Power Metallic hits high-grade copper in Quebec drilling program

Power Metallic Mines Inc (TSX-V:PNPN, OTCQB:PNPNF) said Monday that drilling at its Lion Zone project in northern Quebec returned high-grade copper and precious metal intercepts, bolstering confidence in the site’s potential.

The Toronto-based explorer reported that one hole cut 22.66 metres grading 4.57% copper equivalent, including 6.05 metres at 9.7%.

Another hole delivered 28 metres at 4.28% copper equivalent, including 3.4 metres running 15.45%. Copper equivalent, or CuEq, is a way of combining the value of different metals in a deposit—such as gold, silver, nickel, platinum and palladium—into a single copper-based grade.

The results came from an in-fill drilling program at the Lion Zone, designed to tighten spacing between holes to improve future resource estimates.

“The in-fill drilling will greatly increase our confidence in modelling of the Lion zone for future resource estimation,” the company said.

Power Metallic completed 34 holes totalling about 17,250 metres this summer across its Nisk project area, which covers the Lion, Tiger and Nisk targets along with new ground acquired earlier this year.

Assay results from many of those holes, including work at the Tiger and Nisk zones, are still pending.

The company also built new access roads into the Lion Zone to allow larger drill rigs to operate year-round. Drilling was paused on September 15 for the annual “Moose Break,” a seasonal hunting period observed in the region, and is expected to resume in October.

Separately, Power Metallic said Quebec’s government had expanded mining rights around the Lion Zone after Hydro-Québec lifted restrictions on nearby land.

Chief executive Terry Lynch called the move “as important as our drilling program,” adding that the company had worked with the local Cree community to push for the change.

Power Metallic has steadily expanded its footprint in Quebec. It now controls about 213 square kilometres of ground in the James Bay region, following the purchase of claims from Li-FT Power in June.

The company also holds exploration assets in British Columbia, Chile and Saudi Arabia.