Power Metallic Mines (TSX-V:PNPN) says drilling has extended mineralisation at its Lion deposit to more than 25% deeper than the deepest hole used in its recently announced resource estimate.
The deposit forms part of the Nisk Project in Québec, Canada.
Hole PML-26-125 returned 5.7m @ 14% recovery-adjusted copper equivalent (CuEqRec) from 845.8m, including 2.15m @ 24.62% CuEqRec.
The intersection sits at nearly 800m vertical depth, below the current mineral resource estimate (MRE), and contains massive to semi-massive copper sulphides. It represents Lion’s deepest assay results to date.
A second hole, PML-26-121a, returned 7.7m @ 3.28% CuEqRec from 666.3m, including 1.7m @ 11.93% CuEqRec, testing the western side of the deposit’s projected plunge at nearly 650m vertical depth.
Reported intervals are downhole lengths, with true widths estimated at 85% of those lengths. The equivalent grades incorporate metallurgical recoveries.
The results follow Lion’s maiden resource, which totalled 4.75 million tonnes @ 3.9% CuEq, containing about 406 million pounds of CuEq. More than 85% of the resource was classified as indicated.
CEO Terry Lynch says the summer program is testing Lion’s growth potential beyond the resource model.
“Today’s results pushed us over 25% deeper than the deepest hole used in our recently announced MRE and it did so with significantly higher grades,” Lynch says.
“We have visibility down over 50% deeper and visibly it looks like we are still in the Lion zone.”
A third hole, PML-26-128, tested the eastern side of Lion’s interpreted plunge at nearly 900m vertical depth. Copper sulphides were observed, but assays remain pending.
The company says it expects further results from deep drilling and regional exploration in the coming weeks. Its summer program also tested geological and electromagnetic targets through widely spaced exploration drilling.
Power Metallic Mines is a Canadian polymetallic explorer controlling approximately 330km² across the Nisk Project, where it is advancing the Nisk and Lion deposits and evaluating the Tiger target.
Write to France Pinzon at Mining.com.au
Main image: Power Metallic Mines
