Latest news with #Nisk
Yahoo
12 hours ago
- Business
- Yahoo
Power Metallic Acquires 167KM² from Li-FT Power, Expanding Nisk - Lion Polymetallic Project Area by over 300%
TORONTO, June 9, 2025 /PRNewswire/ - Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce it has executed a definitive agreement dated June 9, 2025 to acquire a 100 % interest in 313 mineral claims totalling 167 km² from Li-FT Power Ltd. ("Li-FT") (TSXV: LIFT) (OTCQX: LIFFF) (FRA: WS0). The claims adjoin the Company's 45.86 km² Nisk property, where exploration is expanding the high–grade Lion Cu–PGE discovery and the Nisk Ni–Cu–Co deposit. On closing, Power Metallic's land position will grow more than 300% to ~212.86 km², securing approximately 20 km of strike on the northern basin margin and 30 km on the southern margin that envelope the Nisk, Lion, and Tiger discoveries. Nisk Project Area The Nisk-Lion-Tiger discoveries have established a new polymetallic district with considerable potential for additional deposits. These deposit types are globally rare but form clusters at district and camp scale (Noril'sk and Talnakh, Kevitsa and Sakatti, as relevant examples). Currently discovered polymetallic mineralization on the Nisk property has been confined to a major translithospheric structure along the sedimentary basin margin defining the locations of the Nisk, Lion, and Tiger discoveries (Figure 1 map of original Nisk targets overlain on geology). Work by Power Metallic and Li-FT has identified a larger region proximal to the Nisk property that has additional potential for polymetallic deposits. Significantly Power Metallic sees potential in the wider basin where exploration to date suggest conditions similar to those at the Nisk-Lion-Tiger discoveries. The land purchased from Li-FT covers a further 20 km of strike length along the northern margin of the basin that contains Nisk-Lion-Tiger, and the most prospective 30 km of strike length along the southern basin margin, which has been identified by Power Metallic through regional geophysics as prospective, and corroborated by extension soil and till elemental anomalies from surveys carried out by Li-FT (Figure 2 map of regional play with New property, showing relative size with original Nisk property). The control of the most readily accessible prospective geology proximal to the known mineralizing system (Nisk-Lion-Tiger) gives Power Metallic the opportunity to control the discovery of multiple polymetallic deposits within the identified regional system across both its 80% owned properties and its 100% owned properties. Steve Beresford, Director and Special Advisor, stated:"Polymetallic deposits have unique primary and secondary geochemical footprints (that contrast with Nickel dominant sulfide deposits like Voisey's Bay) that enable us to recognize early the tip of the iceberg i.e. extensions of Lion or mimics that represent new camp to district scale opportunities. We know a lot about how these deposits spatially cluster that's different to lode Au or VMS, and now is the time to own the whole opportunity". Purchase Agreement TermsThe purchase of the 100% interest in the claims (exclusive exploration rights) requires a $700,000 cash payment to Li-FT and the issuance of 6,000,000 common shares of the Company (the "Shares"). All the Shares will have a statutory hold period of four months and a day from issuance in accordance with Canadian securities laws. 3,000,000 of the 6,000,000 Shares will also bear a 12 month hold and restriction from transfer. Additionally, Li-FT will retain a 0.5% NSR on all acquired claims. The share–weighted consideration preserves cash for drilling while giving both Power Metallic and Li–FT exposure to the exploration upside in the basin. The issuance of the Shares is subject to the Company's receipt of approval from the TSX Venture Exchange. Fully Funded 100,000–Metre Drill Program Through 2026 The drilling rig has been collared on the first hole of the summer program. We are resuming work along the Nisk–Lion–Tiger trend while integrating its newly acquired LIFT claims—an expansion that increases the Company's land position more than 300%. Field crews will mobilize in successive waves beginning the last week of May, with camp upgrades—including grid–power wiring for new core–logging facilities—well underway. Drilling will initially recommence in the Nisk-Lion-Tiger area to expand current zones. It is anticipated that by early fall of 2025 the core facility capacity will be ramped up to six drills enabling quicker exploration target turnaround and flexibility to follow exploration successes on the expanded Nisk Project Area. Key elements of the work program District–scale data integration. Historical technical data from the LIFT claims are being compiled alongside existing datasets to refine regional targeting. Airborne & ground geophysics. A large–scale airborne EM survey—followed by targeted ground EM—will seek near–surface conductors. Systematic mapping and prospecting. Field teams will focus on areas highlighted by Li–FT's previous geochemical anomalies, moving from regional reconnaissance to detailed mapping and sampling as anomalies are confirmed. Follow–up drilling. Once preliminary geophysics and mapping results are interpreted, priority targets, primarily confirmed by EM, will be drilled through late 2025 and into the 2026 winter season. Terry Lynch, CEO, stated:"Consolidating the LIFT ground lets us apply the geological insights from Nisk across a district–scale footprint. With over 100,000 metres of fully funded drilling in front of us, we can systematically approach new sulphide occurrences while continuing to grow our established resources." JC Evensen, Strategic Advisor, added:"The opportunity to consolidate control of this emerging polymetallic mineral district will allow Power Metallic to fully explore and understand its potential before determining the value maximizing development pathway for all stakeholders involved. The discovery of Lion transformed how this area was understood geologically, and now, with the counsel of Steve Beresford on the board, Joe Campbell, Adam Findlay and the entire exploration team have an opportunity to see if there is something better than Lion to be discovered." A more detailed summer exploration plan—updated to reflect the expanded acreage—will be released within the next 2–4 weeks. Qualified PersonJoseph Campbell, 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 focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade nickel–copper–PGE, gold and silver system—toward Canada's next polymetallic mine. On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~212.86 km² and roughly 50 km of prospective basin margins. 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 British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. 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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Globe and Mail
17-04-2025
- Business
- Globe and Mail
Power Metallic Expands the Tiger Zone - First Indications of Lion Style Copper Dominant Mineralization at Tiger
TORONTO , /CNW/ - 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% CuEqRec 1 including 6.0 meters @ 1.84% CuEqRec 1). 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% CuEqRec 1) 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 Note: Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length 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 (CUEqRec 1) 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 , 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.
