Power Metallic Expands the Lion Zone with Deepest Assayed Intersection to Date and Delivers Initial Ni/Cu Assays from the Tiger Zone

Rhea-AI Summary

Power Metallic Mines (TSXV: PNPN, OTCBB: PNPNF) has announced results from 6 holes in their fall 2024 drilling campaign. Four holes tested the Lion zone and two holes tested the Tiger target.

In the Lion zone, holes PN-24-092 and PN-024-093 confirmed the eastern plunge extent, with PN-24-093 providing the deepest assayed intersection to date. Holes PN-24-086 and PN-24-087 intersected high PGE values, including 1.55m @ 65.09 g/t Pd.

At the Tiger Zone, located 700 meters northeast of Lion, drilling confirmed narrow zones of massive Ni/Cu sulphides. Hole PN-24-090 returned multiple narrow zones of Cu, PGE, Au, Ag, +/-Ni, while PN-24-094 intersected narrow zones of massive Ni/Cu sulphides. Subsequent drill holes (PN-25-098, 099 and 101) also intersected additional narrow Ni/Cu massive sulphides with assays pending.

Positive

• Discovery of high-grade PGE values (1.55m @ 65.09 g/t Pd) in Lion Zone
• Successful expansion of Lion Zone with deepest intersection to date
• New discovery of Ni/Cu massive sulphides in Tiger Zone
• Consistent correlation between BHEM conductors and sulphide mineralization

Negative

• Tiger Zone mineralization to narrow zones
• Multiple drill results still pending, creating uncertainty in full mineralization extent

TORONTO, March 25, 2025 /PRNewswire/ - Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce the return of 6 holes from the fall 2024 drilling campaign. Four holes were testing multiple target areas in the Lion zone (holes PN-24-086, 087, 092, 093), and two holes tested the Tiger target (PN-24-090 and 094).

Lion Zone (Figure 1)
Hole PN-24-092 and PN-024-093 tested the eastern edge of the interpreted plunge of the Lion zone, with PN-24-093 providing the deepest assayed intersection to date. Both holes confirmed the location of the eastern plunge extent of the Lion Zone (Figure 2, Table 1). Power Nickel previously released photos of mineralized core from hole PN-25-096 (news release February 5, 2025) located in the interpreted core of the Lion Zone and we are still awaiting assays for that hole (Table 1). Subsequent drilling below PN-25-096 has also returned significant visible mineralization including massive Cu/Ni zones in holes PML-25-001 and PML-25-002 (Figure 2) which are also pending assays to confirm grades.   

Drill holes PN-24-086 and PN-24-087 were designed to fill in gaps in the Lion model to confirm the near surface eastern strike extension of the interpreted deposit. Both holes intersected the zone and returned high PGE values, including 1.55m @ 65.09 g/t Pd in PN-24-086 (Table 1, Figure 2). 

Borehole EM (BHEM) has become the primary tool for discovery of more mineralization. Interpretation of BHEM results and improved interpretations of ground and airborne EM and magnetic surveys has been conducted by Hardrock Geophysics Inc., a group experienced in conducting geophysical surveys on polymetallic deposits. Identified BHEM conductors have to date consistently indicated sulphides in follow-up drilling. Previously identified conductors west of Lion (PN-24-082 to 085, see NR March 17, 2024) are currently being tested with drilling and have the potential of identifying a parallel sulphide zone to the west of Lion.

Table 1: Significant assay results from this news release - Lion zone

Hole	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pd (g/t)	Pt (g/t)	Ni (%)	CuEq1 (%)
PN-24-086	52.90	76.00	23.10	0.14	4.52	0.31	4.70	0.01	0.02	2.08
including	65.45	75.00	9.55	0.16	4.68	0.50	11.27	0.01	0.03	4.60
including	65.45	67.00	1.55	0.24	4.46	0.51	65.09	0.00	0.05	23.76
PN-24-087	80.00	103.20	23.20	0.26	5.10	0.21	0.50	0.44	0.02	0.72
including	99.00	103.00	4.20	0.84	5.30	0.29	2.36	2.37	0.05	2.48
PN-24-092	461.10	472.70	11.60	0.07	2.61	0.37	0.92	0.31	0.07	0.93
including	463.75	475.75	2.00	0.16	10.00	1.72	4.17	1.02	0.13	3.60
PN-24-093	534.10	565.15	31.05	0.13	2.74	0.37	1.16	0.18	0.09	1.06
including	537.35	541.00	3.65	0.24	9.22	1.21	4.76	0.81	0.13	3.39
including	562.05	565.15	3.10	0.76	11.35	1.91	4.62	0.27	0.08	4.01

