Power Metallic acquires mineral claims from Li-FT
Power Metallic Mines has signed an agreement to acquire a 100% interest in 313 mineral claims spanning 167km² from Li-FT Power, marking a significant expansion of its Nisk-Lion polymetallic project area in Canada.
The addition of these claims will enlarge Power Metallic’s land position by more than 300% to approximately 212.86km², encompassing an extended strike zone around the Nisk, Lion and Tiger discoveries.
The Nisk-Lion-Tiger discoveries have been identified as a new polymetallic district, offering considerable potential for further deposits.
This type of mineralisation is globally scarce, often occurring in clusters at district and camp scales, with Noril’sk and Talnakh, Kevitsa and Sakatti serving as notable examples.
The transaction for the claims includes a C$700,000 ($511,072) cash payment to Li-FT and the issuance of six million common shares of Power Metallic.
These shares will be subject to a statutory hold period of four months and one day, with half also bound by a 12-month hold and transfer restriction.
Additionally, Li-FT will retain a 0.5% net smelter return on all acquired claims. The share issuance is pending approval from the TSX Venture Exchange.
Power Metallic CEO Terry Lynch said: “Consolidating the LIFT ground lets us apply the geological insights from Nisk across a district–scale footprint. With over 100,000m of fully funded drilling in front of us, we can systematically approach new sulphide occurrences while continuing to grow our established resources.”
With the drilling rig already positioned for the first hole of the summer programme, Power Metallic is set to resume work along the Nisk-Lion-Tiger trend, integrating the newly acquired Li-FT claims.
Field crews are expected to mobilise, with upgrades to the camp, including new core-logging facilities, already in progress.
The initial drilling will focus on expanding the current zones in the Nisk-Lion-Tiger area.
By early autumn 2025 the company anticipates increasing the core facility capacity to six drills, which will enable faster exploration target turnaround and greater flexibility to pursue exploration successes in the expanded project area.
The work programme will include district-scale data integration, combining historical technical data from the Li-FT claims with existing datasets for refined regional targeting.
An extensive airborne electromagnetic (EM) survey, followed by targeted ground EM work, will search for near-surface conductors.
Systematic mapping and prospecting will concentrate on areas with previous geochemical anomalies identified by Li-FT, evolving from regional reconnaissance to detailed mapping and sampling.
