Latest news with #PowerMetallic
Cision Canada
7 days ago
- Business
- Cision Canada
Power Metallic Demonstrates Positive Initial Mineralogy Results - PGE Enrichment Associated with Chalcopyrite and Cubanite
TORONTO, July 23, 2025 /CNW/ - Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) Power Metallic is pleased to provide an update on preliminary mineralogy scans preformed by IOS Geosciences based in Chicoutimi, Quebec. Detailed microscopic scans are being performed on selected mineralized samples from the Lion zone to understand the characteristics of the mineralogy. This will help inform future metallurgical recovery studies on the Lion Zone. Approximately half of the suite of over 100 samples selected to represent the various mineralized zones at Lion have been completed, and results to date are encouraging for potential conventional sulphide concentrate recovery methods. The Lion deposit has two zones of mineralization defined by drilling, consisting of a High-Grade zone and a lower grade Hanging-wall Zone. Current understanding is that the vast majority of the metal value in the deposit is contained within the High-Grade zone, consisting of semi-massive to massive copper sulphide mineralization. The scans by IOS reveal the mineralogy of the economic metals, and their host rocks. This characterization is critical for determining potential metallurgical recoveries, in particular for understanding the mineral species of the high value copper and PGEs. Of utmost importance is understanding the characteristics of the High-Grade Zone containing the bulk of the metal in the deposit. Work to date has shown that the copper mineralization is contained within coarse grained chalcopyrite and cubanite, both which should respond well to conventional sulphide concentration methods, similar to processes carried out on Sudbury type ores. Additionally, the scans have shown that the majority of PGE mineral species occur within or attached to the chalcopyrite and cubanite (Figure 1). This suggests the potential for very good recovery of these PGEs in a copper concentrate (Figure 2). In addition, the species of PGE minerals including stannopalladinite, froodite, and merenskyite are minerals that are similar to those recovered in other polymetallic ores, such as the Sudbury basin deposits and Norilsk. Overall, the character of the mineralization and the host sulphides suggest that good recoveries of both the copper minerals and the PGEs can be expected in conventional sulphide concentration recovery methods. Mineralogy and Metallurgical Timeline Mineralogy testing is expected to be complete by the end of summer. Upon completion initial scoping-level metallurgical testing will be started. Aiming to evaluate the optimal recovery method for the deposit. Targeting the start of this work prior to the commencement of the winter drill program, with initial results expected early next year. 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 Copper–PGE, Nickel, 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. It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia's JabalSaid Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit. For further information, readers are encouraged to contact: Power Metallic Mines Inc. The Canadian Venture Building 82 Richmond St East, Suite 202 Toronto, ON 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.
Cision Canada
14-07-2025
- Business
- Cision Canada
Power Metallic Closes on Li-FT Power Land Acquisition
TORONTO, July 14, 2025 /CNW/ - Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) Power Metallic is pleased to announce it has closed on the 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 45.86km² Nisk property, where exploration is expanding the high–grade Lion Cu–PGE discovery and the Nisk Cu–Ni-PGE-Co deposit. Power Metallic currently holds ~212.86 km² of land in the Nisk camp, 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 (Figure 1 map of regional play with new property, showing relative size with original Nisk property). Purchase Agreement Terms With the closing conditions met, including final TSX Venture Exchange approval received, Power Metallic has advanced a $700,000 cash payment to Li-FT and issued 6,000,000 common shares of the Company (the " Shares"). All the Shares 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 also bear a 12 month hold and restriction from transfer. Additionally, Li-FT retains a 0.5% NSR on all acquired claims under a royalty agreement between Li-FT and the Company effective the closing date. Certain of the claims also retain certain underlying royalties and in some cases buy back rights that were contained in previous agreements between Li-FT and prior property vendors. 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. Administrative Updates The Company has appointed MNP LLP, Chartered Professional Accountants, as its new auditor. In alignment with its ongoing growth and strategic objectives, the Company elected to engage a PCAOB-registered mid-tier audit firm to support potential listings on senior stock exchanges. For the Company's recently completed Q2 ended June 30, 2025, for its interim financial statements (when filed), it will add a comparative figures note as it relates to investor relations expenses in prior periods: "Certain comparative figures have been reclassified to conform with the current year's presentation. Amounts from Investor relations have been reclassified to Shareholder Communications, Listing fees, and Advisory and Business development. This reclassification should provide greater clarity to investors regarding the breakdown of the Company's expenditures. The reclassification of comparative figures had no impact on the June 30, 2024, December 31, 2024 and 2023 statement of financial position or statement of changes in shareholders' (deficit) equity." For the FYE December 31, 2023, the total investor relations expense of $3,181,461 is reclassified as $497,134 to Shareholder Communications, $33,372 to Listing Fees, $1,784,661 to Advisory and Business Development, and $866,294 retained as Investor Relations to provide greater clarity on the nature of the expenses. 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 Copper–PGE, Nickel, 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. It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdom of Saudi Arabia's JabalSaid Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit. For further information, readers are encouraged to contact: Power Metallic Mines Inc. The Canadian Venture Building 82 Richmond St East, Suite 202 Toronto, ON 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
10-07-2025
- Business
- Cision Canada
Power Metallic Provides an Update on Summer 2025 Exploration Programs at Nisk Project
