Power Metallic hits high-grade copper at depth, extending Lion deposit below resource estimate
Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) reported assay results from the first two holes of deep extensional drilling at its Lion deposit, with the deepest hole intersecting massive to semi-massive copper sulphides more than 25% below the deepest hole used in the company’s recently announced mineral resource estimate.
Hole PML-26-125, drilled to a vertical depth of nearly 800 metres, intersected 5.7 metres of massive to semi-massive copper sulphides. The hole was targeted on the projected center of the Lion plunge, roughly 150 metres below the previous deepest hole, PML-25-002, which had intersected 1.95 metres grading 7.95% copper equivalent recovered at approximately 610 metres vertical depth.
A separate hole, PML-26-121a, targeted the western side of the projected Lion plunge at a vertical depth of nearly 650 metres and intersected disseminated to semi-massive copper sulphides. A third hole, PML-26-128, tested the eastern side of the interpreted plunge at nearly 900 metres vertical depth, showing disseminated and massive veinlets of copper sulphides; assays from that hole are pending.
The company said the three holes confirm that the Lion deposit continues at depth and has not been fully delineated.
The summer drilling program followed a winter campaign focused on infill drilling to improve confidence in the Lion resource model ahead of the recently announced mineral resource estimate, including bringing the majority of the known deposit into the Drill Indicated category. The summer program has since shifted to widely spaced exploration drilling on geological and geophysical targets, alongside the new deep extensional drilling below the resource model outline.
CEO Terry Lynch told investors that the company is in a “unique position” due to the project’s high-grade, near-surface nature and opportunity to advance the development of critical minerals, particularly copper and PGEs.
“Today’s results pushed us over 25% deeper than the deepest hole used in our recently announced MRE and it did so with significantly higher grades. We have visibility down over 50% deeper and visibly it looks like we are still in the Lion Zone,” he said.
Lynch also noted its multifaceted exploration program with the goal of substantially expanding the resource through the end of 2027.
“(D)eposits can get thicker and richer at depth,” the CEO added. “The blessing in Lion is our mineralization starts at surface and extends down making it very economic to mine and explore.”
