Power Metallic launches PEA for Quebec project
Power Metallic Mines Inc. [PNPN-TSXV, PNPNF-OTCBB, IVVI-Frankfurt] said Monday it has launched a preliminary economic assessment (PEA) at its Nisk polymetallic project in the Eeyou Istchee James Bay territory of Quebec.
The announcement comes after Power Metallic recently announced an inaugural resource estimate for the Lion Zone, a high-grade copper-dominated polymetallic deposit discovered in 2023 at the Nisk property. Over 85% of the initial resource is classified as indicated, with mineralization remaining open for expansion.
Lion contains 4.14 million tonnes indicated at 3.86% copper equivalent (CuEq) (1.68% copper, 2.61 g/t palladium, 0.85 g/t platinum, 0.49 g/t gold, 21.21 g/t silver and 0.10% nickel, and 601,000 tonnes of inferred material at 4.02% CuEq (1.84% copper, 2.86 g/t palladium, 0.59 g/t platinum, 0.41 g/t gold, 12.47 g/t silver and 0.13% nickel).
In a September 8, 2026 press release, the company said ongoing resource expansion drilling with five active rigs is targeting extensions at depth and along strike. The first assays from extensional deep drilling from its Summer 2026 drill program were announced in a press release on September 22, 2026, pushing the company 25% deeper than in the deeper than the deepest hole used in the mineral resource estimate.
The commissioned (PEA) study will assess mining and processing options, infrastructure requirements, capital and operating costs, and preliminary project economics, the company said in a press release. Study mobilization was scheduled for late September, with substantive engineering work commencing in October and completion targeted for the first half of 2027.
The PEA mine design and economic analysis will be based on the mineral resource estimate for Lion and NIsk, focusing primarily on the high-grade Lion deposit and evaluating the appropriate roll for the Nisk Main deposit given new metallurgical studies being conducted by SGS Canada expected before year end.
Power Metallic shares were unchanged Monday at $1.13. The shares trade in a 52-week range of $1.73 and 76 cents.
Power Metallic is a Canadian exploration company with a focus on advancing the Nisk Project Area (Nisk-Lion-Tiger), a high-grade copper-platinum group elements (PGE), nickel, gold and silver system towards Canada’s next polymetallic mine.
Back in February 2021, Power Metallic (then known as Chilean Metals) secured an option to earn up to an 80% interest in the NIsk project from Critical Elements Lithium Corp. [CRE-TSXV]. Following the June, 2025 purchase of 313 adjoining claims covering 167 square kilometres, the company now controls 333 square kilometres and roughly 50 kilometres of prospective basin margins.
Power Metals is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package via successive drill programs. Over the next two quarters, the company said it plans to complete 30,000 metres of exploration drilling across the enlarged Nisk land package.