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Cision Canada
6 hours ago
- Business
- Cision Canada
1911 Gold Intersects up to 58.66 g/t Gold over 1.40 m on San Antonio West Zone at True North
VANCOUVER, BC, June 10, 2025 /CNW/ - 1911 Gold Corporation (" 1911 Gold" or the " Company") (TSXV: AUMB) (OTCBB: AUMBF) (FRA: 2KY) is pleased to announce the assay results from twelve (12) drill holes for 3,208.0 metres ("m") from the ongoing surface drill program at the True North Gold Project. The True North project, including a permitted mill, camp, and tailings facility, is centrally located within the Company's 100%-owned Rice Lake Gold property in southeast Manitoba, Canada. Highlights: Drilling has continued to expand the near-surface quartz vein hosted gold ("Au") mineralization on the new San Antonio West ("SAM West") target along strike and to depth San Antonio West Target Drill results confirmed the western and down dip extensions of gold mineralization within the prolific San Antonio mafic unit up to 350 m down dip and 500 m along strike, including: TN-25-057: Intersected 58.66 grams per tonne (g/t) Gold (Au) over 1.40 m at a downhole depth of 145.00 m, including 63.20 g/t Au over 0.90 m and 50.50 g/t Au over 0.50 m TN-25-056: Intersected 9.59 g/t Au over 2.30 m at a downhole depth of 103.10 m, including 11.25 g/t Au over 1.80 m, including 21.30 g/t Au over 0.50 m TN-25-058: Intersected 10.40 g/t Au over 1.00 m at a downhole depth of 249.30 m "These are some of the best results we've seen to date from the San Antonio West target.", Shaun Heinrichs, CEO and President, stated, "The drilling confirms the potential definition of high-grade ore shoots within the SAM West target zone, and further supports our geological model. These results build the case for continued underground exploration, where we see significant potential to define and expand new and existing mineral resources within the mine infrastructure." 1911 Gold has completed fifty-one (51) surface drill holes, for a total of 11,695.4 m on the current drill program, which commenced in October 2024 on new exploration targets located within the True North Gold mine footprint. The results of seven (7) new drill holes for 1,928.0 m from the San Antonio West target and five (5) initial drill holes for a total of 1,280.00 m from the Gate target are included in this release. New targets have been generated and drill tested within prospective host rocks and mineralized structural settings, including significant historical drill results. The results from nine (9) additional exploration drill holes are currently pending. Additional drill planning is underway on the San Antonio West and San Antonio Southeast targets and will commence when access to the Mine site is permitted (see press release entitled "1911 Gold Temporarily Suspends Operation at True North Complex due to Bissett Evacuation Order", dated May 30, 2025). The exploration drilling plan includes up to 30,000 m of drilling by the end of 2025. S an Antonio West Target: Discussion of Results Drilling completed to date has confirmed the extensions of gold mineralization within the SAM gabbro to over 600 m west of the historically mined San Antonio zone, covering an area 500 m long and over 260 m to depth, dipping 50° to the northeast. Twenty-one (21) drill holes for a total of 4,220.0 m have been completed to date on the SAM West target area. The latest drill holes, comprised of seven (7) new drill holes for 1,928.0 m, extended the footprint of mineralization 100 m down dip from the results announced on April 30, 2025 (see press release entitled "1911 Gold Intersects 62.40 g/t Au over 1.00 m on San Antonio West at True North"). Drill hole TN-25-056, designed to undercut high grade gold mineralization intersected in drill hole TN-25-037 (1.00 m @ 8.73 g/t Au, 1.00 m @ 62.40 g/t Au and 0.70 m @ 6.09 g/t Au and 4.50 m @ 4.17 g/t Au), intersected 2.30 m @ 9.59 g/t Au, including 1.80 m @ 11.25 g/t Au and 0.50 m @ 21.30 g/t Au. Drilling successfully extended the gold mineralization approximately 50 m down dip and returned high-grade gold results. Drill hole TN-25-057 (1.40 m @ 58.66 g/t Au) tested the down-dip extensions of the high-grade gold intercepts of previously released holes TN-24-043 (1.00 m @ 12.50 g/t Au) and TN-24-045 (3.70 m @ 6.84 g/t Au, including 1.40 m @ 12.40 g/t Au and 2.70 m @ 5.30 g/t Au, including 