Toronto-based Power Metallic Mines (TSX-V:PNPN) is ramping up drilling at its Nisk Project in Québec with the addition of a further three rigs planned.
The explorer is working to have six rigs operational at the project, up from three currently, after boosting its cash reserves by C$50 million ($54.8 million).
Power Metallic, which has a market capitalisation of C$352.9 million, says following the raise its exploration budget through to the end of 2026 is more than C$40 million.
Exploration will include roughly 100,000m drilling aimed at extending the zones in the Lion and Tiger polymetallic areas, expanding the Nisk deposit and exploring the untested 5.5km of strike between these areas.
Power Metallic is planning a complete revamp of the core logging facility, slated for completion in May, to allow an increase to six drills, which should all be operational from June.
Four drills are expected to work in the Lion-Tiger area to expand both prospects and define a resource for Lion by the first half of 2026.
The company is continuing to use both borehole electromagnetic (BHEM) surveys and ground EM as primary tools to inform drill targeting.
Power Metallic says BHEM has been successful in identifying off-hole anomalies that have returned sulphide drill intersections at the Lion and Tiger prospects.
Surveys of previously targeted drill holes have been completed.
Power Metallic recently changed its name from Power Nickel to better reflect the polymetallic nature of its Nisk Project, which hosts nickel, copper, platinum group metals, gold and silver.
Write to Angela East at Mining.com.au
Images: Power Metallic
