Power Metallic Mines Inc. (TSX.V: PNPN) (OTCQB: PNPNF) (Frankfurt: IVV1) has reported final drill assay results from its winter program at the Lion Zone within the Nisk polymetallic project in Québec. The results include high-grade near-surface copper mineralization that is expected to support the company’s initial NI 43-101 mineral resource estimate. Highlights from the assays included 36.42 meters grading 2.83% copper equivalent, including 6 meters grading 12.38% copper equivalent. The infill drilling has increased confidence in the geological model ahead of resource modeling, according to reporting by Emily Jarvie of Proactive.
The company expects to complete and report initial mineral resource estimates for both the Lion and Nisk deposits by the end of July, which will provide the foundation for a preliminary economic assessment. This marks a significant milestone for the project, as it moves toward defining the economic potential of the polymetallic system. Additionally, shareholders approved all resolutions at the company’s annual meeting, including an amendment intended to align governance requirements with a potential future U.S. national stock exchange listing.
Power Metallic Mines is a Canadian exploration company focused on advancing the Nisk Project Area, which includes the Nisk, Lion, and Tiger zones—a high-grade copper-PGE, nickel, gold, and silver system—toward becoming Canada’s next polymetallic mine. On February 1, 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX-V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li-FT Power, the company now controls approximately 330 km² and roughly 50 km of prospective basin margins.
The company is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly holds an interest in significant land packages in British Columbia and Chile through its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025. It also owns 100% of Power Metallic Arabia, which holds a 100% interest in the Jabul Baudan exploration license in the Kingdom of Saudi Arabia’s Jabal Said Belt. The property encompasses over 200 square kilometers in an area recognized for its high prospectivity for copper, gold, and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.
The implications of this announcement are significant for the mining industry and investors. The final assays from the Lion Zone confirm high-grade copper mineralization near surface, which could lead to a robust initial resource estimate and a subsequent preliminary economic assessment. This de-risks the project and provides a clearer path toward development. For the broader industry, the Nisk project represents a potential new polymetallic mine in a mining-friendly jurisdiction, adding to Canada’s critical minerals supply chain. The company’s governance alignment with potential U.S. listing also signals ambitions for broader capital market access.
For more information, visit https://www.powermetallic.com/.