0.50 m @ 11.30 g/t Au). Drilling successfully intercepted high-grade gold mineralization approximately 160 m down dip. Drill hole TN-25-058 (0.50 m @ 10.40 g/t Au) designed to test the 160 m down-dip extension of the gold mineralization from hole TN-25-056, intersected three distinct gold mineralized veins extending the multiple vein structures to 340 m depth. Table 1: Select Significant Drill Hole Assay Results 1) Intercepts above a cut-off grade of 2.25 g/t Au 2) Maximum of 2.50 m internal dilution and no top capping applied 3) Intervals represent drill core length and are considered to represent 60% to 90% of true widths 4) Full Significant Assay Results included in Table 2 5) Drill hole Information included in Table 3 Drilling has further confirmed the existence of up to three (3) vein zones hosted within the target gabbro unit, supporting the potential to mine multiple zones on levels as conducted historically (see press release entitled "1911 Gold Intersects 62.40 g/t Au over 1.00 m on San Antonio West at True North", dated April 30, 2025). Planning for the next phase of drilling on the SAM West target is ongoing. San Antonio West Target The San Antonio West target is located west of the historically mined San Antonio zone of the True North Gold Mine. The San Antonio West target occurs within the gabbro of the San Antonio mafic unit and the intersection with the Cartwright South mineralized shear zone. The SAM gabbro hosts the majority of the known gold mineralization within the True North Mine and historically produced 1,309,351 ounces Au at an average grade of 9.33 g/t Au from San Antonio (see technical report entitled "NI 43-101 Technical Report on the True North Gold Project, Bissett, Manitoba, Canada, dated December 23. 2024). Drilling has now confirmed gold mineralization in quartz-carbonate shear veins with sericite, chlorite, minor tourmaline alteration and up to 2% disseminated and veinlet-hosted pyrite. The target occurs as a vein system parallel to the San Antonio Mine ore body, with the same geological, alteration and mineralization characteristics. Gold mineralization has been traced over a strike length of 500 m and to 360 m down dip. Gate Target The Gate target was defined to explore for potential gold mineralization on the intersection of the Cartwright South and L13 shear zones with the Shoreline Basalt unit. Five (5) drill holes, totalling 1,280.00 m (see Table 3), were completed on this target. All drill holes intercepted well-developed quartz veining hosted within sediments, with drill hole TN-25-044 intersecting 0.90 m @ 1.30 g/t Au and drill hole TN-25-049 intersecting 0.90 m @ 0.57 g/t Au. Drilling did not intersect wide sections of basalt, which host the majority of mineralization in this unit at True North. Additional interpretation is ongoing to define the basalt flows within the Shoreline Basalt unit, which in this area appear to occur as discontinuous lenses intercalated within sediments. Interpretation, modelling and drill targeting are ongoing to define potential extensions of the basalt unit hosting gold mineralization. Site Access Update Recent rainfall, favourable winds, and cooler temperatures have eased wildfire conditions in the region; however, the Town of Bissett and the Company's True North site remain under evacuation as a precautionary measure. Fire crews continue to make progress in the area. Company facilities have not been impacted, and the Company expects to resume site activities once it is deemed safe to do so. Next Steps Building on the strong results achieved to date on new exploration targets and the compelling targets to expand the current resource, 1911 Gold is advancing plans to initiate underground exploration drilling. Once site access is re-established, the Company will continue preparing multiple underground levels to facilitate this next phase of work. Targeting is well underway, focusing on high-priority areas that offer meaningful resource expansion potential and support the mine plan currently under development. Mobilization of drill rigs to key underground levels is expected later this summer. Concurrently, the Company is actively evaluating additional targets across the property and advancing the redevelopment of the high-grade, near-surface Ogama-Rockland 43-101 mineral resource, located 25 km by road east of the True North complex. *Composites above 