Note: Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length

Tiger Zone (Figure 1)
Hole PN-24-90 and PN-24-94 were drilled to test a weak airborne EM anomaly 700 meters northeast of Lion (Tiger Zone). Hole PN-24-090 appeared to miss the source of the airborne anomaly but returned multiple narrow zones of Cu, PGE, Au, Ag, +/-Ni (Table 2) confirming the presence of a mineralized structure.

A follow-up borehole EM survey (BHEM) completed in hole PN-24-090 confirmed an off-hole conductor which was drilled with hole PN-24-094 and intersected narrow zones of massive Ni/Cu sulphides (Table 2). Subsequent drill holes based on BHEM on the Tiger target (PN-25-098, 099 and 101) all intersected additional narrow Ni/Cu massive sulphides (assaying pending).

The Tiger zone is interpreted to be mobilized sulphides originating from a proximal ultramafic source rock and emplaced in the footwall paragneiss. To date drilling is still too sparse to model Tiger, but cross-section interpretation indicates that PN-24-090 was stopped just short of intersecting the higher grade Ni/Cu zones that were intersected in hole PN-24-094. BHEM conductors interpreted from hole PN-24-090 correctly vectored hole PN-24-094 to the source of the anomaly.

Subsequent BHEM on the later holes at Tiger have indicated further off-hole conductors that need to be tested. It is not known for certain what causes these off-hole conductors, but to date all previous drill testing of BHEM conductors has resulted in sulphide intersections, so it is reasonable to expect that sulphide concentrations are causing these untested anomalies.  

Table 2: Significant assay results from this news release - Tiger zone

Hole	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pd (g/t)	Pt (g/t)	Ni (%)	Co (%)	CuEq1 (%)
PN-24-090	123.50	125.25	1.75	0.41	4.89	0.37	0.26	0.06	0.13	0.01	1.01
and	137.50	139.50	2.00	0.01	3.60	0.37	0.28	0.11	0.16	0.01	0.84
and	200.00	201.20	1.20	0.01	0.95	0.14	0.59	0.05	0.19	0.01	0.78
PN-24-094	192.50	202.40	9.90	0.02	1.41	0.24	0.73	0.08	0.57	0.03	1.77
including	192.50	195.00	2.50	0.04	2.34	0.46	1.23	0.21	0.92	0.04	2.95
including	200.20	202.40	2.20	0.01	2.72	0.51	1.87	0.12	1.53	0.07	4.50

Note: Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length

Previously released results are included at the end of this news release (Table 2).
Table 1: Significant assay results from this news release - Lion zone

¹Copper Equivalent Rec Calculation

CuEq Rec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and a recovery grade of 80% for all commodities, consistent with comparable peers.

Qualified Person
Joseph Campbell, P.Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focusing on developing the High-Grade Nickel Copper PGM, Gold and Silver Nisk project into Canada's next poly metallic mine.

On February 1, 2021, Power Metallic (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE: TSXV).

The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Metallic is focused on expanding the high-grade nickel-copper PGM, Gold and Silver mineralization with a series of drill programs designed to evaluate the initial Nisk discovery zone, the Lion discovery zone and to explore the land package for adjacent potential poly metallic deposits.

