Power Metallic (TSX-V:PNPN) is aiming to expand its mining rights amid waiting on results of a public bid on additional land within close proximity to the Lion Zone discovery in Québec, Canada.
The results of the bid are anticipated to be registered within the next 30 to 90 days.
CEO Terry Lynch says the company is “very excited” to get this ground.
“Honestly as important as our drilling program was this summer, I can sincerely say our primary mission was to get more land,” Lynch says.
Power Metallic is currently planning its Canadian fall and winter program, which is expected to be realised by the end of October 2025.
This news comes after the company paused its Canadian summer drilling program, with three more holes awaiting to be completed in a couple of weeks following the end of the Cree moose hunt season.
Power Metallic has returned five holes from the campaign, which comprised 34 holes for 17,250m of drilling, primarily focusing on the Lion Zone.
Drillhole PML-025-014 intersected the Lion deposit 100m west and 175m down plunge from the nearest known drillhole. The company notes the high-grade portion of the Lion zone was not intersected and the disseminated zone returned a 9.44m intersection of 1.10% copper-equivalent.
Results are pending from holes PML-25-017 to PML-25-019, which will be reported as they become available.
As previously reported, drilling during the spring and summer campaigns focused on expanding the Lion Zone, with follow-up drilling exploring the strike extension of the favourable stratigraphy from the Lion and Nisk zones, including exploration along the Tiger trend.
There are no assay results yet from drilling at the Tiger deposit, which includes extensional exploration holes between the Lion and Tiger zones.
As CEO Terry Lynch previously told Mining.com.au, Power Metallic is now actively seeking to move to a more senior exchange, and as part of these power moves. Part of this strategy includes looking to beef up the board.
In mid-August, Lynch was in New York for a non-deal roadshow as the Canadian mineral explorer seeks a potential listing in the US. Meeting with interested prospective investors, many of which have no mining exposure, Lynch says it’s time for Power Metallic to be engaging with the ‘big boys’ – and Wall Street is where power moves are made.
Listing in New York is seen as an ideal avenue to access capital although the CEO notes that floating on the Australian Securities Exchange (ASX) remains on the cards.
Power Metallic is a Canadian mineral explorer focused on developing its nickel-copper-platinum group metals-silver Nisk Project into potentially Canada’s next polymetallic mine.
Write to Aaliyah Rogan at Mining.com.au
Images: Power Metallic