0.5 g/t Au and metal factor above 0.5 Au "gxm" Table 3: True North; Drill Hole Details *Coordinates are provided in UTM NAD83 Zone 15 Qualified Person Statement The scientific and technical information in this news release has been reviewed and approved by Mr. Michele Della Libera, Vice-President Exploration of 1911 Gold Corporation, who is a "Qualified Person" as defined under NI 43-101. Quality Assurance/Quality Controls (QA/QC) Core samples are collected by sawing the drill core in half along the axis, with one-half sampled, placed in plastic sample bags, labelled, sealed and the other half retained for future reference. Batches are shipped to Activation Laboratories Ltd. (Actlabs), in Thunder Bay, Ontario for sample preparation and analysis. Samples are dried, crushed to 2mm and a 1 kg split is pulverized to -200 mesh. Gold analysis is completed by fire-assay with an atomic absorption finish on 50 grams of prepared pulp. Samples returning values equal or greater to 10.00 g/t are reanalysed by fire assay with a gravimetric finish. Total gold analysis (Screen Metallic Sieve) is conducted on highly mineralized samples or the presence of visible gold. Certified gold reference material samples are inserted every 20 samples and blank samples at intervals of one in every 50 samples, with additional blanks inserted after samples hosting visible gold. Repeat third-party gold analyses for 5% of all submitted sample pulps are analyzed at ALS-Chemex Laboratory, North Vancouver, Canada. About 1911 Gold Corporation 1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totaling more than 61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine and mill complex at Bissett, Manitoba. 1911 Gold believes its land package is a prime exploration opportunity, with the potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on organic growth and accretive acquisition opportunities in North America. 1911 Gold's True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships. ON BEHALF OF THE BOARD OF DIRECTORS Shaun Heinrichs President and CEO CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements with respect to the terms of the Offering, the use of proceeds of the Offering, the timing and ability of the Company to close the Offering, the timing and ability of the Company to receive necessary regulatory approvals, the tax treatment of the securities issued under the Offering, the timing for the Qualifying Expenditures to be renounced in favour of the subscribers, and the plans, operations and prospects of the Company, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Cision Canada
a day ago
- Business
- Cision Canada
Power Metallic Acquires 167KM² from Li-FT Power, Expanding Nisk - Lion Polymetallic Project Area by over 300%
TORONTO, June 9, 2025 /CNW/ - 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 Terms The 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 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 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. SOURCE Power Metallic Mines Inc.
Cision Canada
6 days ago
- Business
- Cision Canada
Power Metallic intercepts 12.54 meters of 10.99% CuEq at the Lion Zone and 11.25m of 1.22% CuEq at Nisk East - First Lion Like Mineralization Intercepted near the Nisk Zone
3.10 g/t Au, 25.52 g/t Ag, 4.09% Cu, 12.06 g/t Pd, 2.00 g/t Pt – Cu EqRec 1 10.99% over 12.54 m in PML-25-012a 1.32 g/t Ag, 0.60% Cu, 0.24g/t Pd, and 0.26 Ni – Cu EqRec 1 1.22% over 11.25 m in PMN-25-004 TORONTO, June 4, 2025 /CNW/ - Power Metallic Mines Inc. (the"Company" or"Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce the return of the final 11 holes from the winter 2025 drilling campaign focused on the Lion Zone (9 holes) and Nisk East (2 holes). The nine holes at lion (PML-25-005 to 013) were testing multiple areas of the Lion Zone, including the down plunge extent, shallow sub-crop projections, in-fill drilling of the Lion Zone, and testing of off-hole EM (BHEM) anomalies west of Lion (Table 1). The general location of the drilling in this news release for the Lion Zone and Nisk East Zone is shown in Figure 1. LION ZONE DRILL RESULTS The nine holes reported in this release were testing the deeper plunge extent on the western side of the Lion Zone; shallow sub-cropping interpreted locations of the Lion Zone, and internal in-fill drilling to better define the heterogenous width and grade