Power Metallic Expands the Lion Zone with Deepest Assayed Intersection to Date and Delivers Initial Ni/Cu Assays from the Tiger Zone

TORONTO, March 25, 2025 /PRNewswire/ – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce the return of 6 holes from the fall 2024 drilling campaign. Four holes were testing multiple target areas in the Lion zone (holes PN-24-086, 087, 092, 093), and two holes tested the Tiger target (PN-24-090 and 094).

Lion Zone (Figure 1)
Hole PN-24-092 and PN-024-093 tested the eastern edge of the interpreted plunge of the Lion zone, with PN-24-093 providing the deepest assayed intersection to date. Both holes confirmed the location of the eastern plunge extent of the Lion Zone (Figure 2, Table 1). Power Nickel previously released photos of mineralized core from hole PN-25-096 (news release February 5, 2025) located in the interpreted core of the Lion Zone and we are still awaiting assays for that hole (Table 1). Subsequent drilling below PN-25-096 has also returned significant visible mineralization including massive Cu/Ni zones in holes PML-25-001 and PML-25-002 (Figure 2) which are also pending assays to confirm grades.   

Drill holes PN-24-086 and PN-24-087 were designed to fill in gaps in the Lion model to confirm the near surface eastern strike extension of the interpreted deposit. Both holes intersected the zone and returned high PGE values, including 1.55m @ 65.09 g/t Pd in PN-24-086 (Table 1, Figure 2). 

Borehole EM (BHEM) has become the primary tool for discovery of more mineralization. Interpretation of BHEM results and improved interpretations of ground and airborne EM and magnetic surveys has been conducted by Hardrock Geophysics Inc., a group experienced in conducting geophysical surveys on polymetallic deposits. Identified BHEM conductors have to date consistently indicated sulphides in follow-up drilling. Previously identified conductors west of Lion (PN-24-082 to 085, see NR March 17, 2024) are currently being tested with drilling and have the potential of identifying a parallel sulphide zone to the west of Lion.

Table 1: Significant assay results from this news release – Lion zone

Tiger Zone (Figure 1)
Hole PN-24-90 and PN-24-94 were drilled to test a weak airborne EM anomaly 700 meters northeast of Lion (Tiger Zone). Hole PN-24-090 appeared to miss the source of the airborne anomaly but returned multiple narrow zones of Cu, PGE, Au, Ag, +/-Ni (Table 2) confirming the presence of a mineralized structure.

A follow-up borehole EM survey (BHEM) completed in hole PN-24-090 confirmed an off-hole conductor which was drilled with hole PN-24-094 and intersected narrow zones of massive Ni/Cu sulphides (Table 2). Subsequent drill holes based on BHEM on the Tiger target (PN-25-098, 099 and 101) all intersected additional narrow Ni/Cu massive sulphides (assaying pending).

The Tiger zone is interpreted to be mobilized sulphides originating from a proximal ultramafic source rock and emplaced in the footwall paragneiss. To date drilling is still too sparse to model Tiger, but cross-section interpretation indicates that PN-24-090 was stopped just short of intersecting the higher grade Ni/Cu zones that were intersected in hole PN-24-094. BHEM conductors interpreted from hole PN-24-090 correctly vectored hole PN-24-094 to the source of the anomaly.

Subsequent BHEM on the later holes at Tiger have indicated further off-hole conductors that need to be tested. It is not known for certain what causes these off-hole conductors, but to date all previous drill testing of BHEM conductors has resulted in sulphide intersections, so it is reasonable to expect that sulphide concentrations are causing these untested anomalies.  

Table 2: Significant assay results from this news release – Tiger zone

Previously released results are included at the end of this news release (Table 2).
Table 1: Significant assay results from this news release – Lion zone

¹Copper Equivalent Rec Calculation

CuEq Rec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and a recovery grade of 80% for all commodities, consistent with comparable peers.

Qualified Person
Joseph Campbell, P.Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focusing on developing the High-Grade Nickel Copper PGM, Gold and Silver Nisk project into Canada’s next poly metallic mine.

On February 1, 2021, Power Metallic (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE: TSXV).

The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Metallic is focused on expanding the high-grade nickel-copper PGM, Gold and Silver mineralization with a series of drill programs designed to evaluate the initial Nisk discovery zone, the Lion discovery zone and to explore the land package for adjacent potential poly metallic deposits.

In addition to the Nisk project, Power Metallic owns significant land packages in British Colombia and Chile. Power Metallic has reorganized these assets in a related public vehicle through a plan of arrangement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

QAQC and Sampling

GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

All samples were submitted to and analyzed at Activation Laboratories Ltd (“Actlabs”), an independent commercial laboratory for both the sample preparation and assaying. Actlabs is a commercial laboratory independent of Power Metallic with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES – 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 – Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

GeoVector’s QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. QAQC and data validation was performed and no material errors were observed.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed “forward-looking statements” concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “indicates,” “opportunity,” “possible” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company’s plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

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