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, marking a key milestone ahead of the company's initial mineral resource estimate. The results, which include high-grade near-surface copper mineralization, are expected to underpin the company's first NI 43-101 compliant estimate for the Lion and Nisk deposits, targeted for completion by the end of July.
According to reporting by Proactive, highlights from the infill drilling program include 36.42 meters grading 2.83% copper equivalent, including a 6-meter interval grading 12.38% copper equivalent. These assays increased confidence in the geological model, providing a solid foundation for resource modeling. The company stated that the results demonstrate the potential for a significant polymetallic deposit, with copper, platinum group elements, nickel, gold, and silver present.
The initial resource estimate, expected by the end of July, will serve as the basis for a preliminary economic assessment (PEA), which will evaluate the economic viability of developing the Nisk project into a mine. This is a critical step for Power Metallic as it advances the project toward production. The company controls approximately 330 square kilometers of prospective land, including 50 kilometers of basin margins, following the June 2025 purchase of 313 adjoining claims from Li-FT Power.
In a separate development, shareholders approved all resolutions at the company's annual meeting, including an amendment to align governance requirements with a potential future U.S. national stock exchange listing. This move signals the company's ambition to broaden its investor base and access deeper capital markets, which could accelerate development of the Nisk project.
The Nisk project, located in Québec's mining-friendly jurisdiction, is being advanced as a high-grade copper-PGE, nickel, gold, and silver system. Power Metallic originally secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. in February 2021. The company is also evaluating the Tiger target and exploring the enlarged land package through successive drill programs.
Beyond the Nisk project, Power Metallic indirectly holds interests in significant land packages in British Columbia and Chile through its 50% share ownership in Chilean Metals Inc., which was spun out in February 2025. The company also owns 100% of Power Metallic Arabia, which holds a 100% interest in the Jabul Baudan exploration license in Saudi Arabia's Jabal Said Belt, a region known for its high prospectivity for copper, gold, and zinc mineralization.
The successful completion of the initial resource estimate and PEA will be pivotal for Power Metallic, as it seeks to establish Canada's next polymetallic mine. The company's focus on near-surface, high-grade mineralization could reduce development costs and timeline, making the project attractive to investors and potential partners. With the U.S. listing on the horizon, Power Metallic is positioning itself for growth in a market hungry for critical minerals.
