Company Announcements

TORONTO , April 17, 2025 /PRNewswire/ -Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSX-V: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce the return of 4 holes from the winter 2025 drilling campaign focused on the Tiger Zone. The four holes (PN-25-098, 099, 101, 102) were testing off-hole EM (BHEM) anomalies generated from previously reported drill holes PN-24-090 and 094 (news release March 25, 2025). All holes hit Lion style polymetallic mineralization (copper dominant) at shallow vertical depths from 50-100 meters below surface (Table 1).

Power Metallic has been exploring multiple zones during the winter 2025 campaign, including the Lion Zone, Nisk Zone, Nisk East Zone, and Tiger Zone (Figure 1). The targets of the winter drilling extends over approximately 8km of strike of favorable stratigraphy. Assay results are beginning to come in on all zones, and this news release is focused on the Tiger Zone located approximately 700m east of the Lion Zone (Figure 1).

TIGER ZONE DRILL RESULTS

The discovery of the Tiger Zone (PN-24-094) was followed up in the winter 2025 campaign with BHEM surveying on the drill holes then available in the Tiger area (PN-24-088, 089, 090, 094). The resulting off-hole EM anomalies were drilled and all hit mineralization (Figure 2).

Tiger currently remains the smallest mineralized zone along the Nisk trend but retains good potential for a significant polymetallic discovery. For the drill holes reported here weak mineralization consistent with Lion style polymetallic mineralization was intersected in holes PN-25-098 and 101, but significant Lion style mineralization was intersected in holes PN-25-099 and 102 (Table 1).

Hole PN-25-099 is the first indication at Tiger of broader widths of a Lion style polymetallic zone (14.3 meters @ 0.96% CuEqRec¹ including 6.0 meters @ 1.84% CuEqRec¹). This intersection appears to be an up plunge extension of mineralization in hole PN-24-094. Hole PN-25-102 had a narrow Lion style zone, but the high grade tenor of the Cu dominant mineralization (1.00 meter at 6.37% CuEqRec¹) in this hole is similar to the high grade Lion Zone.

The very shallow depths of these intersections (40-60 meters below surface), and the +300m distance along strike between the holes provides a large untested area for additional exploration. BHEM completed on these four holes has defined multiple off-hole EM anomalies (Figure 3) that will help direct future exploration in this area when Power Metallic returns following spring breakup.

UPCOMING EXPLORATION RESULTS

Commenting on the results to-date at Tiger, CEO Terry Lynch stated "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." 

In the coming weeks drilling results from the remaining 20 drill holes completed in the winter 2025 program will be logged, sampled and assayed. It is anticipated that assay for 4 holes from the Lion Zone (holes PN-25-096, 097, 100, and PML-25-001) will be available for release by next week. This will be followed by further Lion drill results in the coming weeks, and results from Nisk and Nisk East drill holes as well as two additional exploration holes in the Tiger area.  

The winter 2025 drilling campaign has ended for the season, with expected restart of drilling in late May. This shutdown is to transition from winter drilling conditions to summer, allowing the land to dry out prior to restart. During the shutdown, the core facility at Nisk will be doubled to accommodate up to six drills.

The shutdown also coincides with respecting the annual goose hunt held every spring by the indigenous Cree nations. In support of the Cree hunting culture Power Metallic participated with 15 other mining and exploration companies in providing a financial contribution totalling $750,000 for the Reconstruction Initiative Forest Fires Fund 2023 ("RIFFF"). In 2024, 50 cabins damaged in the 2023 forest fires were rebuilt, and a further $200,000 will be used to continue the cabin rebuild process in 2025.

Table 1: Significant assay results from this news release - Tiger Zone

Previously released drill results are available in a public database accessible as a download on Power Metallic's website. Currently this database contains hole assay and collar information up to hole PN-24-75 but will be updated soon with all remaining publicly released holes.

¹ Copper Equivalent Rec Calculation (CUEqRec¹)
CuEqRec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and a recovery grade of 80% for all commodities, consistent with comparable peers.

Qualified Person
Joseph Campbell, P.Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focusing on developing the High-Grade Nickel Copper PGM, Gold and Silver Nisk project into Canada's next polymetallic mine.

On February 1, 2021, Power Metallic (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSXV: CRE).

The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Metallic is focused on expanding the high-grade nickel-copper PGM, Gold and Silver mineralization with a series of drill programs designed to evaluate the initial Nisk discovery zone, the Lion discovery zone and to explore the land package for adjacent potential poly metallic deposits.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

QAQC and Sampling

GeoVector Management Inc. ("GeoVector") is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

All samples were submitted to and analyzed at Activation Laboratories Ltd ("Actlabs"), an independent commercial laboratory for both the sample preparation and assaying. Actlabs is a commercial laboratory independent of Power Metallic with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES - 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 - Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

GeoVector's QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. QAQC and data validation was performed and no material errors were observed.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed "forward-looking statements" concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "indicates," "opportunity," "possible" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company's plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

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SOURCE Power Metallic Mines Inc.