of the Lion Zone in preparation for a future mineral resource estimate. Holes PML-25-005 and 012a were testing the down plunge extent of the western side of the Lion Zone. Both holes intersected substantial polymetallic zones (3.10 g/t Au, 25.52 g/t Ag, 4.09% Cu, 12.06 g/t Pd, 2.00 g/t Pt – Cu EqRec 1 10.99% over 12.54 m in PML-25-012a – Figure 2) indicating a potential shift to the west for the plunge of the high grade portion of the Lion zone. This plunge direction will be followed up by early drill holes in the spring/summer drill campaign starting in early June. "Well apologies that took a lot longer than I thought. We try and provide as much visibility as possible but there were some unforeseen delays. That being said we think they have been worth the wait. The team is very keen to get that suite of holes between Nisk and Lion and let's just see how connected these mineralized areas are!" commented Power Metallic CEO Terry Lynch. Holes PML-25-006 through 009a tested interpreted shallow sub-crop locations for the Lion Zone. The shallow areas of Lion were gaps in our knowledge of the deposit. All holes hit low grade hanging-wall style mineralization but failed to intersect the high-grade zones encountered in deeper drill holes. Hole PML-25-13 was specifically targeted on a wide gap in drill spacing that was interpreted as a relatively low grade portion of the Lion Zone. This hole intersected better than expected mineralization including 0.15 g/t Au, 3.73 g/t Ag, 1.48% Cu, 1.49 g/t Pd and 0.44 g/t Pt over 5.83 meters, effectively filling a hole in the projection of the Lion Zone. Figure 3 below shows a revised long-section with pierce points of the drill holes with assays reported in this news release. Significantly, the southwestern plunge direction remains open for additional increases to the size of Lion, and this will be our first target tested in the spring/summer drill campaign. NISK EAST DRILL RESULTS Two holes were targeted on areas east of the Nisk Deposit (MRE 2023), termed Nisk East in previous press releases. Historical drilling in the area had given indications of possible Lion, or Lion-Nisk hybrid style mineralization through indicator minerals located in stratigraphic positions conducive for Lion style zones. Hole PMN-25-003 failed to intersect any significant mineralization, but hole PMN-25-004 hit Lion style mineralization on the stratigraphic footwall to the ultra-mafic sill, like Lion's location. Additional mineralization extended into the ultra-mafic with Ni-Cu Nisk style sulphide mineralization. This discovery will be followed up by drilling in the spring/summer drill campaign and this success provides proof of exploration concepts along the untested target strike length between the Nisk and Lion zones. Lion Zone - Significant assay from holes PML-25-005, 006 Comment Hole From To Length Au Ag Cu Ni Pd Pt Co CuEq Rec 1 (m) (m) (m) (g/t) (g/t ) ( %) ( %) (g/t ) (g/t ) ( %) ( %) PML-25-005 526.00 548.50 22.50 0.20 8.83 1.03 0.05 2.74 0.47 0.00 2.24 Deep extension Including 543.30 548.50 5.20 0.56 25.38 4.00 0.19 11.84 2.01 0.01 8.99 Including 543.30 545.30 2.00 1.09 60.75 8.67 0.25 25.65 4.86 0.01 19.22 PML-25-006 77.40 80.15 2.75 0.12 5.84 1.69 0.14 1.07 0.03 0.01 2.18 Shallow holes testing the sub cropping location of Lion all on the western edge of the Lion Zone PML-25-007 114.05 121.05 7.00 0.12 2.57 0.59 0.08 0.45 1.74 0.01 1.42 Including 115.05 117.05 2.00 0.21 3.90 1.20 0.13 1.16 5.57 0.00 3.44 PML-25-008 74.77 76.77 2.00 0.15 265.00 2.10 0.07 1.87 1.38 0.00 3.21 PML-25-009a From 30-130 meters scattered Cu-Au-Ag with 0.30-0.70% CuEq (35m mineralized) and 139.32 140.32 1.00 0.32 9.80 1.33 0.14 1.59 0.01 0.01 2.24 PML-25-010 No significant assays Testing BHEM West of Lion PML-25-011 422.70 424.70 2.00 0.01 1.40 0.20 0.27 0.54 0.08 0.01 0.99 PML-25-012a 418.21 430.75 12.54 3.10 35.52 4.09 0.20 12.06 2.00 0.01 10.99 100m up plunge from hole PML-25-005 Including 423.42 425.93 2.51 0.75 124.91 13.21 0.53 46.62 5.55 0.03 31.40 PML-25-013 263.50 276.00 12.50 0.13 2.56 0.77 0.02 0.73 0.22 0.00 1.10 In-fill drilling in Lion central low-grade area Including 267.23 273.06 5.83 0.15 3.73 1.48 0.03 1.49 0.44 0.00 2.05 Including 267.23 269.23 2.00 0.28 7.15 4.09 0.08 3.09 0.57 0.00 4.95 Nisk East Zone - Significant assay from holes PMN-25-003, 004 Hole From To Length Au Ag Cu Ni Pd Pt Co CuEq Rec 1 (m) (m) (m) (g/t) (g/t ) ( %) ( %) (g/t ) (g/t ) ( %) ( %) PMN-25-003 No significant assays PMN-25-004 247.00 258.25 11.25 0.02 1.32 0.60 0.26 0.24 0.08 0.02 1.22 Nisk East Zone Including 247.00 251.00 4.00 0.01 2.86 1.49 0.29 0.44 0.19 0.02 2.10 Including 247.00 249.00 2.00 0.01 5.40 2.93 0.33 0.60 0.25 0.02 3.44 Note: Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length 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. As previously disclosed (news release April 30, 2025), Power Metallic is expanding its core facility to accommodate up to six drills turning. Currently the area of the old core facility has been moved or dismantled and useable structures from that facility have been co-opted into office, storage, safety, core cutting and medical units. New core buildings are beginning to arrive (converted containers – Figure 4, 5), with the first two units in place, and electrical hook-ups being prepared. Drilling is scheduled to start on June 6 with two drills. By the end of June, with the delivery of the next two core logging units, production will be increased to four drills. Initial drilling will be focused on expanding the Lion zone, with follow-up drilling beginning to explore the strike extensions of the favorable stratigraphy from the Lion and Nisk zones, including exploration along the Tiger trend. Drilling during the spring/summer will be a combination of overland and helicopter supported drilling. As we move into the fall freeze up and acquire the final two core logging containers, exploration will expand to six drills. As previously advised, the summer period will include extensive mapping and prospecting carried out in parallel with airborne EM surveying over prospective target areas. Power Metallic has planned the logistics and support for carrying out this largest exploration effort on the project to date. 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 PML-25-002 and will be updated as soon as possible with all remaining publicly released holes. 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 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. (CRE: TSXV). 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 NQ size 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. SOURCE Power Metallic Mines Inc.
Yahoo
6 days ago
- Business
- Yahoo
Power Metallic intercepts 12.54 meters of 10.99% CuEq at the Lion Zone and 11.25m of 1.22% CuEq at Nisk East - First Lion Like Mineralization Intercepted near the Nisk Zone
3.10 g/t Au, 25.52 g/t Ag, 4.09% Cu, 12.06 g/t Pd, 2.00 g/t Pt – Cu EqRec1 10.99% over 12.54 m in PML-25-012a 1.32 g/t Ag, 0.60% Cu, 0.24g/t Pd, and 0.26 Ni – Cu EqRec1 1.22% over 11.25 m in PMN-25-004 TORONTO, June 4, 2025 /PRNewswire/ - Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce the return of the final 11 holes from the winter 2025 drilling campaign focused on the Lion Zone (9 holes) and Nisk East (2 holes). The nine holes at lion (PML-25-005 to 013) were testing multiple areas of the Lion Zone, including the down plunge extent, shallow sub-crop projections, in-fill drilling of the Lion Zone, and testing of off-hole EM (BHEM) anomalies west of Lion (Table 1). The general location of the drilling in this news release for the Lion Zone and Nisk East Zone is shown in Figure 1. LION ZONE DRILL RESULTS The nine holes reported in this release were testing the deeper plunge extent on the western side of the Lion Zone; shallow sub-cropping interpreted locations of the Lion Zone, and internal in-fill drilling to better define the heterogenous width and grade of the Lion Zone in preparation for a future mineral resource estimate. Holes PML-25-005 and 012a were testing the down plunge extent of the western side of the Lion Zone. Both holes intersected substantial polymetallic zones (3.10 g/t Au, 25.52 g/t Ag, 4.09% Cu, 12.06 g/t Pd, 2.00 g/t Pt – Cu EqRec1 10.99% over 12.54 m in PML-25-012a – Figure 2) indicating a potential shift to the west for the plunge of the high grade portion of the Lion zone. This plunge direction will be followed up by early drill holes in the spring/summer drill campaign starting in early June. "Well apologies that took a lot longer than I thought. We try and provide as much visibility as possible but there were some unforeseen delays. That being said we think they have been worth the wait. The team is very keen to get that suite of holes between Nisk and