Power Metallic unveils 406-million-pound Lion resource
Power Metallic Mines (TSX-V:PNPN) has delivered a maiden mineral resource estimate (MRE) for the Lion zone within its Nisk Project in Québec, Canada.
The resource totals 4.75 million tonnes (Mt) @ 3.9% copper equivalent (CuEq) and contains about 406 million pounds CuEq.
More than 85% of the resource is classified as indicated.
The indicated component comprises 4.15Mt @ 3.86% CuEq, while the inferred resource contains 601,000 tonnes @ 4.01% CuEq.
Open pit resources are reported above a 0.35% CuEq cut-off, with underground resources using a 0.90% CuEq cut-off.
SGS Canada, part of SGS (SIX:SGSN), prepared the MRE with an effective date of 19 June 2026, incorporating drilling completed to 19 April.
The MRE follows a delay reported in July, when Power Metallic pushed its expected release to the end of August 2026 because of consultant availability.
Lion contains copper, palladium, platinum, gold, silver, nickel, and cobalt across multiple subparallel lenses. These form a steeply plunging shoot extending from surface to about 675m down dip and spanning up to 400m along strike.
The lenses range from about 2–15m thick within a mineralised package measuring up to 50m.
CEO Terry Lynch says the estimate validates the company’s interpretation of Lion as a polymetallic deposit.
“Importantly, high-grade mineralisation begins at surface, and the deposit remains open at depth. We believe the quality of Lion has been demonstrated. Now our focus is on demonstrating its scale,” Lynch says.
Metallurgy and further growth
Locked-cycle flotation test work by SGS returned copper recoveries above 98% from both composite samples, producing concentrates grading more than 25% copper.
The tests also returned ‘high’ recoveries for gold, palladium, platinum, and silver. Power Metallic says the results support the inclusion of lower-grade disseminated mineralisation in the resource.
Five rigs are drilling across the Nisk Project, targeting extensions to Lion along strike and below the current resource. Drilling completed after the MRE data cut-off has encountered visible copper mineralisation beneath the modelled deposit, with assays from the deeper holes expected by the end of September.
The updated MRE also restates the Nisk Main nickel-copper resource at 2.78Mt indicated and 2.1Mt inferred across conceptual open pit and underground mining scenarios.
Power Metallic holds an 80% interest in Nisk, while Critical Elements Lithium (TSX-V:CRE) owns the remaining 20%.
Power Metallic says it is reviewing proposals from engineering firms for a preliminary economic assessment examining Lion’s development potential and the possible integration of material from Nisk Main.
No economic study has been completed for the project. The mineral resources are not mineral reserves and do not demonstrate economic viability.
Power Metallic Mines is a Canadian polymetallic exploration company advancing the Nisk-Lion-Tiger system in Québec. Its portfolio also includes the Jabal Baudan copper-gold-zinc exploration licence in Saudi Arabia.
Write to France Pinzon at Mining.com.au
Images: Power Metallic Mines
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