Power Metallic Mines reports high-grade copper-equivalent assay results from Winter 2026 drilling at New Lion Project, advancing toward resource estimate completion.
Power Metallic Mines Inc. announced final assay results from its Winter 2026 drill program at its New Lion Project, located within the Eastern Metals Belt. The company's drilling efforts continue to define high-grade polymetallic mineralization, significantly advancing the project towards a Mineral Resource Estimate (MRE) and subsequent Preliminary Economic Assessment (PEA). This news was released on July 15, 2026.
The latest results confirm significant copper equivalent mineralization, particularly from infill drilling within the Lion Zone. Hole PML-26-116 yielded a substantial intercept of 36.42 meters grading 2.83% Copper Equivalent (CuEq), including a higher-grade section of 6.00 meters at 12.38% CuEq. Copper Equivalent (CuEq) represents the total economic value of various metals in a deposit, expressed as an equivalent amount of copper, considering metal prices and metallurgical recoveries. These infill drill holes aim to increase confidence in the mineralized zones for a potential future open-pit operation.
These final assays from the Winter 2026 drill program complete the data set for the initial National Instrument 43-101 (NI 43-101) compliant Mineral Resource Estimate on the Lion Zone. Power Metallic expects to complete and report the MRE for both the Lion and Nisk deposits by the end of July 2026. This MRE will then serve as the foundation for a Preliminary Economic Assessment, which will commence immediately after the MRE's completion. The company also recently held its Annual General and Special Meeting (AGSM) on June 30, 2026, where shareholders approved all resolutions.
The positive drill results enhance the economic potential of the New Lion Project, signaling the presence of significant high-grade copper and other valuable metals. This success contributes to the valuation of Power Metallic Mines Inc. and reinforces its strategy to advance the Nisk Project Area toward becoming a high-grade polymetallic mine in Quebec, Canada. The project benefits from its location in a supportive mining jurisdiction with existing infrastructure, including proximity to highways, airports, and low-carbon hydropower. The ongoing exploration and potential development of such deposits are crucial for the supply of critical minerals needed for various industries, including battery metals and green technologies. Power Metallic also intends to explore for additional deposits in the expanded Nisk Project Area.
Impact on the Product:
The confirmed high-grade copper equivalent intercepts (up to 12.38% CuEq) strengthen the economic case for the Lion Zone deposit, boosting investor confidence and moving the project closer to a formal Mineral Resource Estimate by end-July 2026. This positions Power Metallic favorably for its subsequent Preliminary Economic Assessment, potentially attracting partnerships, financing, or offtake interest, and reinforces Quebec's role as a viable jurisdiction for critical mineral supply chains supporting battery and green technology demand.