TORONTO, July 10, 2025 /CNW/ - Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSX-V: PNPN, OTCBB: PNPNF, Frankfurt: IVV) Power Metallic is pleased to provide an update on the current exploration activity (Q2-Q3 2025) and the planned scaling up of exploration programs in Q3-Q4 of 2025. THE BIG PICTURE Exploration is well underway for the summer to fall drilling campaign. The majority of the logging and core cutting facility upgrade (announced in the March 17, 2025, news release) has been completed allowing for faster expansion of the exploration drill program. Mobilization of project team members, drillers (RJLL Forage Drilling) and Helicopter support (Expedition) was completed for a June 9th start to the drilling program. Currently there are three (3) active drill rigs, with the fourth (4) mobilizing to site this week. Drilling is a combination of skid mounted trail accessible, and helicopter supported drills. The drills mobilized are targeting the following drilling meters by zone for the summer drilling period. 10,000-12500 meters of drilling at Lion 5,000-6,250 meters of drilling at Tiger 5,000-6,250 meters of drilling at Nisk Main, Nisk West and Nisk East As previously carried out in 2024 and Q1 2025 drilling programs, borehole EM (BHEM) surveys are being performed by Geophysique TMC on selected drill holes to identify off-hole anomalies. To date Power Metallic has had great success discovering mineralization following up on BHEM conductors. TMC will also conduct localized ground EM surveys following up on re-interpreted Airborne EM data collected in 2023 In addition to drilling, a large field crew is carrying out detailed mapping and prospecting of the property, including the recently announced land acquisition package from Li-FT Power covering the south limb of the basin containing the prospective geology for Cu-PGE-Ni deposits, and the eastern and western extensions of the Nisk-Lion-Tiger host geology (June 9, 2025, news release). Supplementing the field mapping Power Metallic has started an airborne EM/magnetic (AEM) survey carried out by Geotech Ltd covering our entire land package (approximately 1/3 completed to date), with the goal of defining EM conductors over prospective geology identified by the mapping crews. Additional to the AEM survey Power Metallic completed a LiDAR survey with LiDAR Services International (LSI). This survey will provide detailed topography with 10-20cm accuracy for all of Power Metallic's property. LSI will require approximately 10 weeks to process the topographic information. Once completed this survey will be invaluable for identifying outcrop areas for the mapping crews, particularly when overlaid with the co-collected orthorectified imagery at 10 cm pixel resolution that will be provided by LSI. Coupled with the AEM conductors the LiDAR and imagery will be excellent tools for drill site placement over prospective targets. In the background of the exploration programs Power Metallic is continuing to process detailed mineralogy studies through IOS and Elemission. These studies are designed to quantify the deportment of the Lion style mineralization, and the host rocks containing the Lion Zone. A subsequent press release in the coming weeks will provide (i) an update on the progress of the ongoing studies and (ii) explains the implications for expected metallurgical recoveries. THE EXECUTION Drill continues to develop the mineralization along the Nisk-Lion-Tiger trend (Figure 1). As drill permitting advances the target area through this host stratigraphy will be expanded. With four (4) drills operating Power Metallic expects an acceleration in discovery and expansion along this trend. Lion At Lion there are two (2) fly rigs turning with the aim of both extending Lion down dip/plunge to the SW as well as to infill gaps within the known deposit. Extension holes have been planned within an aggressive 100 x 100m grid following the modelled plunge of Lion, and accumulated BHEM conductive plates. Infill holes have been designed to add tonnes to the future mineral resource estimate. To date five (5) holes have been completed in this drill campaign with assays pending on significant mineralized zones (Figure 2). Tiger Power Metallic has scheduled one (1) drill to explore several undrilled targets (both modelled and BHEM) that are designed to expand this area into an additional mineral resource. Between Lion and Tiger There is a wide gap of no information between the currently known Lion and Tiger zones. A fourth drill (fly) is being mobilized to site this week with the goal of drilling exploratory holes between Lion and Tiger to cover this gap, as well as to evaluate targets at Tiger following up on mineralized intercepts from the early 2025 programme, as well as to test targets defined by BHEM surveys. Nisk Deposit A skid-based drill is active at Nisk East with the goal of understanding the potential that exists between Nisk and Lion, as well as targeting plates generated from recent BHEM and Airborne EM surveys. Select holes in this programme will have BHEM done. Early drilling during the Q1 2025 drilling campaign and in this campaign has encountered interesting mineralization that appears to be a hybrid of Lion and Nisk styles. To date three (3) holes have been completed in this drill campaign with assays pending on significant mineralized zones. LiFT Acquisition Update The Company is in the final stages of completing the acquisition that will add 167 km² to our existing ground (Figure 4). Increasing our land package by more than 300%. We expect to close this acquisition in the coming days and will provide a news release upon closing. Power Metallic is in the process of acquiring drill permits for the additional lands acquired, and for extending the Lion-Nisk target area. It is anticipated that these areas will be permitted for drilling during this current drill campaign. Specific areas of interest include the extension east of the Lion-Tiger stratigraphy that was acquired from Li-FT, and the western extension of the geology hosting the Nisk deposit which has indications of Ni-Cu mineralization from historical drilling. Once the AEM and LiDAR surveys are completed, and the results of prospecting sample assays are returned, drill targets will be developed in these new areas. 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 Copper–PGE, Nickel, 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. It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia's JabalSaid Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit. For further information, readers are encouraged to contact: Power Metallic Mines Inc. The Canadian Venture Building 82 Richmond St East, Suite 202 Toronto, ON 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.
