Power Metallic winds up Li-FT acquisition
Power Metallic Mines (TSX-V:PNPN) has finalised the terms of its acquisition proposal for 313 mineral claims over 167km2, from Li-FT Power (TSX-V:LIFT), adjoining the Nisk Project in Québec, Canada.
Following securing necessary approvals, Power Metallic paid C$700,000 cash and issued 6 million shares to Li-FT. who will retain a 0.5% net smelter royalty on all acquired claims under the deal.
As a result of the acquisition, the company now holds 212.86km2 of land in the Nisk camp, securing 20km of strike on the northern basin margin and 30km on the southern margin that envelope the Nisk, Lion, and Tiger discoveries.
As previously reported, Power Metallic plans to mobilise a drill rig for a drilling program. At the end of May 2025, field crews began upgrading the camp, including implementing grid-power wiring for the new core.
The company notes this is expected to ramp up the facility for up to six drills in September 2025. The upcoming program will integrate historical technical data to refine targeting before operating an airborne electromagnetic survey.
Power Metallic intends to investigate geochemical anomalies uncovered in previous explorations for systematic mapping and sampling. Drilling will follow thereafter, which will begin later this year.
In parallel, MNP LLP, Chartered Professional Accountants, has been appointed as the company’s new auditor. Power Metallic elected to engage a PCAOB-registered mid-tier audit firm to support potential listings on senior stock exchanges.
Power Metallic Mines is a Canadian mineral explorer focused on advancing the Nisk Project, which is considered a copper-platinum group element, nickel, gold, and silver system, towards Canada’s next polymetallic mine.
Write to Aaliyah Rogan at Mining.com.au
Images: Power Metallic Mines
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