Lion Delivers High-Grade Copper Intercepts and Positive Metallurgy on Low-Low Grade Mineralization
New drill results include 10.30m @ 4.04% CuEqRec1 and 4.07m @ 8.73% CuEqRec1, with metallurgical testing confirming strong recovery potential from disseminated low-grade zones.
- High-grade copper intercepts: 4.07 metres grading 8.73% CuEqRec1 in hole 26-067
- Significant broader intercept: 10.30 metres grading 4.04% CuEqRec1 in hole 26-097
- Positive metallurgy: Locked-Cycle testing on 'low-low grade' disseminated mineralization returns encouraging recovery results, enhancing project economics
Summary
Additional assays from its winter 2026 drill program continue to come in with all assay results expected by mid-June for adding to the initial NI-43-101 Mineral Resource Estimate (MRE) on Lion, and an update of the Nisk Ni-Cu-Pd deposit MRE with completion and reporting of estimates by the end of July. This MRE will form the basis for a Preliminary Economic Assessment (PEA) to begin immediately following the completion of the MRE.
This news release also reports metallurgical recoveries comparable to those in prior releases, based on recent Locked-Cycle (LCT) testing of a low-low grade composite of disseminated mineralization at Lion done by
Lion Zone MRE In-fill program
More drill holes continued to define the high-grade
The recent drill holes report good near surface continuity of mineralized zones modelled on the shallow
|
Table 1: Lion Results - Winter 2026 |
||||||||||
|
Hole |
From |
To |
Length2 |
Au |
Ag |
Cu |
Pd |
Pt |
Ni |
CuEq Rec1 |
|
(m) |
(m) |
(m) |
(g/t) |
( g/t ) |
( %) |
(g/t) |
( g/t ) |
( %) |
( %) |
|
|
PML-26-067 |
53.93 |
58.00 |
4.07 |
0.35 |
7.88 |
5.88 |
5.03 |
0.04 |
0.25 |
8.73 |
|
PML-26-070 |
57.00 |
58.61 |
1.61 |
0.04 |
7.02 |
0.50 |
0.45 |
0.06 |
0.10 |
1.00 |
|
PML-26-0723 |
15.33 |
80.00 |
64.67 |
0.21 |
6.59 |
0.34 |
0.09 |
0.00 |
0.01 |
0.60 |
|
Including |
16.00 |
18.00 |
2.00 |
0.82 |
24.85 |
1.49 |
0.11 |
0.00 |
0.01 |
2.36 |
|
and including |
39.50 |
41.50 |
2.00 |
0.48 |
8.46 |
1.72 |
1.94 |
0.00 |
0.02 |
2.99 |
|
and including |
56.00 |
61.27 |
5.27 |
0.62 |
17.58 |
0.55 |
0.03 |
0.00 |
0.01 |
1.19 |
|
PML-26-077 |
90.00 |
110.00 |
20.00 |
0.21 |
5.08 |
0.32 |
0.24 |
0.02 |
0.01 |
0.65 |
|
Including |
108.00 |
110.00 |
2.00 |
0.27 |
6.36 |
1.09 |
2.16 |
0.16 |
0.06 |
2.40 |
|
PML-26-091 |
179.00 |
191.35 |
12.35 |
1.17 |
4.78 |
0.49 |
0.60 |
0.02 |
0.02 |
1.67 |
|
Including |
186.85 |
191.35 |
4.50 |
3.05 |
4.73 |
0.78 |
1.62 |
0.04 |
0.04 |
3.82 |
|
PML-26-097 |
91.50 |
101.80 |
10.30 |
0.32 |
7.98 |
0.55 |
6.94 |
0.70 |
0.03 |
4.04 |
|
and |
169.80 |
172.30 |
2.50 |
0.15 |
14.75 |
0.87 |
0.02 |
0.01 |
0.11 |
1.33 |
|
PML-26-099 |
34.00 |
39.60 |
5.60 |
0.46 |
16.72 |
0.30 |
0.82 |
0.83 |
0.02 |
1.42 |
|
Including |
37.00 |
39.60 |
2.60 |
0.77 |
29.59 |
0.39 |
1.72 |
1.78 |
0.00 |
2.56 |
|
and |
55.00 |
57.20 |
2.20 |
0.27 |
4.89 |
0.45 |
1.07 |
0.82 |
0.02 |
1.46 |
|
PML-26-102 |
173.90 |
184.35 |
10.45 |
0.47 |
6.08 |
1.03 |
1.63 |
0.42 |
0.51 |
3.24 |
|
Including |
174.60 |
177.40 |
2.80 |
1.31 |
15.88 |
2.71 |
1.64 |
0.07 |
0.09 |
4.67 |
|
Including |
178.70 |
182.50 |
3.80 |
0.22 |
4.06 |
0.60 |
3.08 |
0.98 |
1.21 |
4.76 |
|
and |
197.90 |
202.00 |
4.10 |
0.01 |
9.80 |
0.54 |
0.02 |
0.02 |
0.09 |
0.82 |
|
PML-26-103 |
93.00 |
94.45 |
1.45 |
0.29 |
10.57 |
0.98 |
0.86 |
0.01 |
0.35 |