Lion and let's just see how connected these mineralized areas are!" commented Power Metallic CEO Terry Lynch. Holes PML-25-006 through 009a tested interpreted shallow sub-crop locations for the Lion Zone. The shallow areas of Lion were gaps in our knowledge of the deposit. All holes hit low grade hanging-wall style mineralization but failed to intersect the high-grade zones encountered in deeper drill holes. Hole PML-25-13 was specifically targeted on a wide gap in drill spacing that was interpreted as a relatively low grade portion of the Lion Zone. This hole intersected better than expected mineralization including 0.15 g/t Au, 3.73 g/t Ag, 1.48% Cu, 1.49 g/t Pd and 0.44 g/t Pt over 5.83 meters, effectively filling a hole in the projection of the Lion Zone. Figure 3 below shows a revised long-section with pierce points of the drill holes with assays reported in this news release. Significantly, the southwestern plunge direction remains open for additional increases to the size of Lion, and this will be our first target tested in the spring/summer drill campaign. NISK EAST DRILL RESULTS Two holes were targeted on areas east of the Nisk Deposit (MRE 2023), termed Nisk East in previous press releases. Historical drilling in the area had given indications of possible Lion, or Lion-Nisk hybrid style mineralization through indicator minerals located in stratigraphic positions conducive for Lion style zones. Hole PMN-25-003 failed to intersect any significant mineralization, but hole PMN-25-004 hit Lion style mineralization on the stratigraphic footwall to the ultra-mafic sill, like Lion's location. Additional mineralization extended into the ultra-mafic with Ni-Cu Nisk style sulphide mineralization. This discovery will be followed up by drilling in the spring/summer drill campaign and this success provides proof of exploration concepts along the untested target strike length between the Nisk and Lion zones. Table 1: Significant assay results from this news release - Lion and Nisk East Zones Lion Zone - Significant assay from holes PML-25-005, 006 Comment Hole From To Length Au Ag Cu Ni Pd Pt Co CuEq Rec1(m) (m) (m) (g/t) (g/t ) ( %) ( %) (g/t ) (g/t ) ( %) ( %)PML-25-005 526.00 548.50 22.50 0.20 8.83 1.03 0.05 2.74 0.47 0.00 2.24 Deep extension Including 543.30 548.50 5.20 0.56 25.38 4.00 0.19 11.84 2.01 0.01 8.99Including 543.30 545.30 2.00 1.09 60.75 8.67 0.25 25.65 4.86 0.01 19.22PML-25-006 77.40 80.15 2.75 0.12 5.84 1.69 0.14 1.07 0.03 0.01 2.18 Shallow holes testing the sub cropping location of Lion all on the western edge of the Lion Zone PML-25-007 114.05 121.05 7.00 0.12 2.57 0.59 0.08 0.45 1.74 0.01 1.42 Including 115.05 117.05 2.00 0.21 3.90 1.20 0.13 1.16 5.57 0.00 3.44 PML-25-008 74.77 76.77 2.00 0.15 265.00 2.10 0.07 1.87 1.38 0.00 3.21 PML-25-009a From 30-130 meters scattered Cu-Au-Ag with 0.30-0.70% CuEq (35m mineralized) and 139.32 140.32 1.00 0.32 9.80 1.33 0.14 1.59 0.01 0.01 2.24 PML-25-010 No significant assays Testing BHEM West of Lion PML-25-011 422.70 424.70 2.00 0.01 1.40 0.20 0.27 0.54 0.08 0.01 0.99 PML-25-012a 418.21 430.75 12.54 3.10 35.52 4.09 0.20 12.06 2.00 0.01 10.99 100m up plunge from hole PML-25-005 Including 423.42 425.93 2.51 0.75 124.91 13.21 0.53 46.62 5.55 0.03 31.40 PML-25-013 263.50 276.00 12.50 0.13 2.56 0.77 0.02 0.73 0.22 0.00 1.10 In-fill drilling in Lion central low-grade area Including 267.23 273.06 5.83 0.15 3.73 1.48 0.03 1.49 0.44 0.00 2.05 Including 267.23 269.23 2.00 0.28 7.15 4.09 0.08 3.09 0.57 0.00 4.95Nisk East Zone - Significant assay from holes PMN-25-003, 004 Hole From To Length Au Ag Cu Ni Pd Pt Co CuEq Rec1(m) (m) (m) (g/t) (g/t ) ( %) ( %) (g/t ) (g/t ) ( %) ( %)PMN-25-003 No significant assaysPMN-25-004 247.00 258.25 11.25 0.02 1.32 0.60 0.26 0.24 0.08 0.02 1.22 Nisk East Zone Including 247.00 251.00 4.00 0.01 2.86 1.49 0.29 0.44 0.19 0.02 2.10 Including 247.00 249.00 2.00 0.01 5.40 2.93 0.33 0.60 0.25 0.02 3.44 Note: Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length 1Copper 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. PROGRESS ON SPRING/SUMMER DRILL CAMPAIGN START-UP As previously disclosed (news release April 30, 2025), Power Metallic is expanding its core facility to accommodate up to six drills turning. Currently the area of the old core facility has been moved or dismantled and useable structures from that facility have been co-opted into