Power Metallic Drills 5.7 Metres of 14% Copper Equivalent Mineralization at Depth at Nisk Project in Canada

en.Wedoany.com Reported - On September 22, Power Metallic Mines announced the first assay results from the 2026 summer deep extension drilling program at the Lion deposit of the Nisk polymetallic project in Quebec. Drill hole PML-26-125 intersected 5.70 metres of 14.00% copper equivalent mineralization at a vertical depth of approximately 800 metres, with mineralization dominated by massive to semi-massive copper sulfides. The hole extends approximately 150 metres below the deepest Lion drill hole previously reported by the company and was drilled below the extent of the maiden Lion mineral resource estimate released on September 8.

PML-26-125 was positioned at the interpreted down-dip center of the Lion mineralized body. The earlier deep hole PML-25-002 intersected 1.95 metres of 7.95% copper equivalent mineralization at a vertical depth of approximately 610 metres, and PML-26-125 further extends the assayed deep mineralization downward. The company stated that the 2026 summer drilling program has shifted from primarily resource infill drilling to deep extension below the resource model and testing of geological and electromagnetic anomaly targets.

PML-26-121a, drilled during the same period, encountered disseminated to semi-massive copper sulfides at a vertical depth of approximately 650 metres; PML-26-128 encountered disseminated mineralization and massive copper sulfide veinlets at a vertical depth of approximately 900 metres, with assay results for this hole not yet released. PML-26-128 has tested positions deeper than the current Lion resource model, and subsequent assays will continue to be used to determine the continuity of the mineralized body at depth.

Power Metallic released the maiden resource estimate for the Lion deposit on September 8. Using a 0.35% CuEq open-pit cut-off grade and a 0.90% CuEq underground cut-off grade, Lion hosts 4.145 million tonnes of indicated resources averaging 3.86% copper equivalent, plus 601,000 tonnes of inferred resources averaging 4.01% copper equivalent; more than 85% of the current resources are classified as indicated. The resource estimate is based on drilling completed through April of this year, and the results from this summer's deep holes have not yet been incorporated into the existing resource model.

In the next phase, the company will continue deep and peripheral drilling at Lion and advance project development studies. Power Metallic has set a target of the first half of 2027 for the preliminary economic assessment (PEA) of the Nisk project, which is intended to study open-pit mining followed by underground mining at Lion and to evaluate a development scenario in which Nisk Main ore is fed to the same processing facility.