Power Metallic Mines (TSXV: PNPN) has defined a maiden mineral resource at the Lion zone of its flagship Nisk project in Quebec. The estimate outlines 4.75 million tonnes grading close to 3.9% copper equivalent for roughly 406 million pounds of contained copper equivalent, with more than 85% of the tonnage classified as indicated.
The estimate splits Lion between open pit and underground material. Highlights from the results include:
- Indicated, open pit: 2,782,000 tonnes at 3.45% copper equivalent (1.47% copper, 2.35 g/t palladium, 0.84 g/t platinum, 0.42 g/t gold, 11.65 g/t silver, 0.08% nickel)
- Containing 211.24 million pounds copper equivalent (90.04 million pounds copper, 210,000 ounces palladium, 76,000 ounces platinum, 37,000 ounces gold and 1.04 million ounces silver)
- Inferred, open pit: 100,000 tonnes at 2.36% copper equivalent (1.09% copper, 1.31 g/t palladium, 0.43 g/t platinum, 0.31 g/t gold, 9.63 g/t silver, 0.07% nickel),
- Containing 5.19 million pounds copper equivalent (2.41 million pounds copper, 4,000 ounces palladium, 1,000 ounces platinum, 1,000 ounces gold, 31,000 ounces silver and 0.16 million pounds nickel_
- Indicated, underground: 1,363,000 tonnes at 4.71% copper equivalent (2.10% copper, 3.15 g/t palladium, 0.87 g/t platinum, 0.62 g/t gold, 13.35 g/t silver, 0.13% nickel)
- Containing 141.57 million pounds copper equivalent (63.03 million pounds copper, 138,000 ounces palladium, 38,000 ounces platinum, 27,000 ounces gold and 585,000 ounces silver)
- Inferred, underground: 501,000 tonnes at 4.34% copper equivalent (1.99% copper, 3.17 g/t palladium, 0.62 g/t platinum, 0.43 g/t gold, 13.04 g/t silver, 0.14% nickel)
- Containing 47.95 million pounds copper equivalent (22.02 million pounds copper, 51,000 ounces palladium, 10,000 ounces platinum, 7,000 ounces gold, 210,000 ounces silver and 1.51 million pounds nickel)
Cut-off grades were 0.35% copper equivalent for open pit material and 0.90% underground, using US$4.80 per pound copper and US$3,600 per ounce gold.
The Lion deposit is a steeply plunging shoot of copper, platinum group metal, gold, silver and nickel mineralization that begins at surface and has been traced roughly 675 metres down dip, running as much as 400 metres along strike. Subparallel lenses of two to 15 metres of massive to brecciated chalcopyrite and cubanite sit within a package up to 50 metres thick. It remains open at depth.
“This inaugural Lion resource confirms what the drilling has been telling us,” said chief executive Terry Lynch, adding that more than 85% of the tonnage is already indicated.
The neighbouring Nisk Main deposit was also updated, and now holds 607,000 indicated tonnes at 1.68% copper equivalent and 210,000 inferred tonnes at 6.66% copper equivalent in the open pit, plus 2,096,000 indicated tonnes at 2.75% copper equivalent and 1,806,000 tonnes at 2.89% copper equivalent underground.
Five rigs are still turning on depth and strike extensions, with assays from the summer program due from September onward. The winter campaign that closed out the data set behind the estimate included 36.42 metres of 2.83% copper equivalent from a depth of 84 metres in hole PML-26-116, with 6.00 metres of that grading 12.38%.
Looking ahead, Power Metallic is reviewing proposals from engineering firms for a preliminary economic assessment on Lion, with the current vision consisting of an initial open pit mine followed by underground mining and the potential incorporation of Nisk feed for processing. A timeline for that PEA was not provided.
Power Metallic last traded at $1.52 on the TSX Venture.
The scientific and technical information contained in this article has been summarized from Power Metallic’s news release dated September 8, 2026. The original news release was reviewed and approved by Marc-Antoine Laporte, P.Geo., of SGS Canada Inc., a Qualified Person as defined by National Instrument 43-101 along with Joseph Campbell, P.Geo., VP Exploration of Power Metallic, a Qualified Person as defined by NI 43-101. For complete details regarding QA/QC protocols, sampling procedures, and analytical methodology conducted by Power Metallic, please refer to the full press release available on the company’s profile at SEDAR+.
