Power Metallic Mines expands Nisk project with Li-FT land acquisition
Power Metallic Mines Inc (TSX-V:PNPN, OTCQB:PNPNF) announced that it has entered into a definitive agreement to acquire a 100% interest in 313 mineral claims totaling 167 square kilometers from Li-FT Power.
The newly acquired claims are adjacent to Power Metallic’s Nisk property in Quebec, where exploration is currently underway at the Lion copper-platinum group elements discovery and the Nisk nickel-copper-cobalt deposit.
Upon closing of the transaction, Power Metallic’s land holdings will expand by more than 300% to approximately 213 square kilometers.
Exploration by both Power Metallic and Li-FT had outlined additional prospective ground around the Nisk property, with the newly acquired claims providing access to extended strike length along both the northern and southern basin margins.
“Polymetallic deposits have unique primary and secondary geochemical footprints that enable us to recognize early the tip of the iceberg i.e. extensions of Lion or mimics that represent new camp to district scale opportunities,” explained Steve Beresford, special advisor at Power Nickel.
“We know a lot about how these deposits spatially cluster that’s different to lode Au or VMS, and now is the time to own the whole opportunity.”
Terry Lynch, Power Nickel CEO, added that the consolidation will allow the company to apply geological insights from Nisk across a district–scale footprint.
“With over 100,000 metres of fully funded drilling in front of us, we can systematically approach new sulphide occurrences while continuing to grow our established resources,” Lynch said.
Under the terms of the agreement, Power Metallic will pay $700,000 in cash and issue 6 million shares to Li-FT. All issued shares will be subject to a four-month statutory hold period, with 3 million of those shares also subject to an additional 12-month transfer restriction.
Li-FT will retain a 0.5% net smelter return royalty on the acquired claims.
Drilling update
Power Metallic also highlighted that it has started its fully funded, 100,000-metre drill program, scheduled to run through 2026.
The drilling rig is now collared on the first hole of the summer campaign, focused on the Nisk–Lion–Tiger trend and integrating the newly acquired claims.
Field mobilization began in late May, supported by camp upgrades including the installation of grid-powered core logging facilities.
Initial drilling will aim to expand known mineralized zones. By early fall 2025, the company expects to have six drills operating simultaneously, enabling increased exploration efficiency across the expanded Nisk Project Area.
An updated summer exploration plan incorporating the new land package is expected to be released within two to four weeks.
Canadian-listed shares of Power Metallic added 2.7% to reach C$1.16 in Toronto on Monday morning.
