FULL DISCLOSURE: The Deep Dive is long the equity of Power Metallic.
Power Metallic (TSXV: PNPN) has continued to see success with the drill bit, with the latest assay results expanding the Tiger zone following the intersection of Lion-style polymetallic mineralization.
A total of four holes saw assay results released this morning, with those holes having the aim of testing off-hole electromagnetic anomalies. All holes have intersected mineralization at depths between 50 to 100 metres below surface. Highlights from the results include:
- PN-25-098: 0.77% copper equivalent over 2.0 metres from a depth of 89.00 metres
- PN-25-099: 0.96% copper equivalent over 14.30 metres from a depth of 88.70 metres, including 1.84% copper equivalent over 6.0 metres
- PN-25-101: 1.38% copper equivalent over 2.0 metres from a depth of 68.85 metres
- PN-25-102: 6.37% copper equivalent over 1.00 metres from a depth of 40.50 metres
The Tiger zone is currently found 700 metres to the east of Lion, and remains the smallest mineralized zone along the Nisk trend but is said to have potential for a polymetallic discovery. Significant Lion style mineralization was intersected in holes PN-25-099 and PN-25-102, with the latter having copper-dominant mineralization similar to the high grade zone at Lion. The zone currently has at least 300 metres along strike that provides a large untested area for further exploration, and multiple off-hole anomalies are said to be present following BHEM.
“As a stand-alone prospect, Tiger is becoming increasingly compelling. It’s not yet at Lion’s level, but recent results show clear promise. With operations paused for the annual goose hunt, we’re reviewing new drill data, re-evaluating geophysics, and preparing Tiger, Lion, and our other zones for a major ramp-up this summer with six rigs,” commented Terry Lynch, CEO of Power Metallic.
READ: Power Metallic To Expand Drill Program To Six Rigs, 100,000 Metres Of Drilling Planned
Further assay results from Lion are expected to be released last week, while a total of 20 holes from the Winter drill program are still being processed. The winter drill campaign has been completed, with drilling expected to restart in late May once on-site conditions improve following the winter melt. In the interim, the core facility at Nisk is expected to double in size to accommodate six drills.
Power Metallic last traded at $1.36 on the TSX Venture.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Power Metallic. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