Yahoo
16-06-2025
- Business
- Yahoo
Power Metallic Awarded Jabal Baudan Exploration License in Saudi Arabia's Jabal Sayid Belt
TORONTO, June 16, 2025 /CNW/ - Power Metallic Mines Inc. ("Power Metallic" or the "Company") (TSXV: PNPN), a leading exploration and development company, is proud to announce that it has been awarded the exploration license for the Jabal Baudan project in Saudi Arabia's Jabal Sayid Mineralized Belt. This historic milestone positions Power Metallic as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a successful bid in this prestigious licensing process. Strategic Acquisition in a High-Potential Region The Jabal Baudan property, encompassing over 200 square kilometers, is the largest of the seven exploration packages offered in the Jabal Sayid belt. Situated approximately 150 kilometers south of Jeddah along the western Red Sea coastal plain, Jabal Baudan is recognized for its high prospectivity for copper, gold, and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid Mine and the promising Umm ad Damar deposit. Power Metallic's CEO, Terry Lynch, remarked: "We are honored to have been awarded the Jabal Baudan exploration license, marking a pivotal step in our strategy to expand our portfolio into one of the world's most promising mineral belts. This achievement underscores our commitment to advancing mineral exploration globally and highlights our ability to secure high-value assets in competitive jurisdictions." Location and Geology The Jabal Baudan property is in rugged mountainous terrain dissected by wadi systems that flow southward to the Red Sea. It is underlain by late Proterozoic volcanic, volcaniclastic, and sedimentary rocks, which are intruded by younger plutonic rocks ranging from gabbro to granite. This geological setting shares similarities with the nearby Umm Hiljan deposit, providing significant potential for the discovery of VMS-style mineralization. Historical exploration conducted by BRGM, Riofinex, and USGS between 1966 and 1985 has identified siliceous volcanic rocks and "ironstone" indicative of mineralizing systems conducive to VMS deposits. Power Metallic intends to leverage historical aeromagnetic survey data to refine its exploration strategy and outline key target areas. "The Jabal Baudan site is located at the heart of the most prospective region of Saudi Arabia. It is easily reachable by world quality infrastructure and initial samples have confirmed strong potential for a large range of minerals" Dr Remi Piet, Senior Partner at Embellie Advisory. Exploration Enablement Program (EEP): A Collaborative Opportunity The Jabal Baudan project benefits from the support of the Kingdom's Exploration Enablement Program (EEP), a $182 million initiative aimed at stimulating and de-risking mineral exploration investments in Saudi Arabia. Designed to foster knowledge exchange and mutual growth, the EEP provides up to $2 million per exploration license, capped at 15 licenses per company. Power Metallic's participation in this program will accelerate its geological understanding of the Jabal Baudan property, enabling the Company to prioritize high-potential zones for advanced exploration. Commitment to Advancing Saudi Arabia's Mining Sector Power Metallic's entry into the Kingdom aligns with Saudi Arabia's Vision 2030 initiative, which seeks to diversify the economy and position the country as a global leader in the mining sector. The Jabal Baudan project exemplifies the Kingdom's commitment to fostering foreign investment and developing its mineral resources in a sustainable and innovative manner. "Being part of Saudi Arabia's transformative mining landscape is a privilege and a responsibility we take seriously," added Terry Lynch, CEO. "We are committed to working collaboratively with local stakeholders, leveraging our expertise to unlock the immense potential of the Jabal Baudan property." Next Steps Power Metallic will commence exploration activities at Jabal Baudan with a comprehensive compilation and reconnaissance stage, followed by advanced exploration targeting high-priority zones. The Company will deploy cutting-edge exploration techniques to maximize the project's potential while adhering to world-class environmental and operational standards. About Power Metallic Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger) where the Company has discovered a rare Ortho Magmatic system comprised of high–grade nickel–copper–PGE, gold and silver system The last Ortho Magmatic system discovery was Anglo Americans Sakatti in Finland and other examples include Voisey's Bay and the world's only mine with over $1 Trillion dollars' worth of metal produced or in the ground the legendary Norilisk. 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. 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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Cision Canada
