Power Metallic Defines 4.75M Tonne Maiden Resource at Lion Zone

Power Metallic has announced its inaugural mineral resource estimate for the Lion Zone. The company identified a copper-dominant polymetallic deposit with over 85% of the total resource classified in the Indicated category. The maiden estimate covers approximately 4.75 million tonnes of material, which adds to the company's development pipeline.

"Approximately 4.75 million tonnes grading close to 4% CuEq has been defined, containing approximately 406 million pounds of CuEq, with more than 85% of the resource already in the Indicated category. Importantly, high-grade mineralisation begins at surface, and the deposit remains open at depth," said Terry Lynch, CEO of Power Metallic, in a statement.

Resource Breakdown and Metallurgical Performance

The resource estimate is divided into two classifications based on geological confidence:

• Indicated Resource: 4.15 million tonnes at 3.86% Copper Equivalent (CuEq).
• Inferred Resource: 0.60 million tonnes at 4.01% CuEq.

Metallurgical testing conducted by SGS Canada supports this resource. Locked-cycle testing performed on composite samples demonstrated copper recovery rates exceeding 98%, with the resulting concentrates grading above 25% copper.

Exploration Strategy and Future Development

The current MRE provides a baseline for the Lion Zone, and Power Metallic is planning for expansion. Because the deposit remains open at depth, the company has initiated deep step-out drilling programs below the 600-meter mark.

"The deposit remains open at depth and our priority since the April 19, 2026, cut-off date for drill holes in the MRE has been to test the shoot below 600 metres with deep step-out drilling, following up with borehole EM to delineate more mineralization," said Joe Campbell, VP Exploration of Power Metallic.

Moving Toward Economic Assessment

The company is reviewing proposals from engineering firms to conduct a Preliminary Economic Assessment for the project. This assessment will integrate the Lion Zone findings with the existing Nisk resource to provide a view of the company’s regional asset potential. A PEA serves as an initial study to determine the economic viability of a mineral project, outlining the potential scale, capital requirements, and operational costs before moving to more advanced feasibility studies.