Power Metallic Mines Inc (TSX-V:PNPN, OTCQB:PNPNF) announced assay results from its summer drill program on the Lion Zone at its Nisk project in Quebec, which included 5.35 meters of 11.97% copper.
The Canadian exploration company said the summer drill program was designed to search for extensions to the Lion Zone, specifically down plunge from known mineralization, and to infill drill, including 'edge' holes, on the Lion zone to define the zone geometry to a confidence level that would allow a future mineral resource estimate to be carried out to an Indicated Resource classification.
"We have extended the known resource area and increased our understanding of the plunge of the Lion Zone," Power Metallic CEO Terry Lynch said in a statement.
"Our objective with drilling this summer was to extend the Lion Zone which is being accomplished and also to discover the next Lion Zone, (which while) we have not yet completed we have gained excellent insight that is guiding our fall and winter drilling program."
Power Metallic noted that it now understands that the Lion zone and the Nisk deposits are parts of a remobilized polymetallic nickel-copper system, which are rare, but historically have always occurred at district scales and produce giant deposits.
It added that based on this knowledge, over the last several months the company has assembled more than a 600% increase in its land package, growing from 46 square kilometres (km2) to 313 km2.
More notably, Power Metallic said it acquired land that had been under an exclusion from Hydro Quebec surface leases, which the company has since staked in late September after successfully convincing the Quebec government to open these lands for mineral staking.
The area is most important to Power Metallic as it covers the extension of its Lion mineralizing system discovery, according to the company.