2.31 |
|
PML-26-109 |
123.00 |
145.71 |
22.71 |
0.49 |
9.84 |
0.68 |
0.75 |
0.00 |
0.01 |
1.45 |
|
Including |
129.05 |
138.00 |
8.95 |
0.93 |
15.63 |
0.96 |
1.18 |
0.00 |
0.01 |
2.28 |
|
|
|
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 recovered grades based on recent locked-cycle metallurgical recoveries by |
|
2 Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length |
|
3
Hole PML-26-072 was an 'off-angle' hole drilled through the disseminated hanging wall of the |
Power Metallic is expecting more assay results from the MRE drilling and regional exploration in the weeks to come.
NI43-101 Mineral Resource Estimate (MRE)
Preparation of a NI-43-101 MRE is underway with updated report section writing, and the start of geological modelling on both the Lion and Nisk deposits.
As part of this MRE report SGS has conducted metallurgical testing of Lion ore (XPS carried out metallurgy on Nisk ore in 2023), including a blended composite of expected average mineralization (see news release of locked cycle test LCT 1 reported
Table 2: LCT1 Locked-Cycle Test on Lion Zone Blended Composite Feed Grade, Concentrate Grade, and Recovery Summary.
|
Element |
Feed Grade |
Concentrate |
Recovery |
|
Cu |
3.42 % |
25.80 % |
98.9 |
|
Ni |
0.20 % |
1.20 % |
77.1 |
|
Au |
0.70 g/t |
4.83 g/t |
85.0 |
|
Pd |
5.37 g/t |
41.4 g/t |
93.9 |
|
Pt |
2.90 g/t |
23.4 g/t |
96.8 |
|
Ag |
24.9 g/t |
159 g/t |
88.9 |
As anticipated given the low grade of the LG2 composite test results show lower recoveries than the higher grade LCT 1 blended composite. But surprisingly the test recoveries were only slightly lower, delivering much higher recoveries and concentrate grade than originally anticipated for this low-grade material. Cu recovery was of 98.3% at a 25.4% Cu concentrate grade, with precious metals reporting in the mid to high 80% ranges. This result gives Power Metallic extensive latitude to investigate including significant volumes of very low-grade material into the Lion MRE.
Table 3: LG2 Locked Cycle Test – Feed, Concentrate Grade and Recovery Summary
|
Element |
Feed Grade |
Concentrate |
Recovery |
|
Cu |
0.62 % |
25.40 % |
98.3 |
|
Ni |
0.04 % |
0.78 % |
47.7 |
|
Au |
0.37 g/t |
12.7 g/t |
83.1 |
|
Pd |
0.97 g/t |
38.9 g/t |
89.1 |
|
Pt |
0.22 g/t |
7.9 g/t |
84.1 |
|
Ag |
6.26 g/t |
271 g/t |
75.9 |
Additionally,
Qualified Person
About
Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)--a high–grade Copper–PGE, Nickel, gold and silver system--toward
On
Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs.
Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in
It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of
For further information, readers are encouraged to contact:
Neither the
QAQC and Sampling
All core in this news release is either HQ or NQ sized core. Drill core is re-fitted and measured. Geotech on core includes photographs (wet & dry), rock quality index, magnetic susceptibility, conductivity, and recovery estimates. Core is logged for lithology, mineralogy, and structural features, and sample intervals are delineated and tagged.
Sampled core is mechanically sawn, and half-core is retained for future reference. 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.
All samples were submitted to and analyzed at
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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