office, storage, safety, core cutting and medical units. New core buildings are beginning to arrive (converted containers – Figure 4, 5), with the first two units in place, and electrical hook-ups being prepared. Drilling is scheduled to start on June 6 with two drills. By the end of June, with the delivery of the next two core logging units, production will be increased to four drills. Initial drilling will be focused on expanding the Lion zone, with follow-up drilling beginning to explore the strike extensions of the favorable stratigraphy from the Lion and Nisk zones, including exploration along the Tiger trend. Drilling during the spring/summer will be a combination of overland and helicopter supported drilling. As we move into the fall freeze up and acquire the final two core logging containers, exploration will expand to six drills. As previously advised, the summer period will include extensive mapping and prospecting carried out in parallel with airborne EM surveying over prospective target areas. Power Metallic has planned the logistics and support for carrying out this largest exploration effort on the project to date. 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 PML-25-002 and will be updated as soon as possible with all remaining publicly released holes. 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 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. (CRE: TSXV). 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 NQ size 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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Yahoo
15-05-2025
- Business
- Yahoo
The Southern Banc Company, Inc. Announces Third Quarter Earnings
GADSDEN, Ala., May 15, 2025 (GLOBE NEWSWIRE) -- The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company (the 'Bank'), announced net income of approximately $230,000, or $0.30 per basic and $0.30 per diluted share, for the quarter ended March 31, 2025, as compared to net income of approximately $340,000, or $0.45 per basic and $0.44 per diluted share, for the quarter ended March 31, 2024. The Company announced that for the nine-month period ended March 31, 2025, the Company recorded net income of approximately $775,000, or $1.02 per basic and $1.01 per diluted share, as compared to net income of approximately $1,177,000, or $1.55 per basic and $1.53 per diluted share, for the nine-month period ended March 31, 2024. The Company's fiscal year ends June 30, 2025. Gates Little, President and Chief Executive Officer of the Company stated that the Company's net interest margins increased approximately $335,000, or 17.92%, during the quarter as compared to the same period in 2024. The increase in the net interest margin before provision for credit losses for the quarter was primarily attributable to an increase in total interest income of approximately $477,000 offset by an increase in total interest expense of approximately $142,000. For the three-month period ending March 31, 2025, the Company recorded a provision for loan and lease losses in the amount of approximately $99,000 as compared to no provision for the three-month period ended March 31, 2024. For the quarter ending March 31, 2025, total non-interest income decreased approximately $53,000, or (27.88%), while total non-interest expense increased approximately $332,000, or 20.70%, as compared to the same three-month period in 2024. The decrease in non-interest income was primarily attributable to a decrease in miscellaneous income of approximately $51,000 and customer services fees of approximately $2,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $289,000, professional service expense of approximately $26,000, and occupancy expense of approximately $8,000 offset in part by a decrease in data processing expenses of approximately $10,000. For the nine months ending March 31, 2025, net interest income increased approximately $1,442,000, or 20.17%, as compared to the same period in 2024. For the nine-month period ending March 31, 2025, the Company recorded a provision for loan and lease losses in the amount of approximately $541,000 as compared to no provision for the nine-month period ended March 31, 2024. For the nine-months ended March 31, 2025, total non-interest income decreased approximately $42,000, or (8.53%), while total non-interest expense increased approximately $774,000, or 16.70%, as compared