In addition to the Nisk project, Power Metallic owns significant land packages in British Colombia and Chile. Power Metallic has reorganized these assets in a related public vehicle through a plan of arrangement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Table 3: Significant assay results previously reported - Fall 2024 - Lion zone
Hole	From		To		Length	Au	Ag	Cu	Pd	Pt	Ni	CuEq Rec*
	(m)		(m)		(m)	(g/t)	( g/t )	( %)	(g/t)	( g/t )	( %)	( %)
PN-24-063	428		433		5	0.48	24.82	4.41	0.21	6.15	0.47	5.93
Including	429		432		3	0.73	37.9	7.1	0.3	9.26	0.5	9.3
PN-24-064	452		454.15		2.15	0.21	2.98	0.49	0.68	0.24	0.1	0.87
Including	452		453		1	0.27	3.9	0.85	1.03	0.31	0.19	1.35
PN-24-065	No significant values
PN-24-066	402		414		12.05	0.09	4.53	0.65	6.39	0.3	0.06	2.97
Including	411		414		3	0.2	12.5	1.95	2.26	0.62	0.12	2.78
With	413		414		1	0.28	32.4	5.08	4.44	0.44	0.16	6.22
PN-24-067	430.8		442.9		12.15	0.12	8.54	1.75	1.99	0.36	0.14	2.36
Including	430.8		433.4		2.65	0.16	8.47	1.27	1.01	0.84	0.11	1.8
With	431.9		432.35		0.5	0.77	43.1	6.38	1.46	4.24	0.38	7.74
and Including	440.6		442.9		2.35	0.31	32.77	7.41	8.59	0.64	0.32	9.64
With	442.2		442.9		0.75	0.34	70	15.7	12.7	0.49	0.41	18.01
PN-24-068	474.6		476.3		1.7	0.28	10.96	2.74	3.47	1.54	0.1	4.15
Including	474.6		475.1		0.5	0.94	36.3	8.55	11.4	5.19	0.28	13.34
PN-24-069	100		117		17	0.28	9.52	0.93	7.19	1.66	0.05	4.05
Including	100		106		6	0.42	19.33	0.96	11.68	3.69	0.04	6.43
With	100		102		2	0.66	47.3	2.15	19.35	2.87	0.08	10.26
and Including	112		117		5	0.35	7.8	1.78	9.69	0.74	0.09	5.38
With	114		115		1	0.57	12.9	6.09	33.8	0.85	0.36	18.39
PN-24-070	118		150		32	0.45	20.93	3.62	8.1	2.47	0.18	6.97
Including	120		130		10	0.5	12.94	1.76	10.82	5.98	0.08	7.44
With	120		12		2	0.53	28.2	5.77	7.61	1.86	0.25	8.45
and Including	138.6		150		11.4	0.6	44.51	8.39	11.52	1.24	0.42	11.94
With	141.4		147.4		6	0.79	60.98	12.9	15.21	1.6	0.51	17.22
PN-24-071	157		196.6		39.6	0.38	19.57	2.62	3.37	0.8	0.13	4.19
Including	157		160		3	0.25	8.93	0.68	6.2	0.04	0.02	3.04
and Including	185		196.6		11.6	0.88	49.9	8.25	9.57	2.64	0.34	12.46
With	193		196.6		3.6	1.56	63.03	10.39	11.42	7.9	0.32	16.89
PN-24-072	294		345		51	0.54	9.1	1.01	0.06	1.14	0.53	1.94
Including	294		299.2		5.2	0.18	3.67	0.02	0	1.19	0.89	0.86
and Including	307.9		309.75		1.9	0.45	4.43	0.11	0	0.99	0.71	0.99
and Including	321		323		2	0.15	3.45	0.32	0.03	1.18	0.51	1
and Including	325.4		332.5		7.1	0.68	18.14	0.66	0.08	0.73	0.15	1.61
and Including	332.5		345		12.5	0.31	16.22	3.01	0.17	3.14	1.49	4.63
With	332.5		337		4.5	0.53	32.71	6.4	0.35	5.73	3.74	9.59
PN-24-073	354.7		383.75		29.1	0.25	4.97	0.51	1.52	0.7	0.06	1.49
Including	366.9		368.95		2.1	0.21	20.67	3.53	4.05	0.1	0.27	5.14
and Including	376.3		379.25		3	1.67	14.93	0.89	10.36	5.71	0.04	7.41
PN-24-074	290		313.55		23.55	0.15	3.06	0.6	0.11	0.13	0.02	0.89
Including	294.8		295.8		1	0.09	7.2	0.5	0.02	0.93	0.02	0.9
and Including	311.1		313.55		2.5	1.27	18.57	5.1	0.52	0.78	0.13	6.46
PN-24-075	321.5		340.7		19.2	0.14	5.45	1.04	0.05	1.22	0.53	1.65
Including	321.5		324.9		3.4	0.6	13.02	0.24	0.01	3.38	3.6	2.97
and Including	330.3		331		0.75	0.27	15.4	1.94	0.06	0.52	0	2.16
and Including	337.7		340.7		3.05	0.23	15.29	5.31	0.23	4.36	0.27	6.62
PN-24-076	No significant values
PN-24-078	157.6		187		29.4	0.53	11.95	1.15	1.08	0.36	0.06	2.34
Including	157.6		169.15		11.55	0.44	11.55	0.59	1.25	0.76	0.02	1.92
With	158.6		160.6		2	0.64	14.85	0.49	2.71	2.32	0.02	3.24
And With	163.5		168.15		4.65	0.59	15.83	0.97	1.25	0.5	0.04	2.38
and Including	173.7		187		13.35	0.77	15.86	1.98	1.29	0.14	0.12	3.43
With	173.7		176.55		2.9	3.16	21.62	5.84	4.72	0.44	0.48	11.03
And With	183		187		4	0.23	35.78	2.3	0.73	0.11	0.03	3.23
PN-24-079	177		197		20.05	0.88	23.2	2.36	3.3	0.53	0.14	4.29
including	186.8		197		10.25	1.28	33.1	3.7	4.63	0.34	0.2	6.26
and	204.8		206.7		1.9	2.73	43.2	1.15	0.42	0.07	0.04	3.41
and	216.8		220		3.25	0.14	8.6	0.4	0.04	0.01	0.01	0.52
PN-24-080	Isolated individual assay values
PN-24-081	348.2		353		4.85	0.65	6.7	0.32	2.1	0.76	0.06	1.84
including	349		350		1	2.84	27.8	1.04	8.77	3.11	0.06	7.15
and	358.3		359.2		0.95	0.05	7.4	1.15	0.22	0.01	0.13	1.35
PN-24-082	Isolated individual assays - BHEM targeting hole
PN-24-083	Isolated individual assays - BHEM targeting hole
PN-24-084	Isolated individual assays - BHEM targeting hole
PN-24-085	Isolated individual assays - BHEM targeting hole
PN-24-088	Isolated individual assays - BHEM targeting hole
PN-24-095a	427		446.2		19.4	0.14	10.8	2.63	2.97	0.25	0.09	4.29
including	437.9		443.2		5.35	0.24	31.8	8.11	8.25	0.8	0.27	10.6

