Power Metallic To Expand Drill Program To Six Rigs, 100,000 Metres Of Drilling Planned
FULL DISCLOSURE: The Deep Dive is long the equity of Power Metallic.
Following the receipt of fresh funding from a flow through financing, Power Metallic (TSXV: PNPN), formerly known as Power Nickel, is planning an expanded drill program for 2025 and 2026. The company has indicated that it intends to drill test over 100,000 metres in aggregate over the next 21 months.
Exploration efforts are to be focused on extending the zones of mineralization within the Lion and Tiger polymetallic areas, as well as the expansion of the Nisk deposit, and the exploration of 5.5 kilometres worth of untested strike between these areas at the Nisk project.
As part of the exploration efforts, Power Metallic has indicated it will be revising its core logging facility to enable more drills to operate at one time. The current facility is maxed out at supporting three drill rigs, while Power Metallic has plans to increase the currently ongoing program to six drill rigs. A planned expansion is expected to be completed in May, which will allow operations to scale the following month.
In terms of success under the currently ongoing program, Lion has seen all drilling conducted so far this year intersect the Lion zone, extending the plunge of known mineralization. Assay results remain outstanding for seven holes, all of which are said to have had significant visual mineralization. Borehole electromagnetic surveys have been conducted on holes to the west of known mineralization, suggesting further mineralization exists that will soon be drill tested.
At the new Tiger zone, electromagnetic surveys conducted on the discovery hole led to numerous conductive off-hole plates being identified. Assays remain outstanding for four holes conducted to the west and east, which encountered sulphides. While no model exists presently, Power Metallic believes that the zone will be similar to Lion and Nisk.
Drilling is also ongoing at Nisk, where the company is focused on expanding its mineral resource estimate. The current focus is the enlargement of the nickel/copper/cobalt/platinum group element deposit, and to follow up on indications of Lion-style polymetallic mineralization to the east and west of the Nisk main deposit.
Looking forward, once the core shack has been expanded, four drills are slated to test the Lion-Tiger area, where efforts will focus on expanding the zones, developing the space inbetween the two areas, testing targets to the west of Lion, and infill drilling at Lion. Power Metallic has suggested that a possible mineral resource estimate will be released in the first half of 2026 on Lion, with mineralogy work currently underway on the deposit in advance of a metallurgical study.
Power Metallic last traded at $1.59 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.
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