Power Metallic Mines reports high-grade copper intercepts at Lion Zone

Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) has reported additional high-grade copper intercepts from its Lion Zone deposit at its Nisk polymetallic project in Quebec and released metallurgical test results that the company said support the potential inclusion of lower-grade mineralization in its upcoming resource estimate.

The company said recent drilling from its winter 2026 program returned several near-surface copper-equivalent intercepts, including 4.07 metres grading 8.73% copper equivalent in hole PML-26-067 and 10.3 metres grading 4.04% copper equivalent in hole PML-26-097.

Power Metallic said the drilling is part of an infill program aimed at increasing confidence in mineralized zones expected to support a future open-pit mining scenario at the Lion Zone.

The company said assays from the broader winter drill campaign are still pending, with all results expected by mid-June. Those results will be incorporated into an initial NI 43-101 mineral resource estimate for the Lion Zone and an updated resource estimate for the nearby Nisk nickel-copper-palladium deposit.

Both estimates are expected to be completed by the end of July and will form the basis for a preliminary economic assessment.

Alongside the drilling update, Power Metallic released results from metallurgical testing conducted by SGS Canada on lower-grade disseminated mineralization from the Lion Zone.

According to the company, locked-cycle testing of the low-grade composite material returned copper recoveries of 98.3% at a concentrate grade of 25.4% copper. Recoveries for gold, palladium and platinum were also reported in the mid-to-high 80% range.

Power Metallic said the recoveries were stronger than anticipated for lower-grade material and could allow the company to consider including larger volumes of lower-grade mineralization in the upcoming resource model.

The company also noted that SGS Canada is carrying out hydrometallurgical testing on Lion Zone copper concentrates to evaluate the potential for direct-to-metal recovery methods. Results from that work remain pending.