Globe and Mail
20-02-2025
- Business
- Globe and Mail
Power Nickel Recognized as a 2024 Top 50 Performer on the TSX Venture Exchange and Ranked #1 Mining Company
Company's share price appreciated 365% in 2024 TORONTO , Feb. 20, 2025 /CNW/ - Power Nickel Inc. (the "Company" or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt IVV), is pleased to announce that it has been recognized as one of the 2024 top 50 performers on the TSX Venture Exchange ("TSXV"), with an outstanding 365% share price appreciation in 2024. The Company was ranked the top mining company and fourth overall. The 50 companies on the list delivered an average share price appreciation of 207% to investors in 2024, up from 121% in 2023 and 73% in 2022. In addition, the group holds a combined market capitalization of $21.7 billion , an increase of over $16 billion over the course of the year. The 2024 TSX Venture 50 showcases the top 50 of over 1,600 TSXV issuers. Eligible listed issuers are ranked based on three equally weighted criteria of one-year share price appreciation, market capitalization increase, and Canadian consolidated trading value as of December 31, 2024 . More details can be found at the following link: Terry Lynch , Director & CEO of Power Nickel commented: "We are very proud to be recognized as a Top 50 TSX Venture Exchange Performer for 2024. Finally, a great year for our most deserving shareholders! Last year we proved the Lion Zone was something special, 2024 was a great run but we are looking forward to doing better 2025. We are fully funded and doubling our exploration programs and if you asked our tremendous scientific team I think they would all feel this Discovery is just getting going. About Power Nickel Power Nickel is a Canadian junior exploration company focusing on developing the High-Grade Nickel Nisk project into Canada's first Carbon Neutral nickel mine. On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE: TSXV). The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the historical high-grade nickel-copper PGM mineralization with a series of drill programs designed to test the initial Nisk discovery zone and to explore the land package for adjacent potential Nickel deposits. On Feb 21 Power Nickel will officially change its name to Power Metallic Mines Inc. In addition to the Nisk project, Power Nickel owns significant land packages in British Colombia and Chile . Power Nickel has reorganized these assets in a related public vehicle through a plan of arrangement. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. 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 to close the financing of FT Units; 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.
Globe and Mail
19-02-2025
- Business
- Globe and Mail
POWER NICKEL ANNOUNCES CHANGE OF NAME TO POWER METALLIC MINES INC.
TORONTO , /CNW/ - Power Nickel Inc. (the " Company" or " Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV0) is pleased to announce that it has received approval from the TSX Venture Exchange to change the Company's name to "Power Metallic Mines Inc." (the " Name Change"). The Name Change will take effect at the start of trading on February 21, 2025 , and the Company's common shares will trade under the new CUSIP/ISIN numbers 73929R105/CA73929R1055 and will continue to trade under the symbol "PNPN". No transmittal process is required for the Name Change. Endeavor Trust Corporation is the Company's transfer agent for its common shares. "Nickel isn't a four-letter word in North America but it also does not reflect the high grade polymetallic discovery we have made at Nisk. The Lion Zones impressive high-grade Copper, Platinum and Palladium assays across now 40 holes and hundreds of meters of drilling suggested a more compelling name was needed. So on Feb 21 will launch our new web site. and our new video and what we believe will become our most important phase of discovery yet. Welcome to Power Metallic Mines Inc." Commented Power Nickel CEO Terry Lynch About Power Nickel Inc. Power Nickel is a Canadian exploration company focusing on developing the High-Grade Nickel Copper PGM, Gold and Silver Nisk project into potentially Canada's next poly metallic mine. On February 1, 2021 , Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the high-grade nickel-copper PGM, Gold and Silver mineralization with a series of drill programs designed to test the initial Nisk discovery zone, the Lion discovery zone and to explore the land package for adjacent potential poly metallic deposits. 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. Such forward-looking statements include, without limitation, statements regarding the anticipated effective date of the Name Change, which is based on management's reasonable assumptions, estimates, expectations, analyses and opinions, but which may prove to be incorrect. Such factors, among others, include the ability to obtain required confirmation of eligibility of the new post-Name Change CUSIP/ISIN numbers from CDS Clearing and Depository Services Inc. and final approval from the TSX Venture Exchange. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
