on Wednesday (19 February) to close at C$1.82.
Power Metallic Mines is aiming to expand exploration target areas within the Nisk Project via a winter drilling program currently underway.
The company expects there to be additional targets along the trend between the Nisk Project and the Lion Zone discovery, which will provide further drill targets for the 2025 program.
Nisk comprises 20km of strike that has returned numerous high-grade intersections.
Power Metallic Mines will be exhibiting at this year’s Prospectors & Developers Association of Canada (PDAC) event being held from 2-5 March in Toronto, Canada.
Mining.com.au is an official media partner for the upcoming event.
To register for PDAC 2025 click here.
Write to Angela East at Mining.com.au
Images: Power Nickel