to the same period in 2024. The decrease in non-interest income was primarily attributable to decreases in miscellaneous income of approximately $37,000 and customer service fees of approximately $5,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $630,000, occupancy expense of approximately $21,000, professional fees of approximately $144,000, offset in part by a decrease in data processing expense of approximately $25,000. The Company's total assets on March 31, 2025, were approximately $127.7 million, as compared to $113.1 million at June 30, 2024. Total stockholders' equity was approximately $16.3 million on March 31, 2025, or 12.73% of total assets as compared to approximately $14.5 million on June 30, 2024, or approximately 12.80% of total assets. The Bank has four full-service banking offices located in Gadsden, Albertville, Guntersville, and Centre, AL, and one loan production office in Birmingham, AL that conducts factoring activities. Common stock of The Southern Banc Company, Inc. trades in the over-the-counter market under the symbol 'SRNN'. Certain statements in this release contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as 'may,' 'will,' 'expect,' 'estimate,' 'anticipate,' 'believe,' 'target,' 'plan,' 'project,' 'continue,' or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company's financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. (Selected financial data attached) THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollar Amounts in Thousands) March 31, June 30, 2025 2024 Unaudited Audited ASSETS CASH AND CASH EQUIVALENTS $ 26,537 $ 12,632 SECURITIES AVAILABLE FOR SALE, at fair value 38,922 37,912 FEDERAL HOME LOAN BANK STOCK 125 120 LOANS RECEIVABLE, net of allowance for loan losses of $1,605 and $1,160, respectively 58,408 58,199 PREMISES AND EQUIPMENT, net 1,025 1,133 ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 955 934 PREPAID EXPENSES AND OTHER ASSETS 1,763 2,124 TOTAL ASSETS $ 127,735 $ 113,054 LIABILITIES DEPOSITS $ 104,249 $ 92,250 FHLB ADVANCES 0 0 OTHER LIABILITIES 7,227 6,338 TOTAL LIABILITIES 111,476 98,588 STOCKHOLDERS' EQUITY: Preferred stock, par value $.01 per share 500,000 shares authorized; no shares issued and outstanding - - Common stock, par value $.01 per share, 3,500,000 authorized, 1,454,750 shares issued 15 15 Additional paid-in capital 13,947 13,943 Shares held in trust, 44,081 and 46,454 shares at cost, respectively (762 ) (772 ) Retained earnings 14,660 13,884 Treasury stock, at cost, 648,664 shares (8,825 ) (8,825 ) Accumulated other comprehensive (loss) (2,776 ) (3,779 ) TOTAL STOCKHOLDERS' EQUITY 16,259 14,466 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 127,735 $ 113,054THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollar Amounts in Thousands, except per share data) Three Months Ended Nine Months Ended March 31, March 31, 2025 (Unaudited) 2024 2025 (Unaudited) 2024 INTEREST INCOME: Interest and fees on loans $ 2,476 $ 2,108 $ 7,548 $ 6,284 Interest and dividends on securities 200 182 545 551 Other interest income 213 122 494 310 Total interest income 2,889 2,412 8,587 7,145 INTEREST EXPENSE: Interest on deposits 685 543 2,020 1,392 Interest on borrowings 0 0 0 0 Total interest expense 685 543 2,020 1,392 Net interest income before provision for loan losses 2,204 1,869 6,567 5,753 Provision for loan losses 99 0 541 0 Net interest income after provision for loan losses 2,105 1,869 6,026 5,753 NON-INTEREST INCOME: Fees and other non-interest income 30 32 96 101 Net gain on sale of securities 0 0 0 0 Miscellaneous income 107 158 344 381 Total non-interest income 137 190 440 482 NON-INTEREST EXPENSE: Salaries and employee benefits 1,239 950 3,402 2,772 Office building and equipment expenses 101 93 285 264 Professional Services Expense 195 169 565 421 Data Processing Expense 185 195 555 580 Net loss on sale of securities 0 0 0 0 Other operating expense 211 192 610 606 Total non-interest expense 1,931 1,599 5,417 4,643 Income before income taxes 311 460 1,049 1,592 PROVISION FOR INCOME TAXES 81 120 274 415 Net Income $ 230 $ 340 $ 775 $ 1,177 EARNINGS PER SHARE: Basic $ 0.30 $ 0.45 $ 1.02 $ 1.55 Diluted $ 0.30 $ 0.44 $ 1.01 $ 1.53 DIVIDENDS DECLARED PER SHARE $ --- $ --- $ --- $ --- AVERAGE SHARES OUTSTANDING: Basic 763,918 759,650 761,050 760,729 Diluted 768,309 766,093 766,710 767,791 Contact: Gates Little (256) 543-3860