16-06-2025
- Business
- Cision Canada
Power Metallic Awarded Jabal Baudan Exploration License in Saudi Arabia's Jabal Sayid Belt
TORONTO, June 16, 2025 /CNW/ - Power Metallic Mines Inc. ("Power Metallic" or the "Company") (TSXV: PNPN), a leading exploration and development company, is proud to announce that it has been awarded the exploration license for the Jabal Baudan project in Saudi Arabia's Jabal Sayid Mineralized Belt. This historic milestone positions Power Metallic as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a successful bid in this prestigious licensing process. Strategic Acquisition in a High-Potential Region The Jabal Baudan property, encompassing over 200 square kilometers, is the largest of the seven exploration packages offered in the Jabal Sayid belt. Situated approximately 150 kilometers south of Jeddah along the western Red Sea coastal plain, Jabal Baudan is recognized for its high prospectivity for copper, gold, and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid Mine and the promising Umm ad Damar deposit. Power Metallic's CEO, Terry Lynch, remarked: "We are honored to have been awarded the Jabal Baudan exploration license, marking a pivotal step in our strategy to expand our portfolio into one of the world's most promising mineral belts. This achievement underscores our commitment to advancing mineral exploration globally and highlights our ability to secure high-value assets in competitive jurisdictions." Location and Geology The Jabal Baudan property is in rugged mountainous terrain dissected by wadi systems that flow southward to the Red Sea. It is underlain by late Proterozoic volcanic, volcaniclastic, and sedimentary rocks, which are intruded by younger plutonic rocks ranging from gabbro to granite. This geological setting shares similarities with the nearby Umm Hiljan deposit, providing significant potential for the discovery of VMS-style mineralization. Historical exploration conducted by BRGM, Riofinex, and USGS between 1966 and 1985 has identified siliceous volcanic rocks and "ironstone" indicative of mineralizing systems conducive to VMS deposits. Power Metallic intends to leverage historical aeromagnetic survey data to refine its exploration strategy and outline key target areas. "The Jabal Baudan site is located at the heart of the most prospective region of Saudi Arabia. It is easily reachable by world quality infrastructure and initial samples have confirmed strong potential for a large range of minerals" Dr Remi Piet, Senior Partner at Embellie Advisory. Exploration Enablement Program (EEP): A Collaborative Opportunity The Jabal Baudan project benefits from the support of the Kingdom's Exploration Enablement Program (EEP), a $182 million initiative aimed at stimulating and de-risking mineral exploration investments in Saudi Arabia. Designed to foster knowledge exchange and mutual growth, the EEP provides up to $2 million per exploration license, capped at 15 licenses per company. Power Metallic's participation in this program will accelerate its geological understanding of the Jabal Baudan property, enabling the Company to prioritize high-potential zones for advanced exploration. Commitment to Advancing Saudi Arabia's Mining Sector Power Metallic's entry into the Kingdom aligns with Saudi Arabia's Vision 2030 initiative, which seeks to diversify the economy and position the country as a global leader in the mining sector. The Jabal Baudan project exemplifies the Kingdom's commitment to fostering foreign investment and developing its mineral resources in a sustainable and innovative manner. "Being part of Saudi Arabia's transformative mining landscape is a privilege and a responsibility we take seriously," added Terry Lynch, CEO. "We are committed to working collaboratively with local stakeholders, leveraging our expertise to unlock the immense potential of the Jabal Baudan property." Next Steps Power Metallic will commence exploration activities at Jabal Baudan with a comprehensive compilation and reconnaissance stage, followed by advanced exploration targeting high-priority zones. The Company will deploy cutting-edge exploration techniques to maximize the project's potential while adhering to world-class environmental and operational standards. About Power Metallic Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger) where the Company has discovered a rare Ortho Magmatic system comprised of high–grade nickel–copper–PGE, gold and silver system The last Ortho Magmatic system discovery was Anglo Americans Sakatti in Finland and other examples include Voisey's Bay and the world's only mine with over $1 Trillion dollars' worth of metal produced or in the ground the legendary Norilisk. 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. 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.
