The exploration update from Power Metallic Mines Inc. summarizes additional assays from its winter 2026 drill program focused on the Lion Zone. The company released results from infill drilling designed to refine the geometry and grade of the discovery ahead of a planned Mineral resource estimate (MRE) in 2026. These results aim to convert modelled mineralization into a higher confidence category and to evaluate potential open pit extraction scenarios.
Drilling reported here spans roughly 200 m of strike, from the central core to the western margin of the Lion Zone, with mineralization defined at about 100 m vertical depth.
Key intercepts include PML-26-094 with 17.45 m @ 9.47% CuEqRec1, PML-26-101 with 39.00 m @ 5.66% CuEqRec1, and PML-26-104 at 7.40 m @ 1.07% CuEqRec1. Reported lengths are downhole and the true width is estimated at roughly 85% of downhole length based on the current model.
Table of Contents:
Drill results and geological significance
The recent infill holes reinforce the interpreted high-grade core of the Lion Zone and support the earlier, wider-spaced drilling model. PML-26-094 intercepted the interpreted core and contained notably high grades near surface, including a higher-grade interval of 6.30 m @ 17.91% CuEqRec1. Approximately 100 m east, PML-26-101 returned a broad, high-grade envelope that included 9.20 m @ 15.18% CuEqRec1. To the west, PML-26-104 confirmed continuity of mineralization at the modeled western edge. Together, these holes help close spacing and will be important inputs to upgrade portions of the MRE to an Indicated Resource classification.
Key intersections and grade details
The principal intercepts are reported with multi-element assays. PML-26-094 (from 134.60 to 152.05 m; 17.45 m) returned Au 0.53 g/t, Ag 23.76 g/t, Cu 4.43%, Pd 7.07 g/t, Pt 3.11 g/t, Ni 0.23% and 9.47% CuEqRec1, including 6.30 m with elevated values (Au 0.74 g/t, Ag 36.22 g/t, Cu 8.11%, Pd 12.83 g/t, Pt 8.19 g/t and 17.91% CuEqRec1). PML-26-101 (120.00–159.00 m; 39.00 m) averaged Au 1.04 g/t, Ag 16.27 g/t, Cu 1.89%, Pd 3.51 g/t, Pt 3.34 g/t, Ni 0.13% and 5.66% CuEqRec1, with a higher-grade internal interval (146.50–155.70 m; 9.20 m) carrying Au 2.96 g/t, Ag 31.99 g/t, Cu 6.91%, Pd 6.33 g/t, Pt 6.90 g/t and 15.18% CuEqRec1. These multi-commodity results demonstrate the polymetallic character of the system.
Exploration between Lion and Tiger and quality assurance
Separate shallow holes (including PML-26-071, PML-26-074 and PML-26-078) targeted potential mineralized corridors between the Lion and Tiger targets. While these holes did not find wide, continuous zones suitable for resource classification, narrow intervals confirm that the mineralizing structures persist; for example, PML-26-074 contained 0.8 m @ 0.33% Cu, 0.78 g/t Pd and 0.35 g/t Pt. The exploration program remains active and the company expects additional assays from both the MRE infill and regional drilling in the coming days and weeks.
Sampling, laboratories and CuEqRec1 calculation
All core is NQ size and was logged, photographed (wet and dry) and sampled under a documented protocol by GeoVector Management Inc., the consulting drilling manager. The QA/QC workflow included CRM standards, duplicates and blanks in the sample stream. Samples were analyzed at Activation Laboratories Ltd (Actlabs), an ISO 9001 and 17025 accredited laboratory, using standard preparation (RX-1) and analytical packages (1F2 ICP-OES, 1C-OES four-acid near-total digestion with Au-Pt-Pd analysis, and peroxide ICP-OES where appropriate). The company reports no material QA/QC issues following data validation. The reported CuEqRec1 values use metal prices and recoveries as specified in the release: Au USD 2,360.15/oz, Ag USD 27.98/oz, Pd USD 1,215.00/oz, Pt USD 1,000.00/oz, Cu USD 4.00/lb, Ni USD 10.00/lb and Co USD 22.50/lb, and recovered grades based on locked-cycle metallurgical recoveries by SGS Canada Inc (see press release Jan 21, 2006).
Outlook and broader project context
Management highlights that the Lion core continues to deliver assays that will feed the upcoming 2026 MRE and may support conversion of material to an Indicated classification suitable for preliminary pit design. Power Metallic also emphasizes its growing land position: the company secured an option on 1 February 2026, purchased 313 adjoining claims (~167 km²) in June 2026 and now controls roughly 330 km² and about 50 km of prospective basin margins. The corporate structure includes a 50% interest in Chilean Metals (spun out on February 3, 2026) and 100% ownership of Power Metallic Arabia, which holds the Jabul Baudan license in Saudi Arabia.
Readers should note the standard caution on forward-looking statements regarding timing of drilling, permitting, funding and future metal prices. A qualified person, Joseph Campbell, P. Geo, has reviewed and approved the technical disclosures. For further information contact Power Metallic Mines Inc. at their Toronto office; the company continues to expect more assay releases as the winter program results are compiled.