QAQC and Sampling

GeoVector Management Inc ("GeoVector") is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

All samples were submitted to and analyzed at Activation Laboratories Ltd ("Actlabs"), an independent commercial laboratory for both the sample preparation and assaying. Actlabs is a commercial laboratory independent of Power Metallic with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES - 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 - Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

GeoVector's QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. QAQC and data validation was performed and no material errors were observed.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed "forward-looking statements" concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "indicates," "opportunity," "possible" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company's plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

 

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SOURCE Power Metallic Mines Inc.

FAQ

What significant drilling results did Power Metallic (PNPNF) report from the Lion Zone?

Power Metallic reported high PGE values in the Lion Zone, including 1.55m @ 65.09 g/t Pd in hole PN-24-086, and confirmed the eastern plunge extent with their deepest assayed intersection to date in hole PN-24-093.

What did Power Metallic (PNPNF) discover in the Tiger Zone drilling program?

In the Tiger Zone, located 700m northeast of Lion, drilling discovered narrow zones of massive Ni/Cu sulphides, with multiple zones of Cu, PGE, Au, Ag, +/-Ni mineralization.

How is Power Metallic (PNPNF) using geophysical surveys in their exploration?

Power Metallic is using Borehole EM (BHEM) as their primary discovery tool, with interpretation by Hardrock Geophysics Inc. BHEM conductors have consistently indicated sulphides in follow-up drilling.

What are the latest developments in Power Metallic's (PNPNF) Tiger Zone exploration?

Recent drill holes PN-25-098, 099, and 101 at Tiger Zone have intersected additional narrow Ni/Cu massive sulphides, with assays pending and new BHEM conductors identified for testing.