Power Metallic extends Lion deposit to new depths as deep drilling confirms continued mineralization

Generally these uh types of deposits, when you have a depth of 300 m, they can run for, you know, 10X to 20X. So, so, you know, obviously 600 is 200 is two times, uh, you know, 900 is three times. So it's got a long ways to go.

All right, welcome back inside our proactive news room and joining me now is Terry Lynch. He is the CEO of Power Metallic Mines. and Terry, it's great to see you again. How are you?

Steve, it's great. Good to good to catch up.

Yeah, you're keeping you busy, right?

You bet, you bet. Super busy here, but uh thought we'd take out a couple minutes and and say hi.

Yeah, well, good to have you along. It's been a little while since we've had you on. you've had so much stuff that you've had happened recently including a big news release out this morning talking about some of your summer drilling results and uh tell me a bit about the program Terry and and more importantly what you're seeing.

Yeah, so obviously the the highlight hole, uh, you know, was 5.7 m of almost 14% copper equivalent, uh almost 12% copper itself. So a huge, uh huge hit. Uh what's, you know, really key about that is it's uh about 175 m or so true depth deeper than than the uh previous deeper, deepest intersection. So it shows that the line deeper is is is actually getting richer and and and uh uh that's obviously exciting news for us as we uh, you know, we posted an MRE in uh September 8th, uh, you know, to a depth of about 610 m and now we're uh I think north, south of 750, uh, you know, and we've got visibility down to 900 and all looks to be in the massive sulfide uh, you know, zone. So, so it's exciting to sort of show the growth is coming back at Lion. So that's uh, that's the big part. and sometimes these things at depth can get, you know, bigger and better. So uh that's exciting too.

And and this is really all part of the hypothesis, right? Terry, you've talked about this in the past that you felt there was uh a lot that was on surface, but a lot below as well. So you've talked a little a long time about the the sure potential size of this particular area.

Yeah, you know, I mean basically the dimensions on the M were about 300 m wide on average by 600 m deep. Uh so generally these uh types of deposits when you have a depth of 300 m, they can run for, you know, 10X to 20X. So, so you know, obviously 600 is 200 is two times, uh, you know, 900 is three times. So it's got a long ways to go, we think. Not that of course we'll drill uh to 3,000 m because that wouldn't be cost effective at the moment, but we can definitely extend it uh down to probably 1,200 meters or something like that, we hope. And and that would still be open up depth and that would uh certainly be a productive add-on to our M in in terms of future updates and stuff like that. So, it's always important to show that the resource has got a lot of room to grow and that's always been our uh philosophy, but we wanted to put the foundation in first, which we did with the MRE and now it's like, let's get bigger.

I know you're uh, you've have some more results that'll be forthcoming, they're in the lab right now. So obviously these are just the first ones you're getting from this particular program, they're exciting. What's sort of the next stages here, Terry, give me some understanding of of the sort of the message you're sending here at Beaver Creek about where you're at now, but really where you're going?

Yeah, so I guess the message is really the the the floor has been raised, you know, by putting in the M, we think we're worth uh, you know, a lot more than what we're being currently valued at right now and the proof is the evidentiary proof is there from an independent uh uh, you know, standpoint, which is we we think really important because for a very high grade discovery, it's so unusual, uh people just find it almost a bit fantasy land some of the numbers we come up with. So by putting putting the numbers in with an independent uh engineering firm of uh, you know, FGS's caliber, it's certainly gives a lot of credibility to the the discovery and to the the base case. Uh but most importantly, we're also saying, hey, that's just the start, you know, the ceiling is is uncapped and in the coming uh, you know, releases over the fall and in the winter, we'll basically show that case. and that's what it's all about now is to move on sort of a dual track, advance the current project, you know, through the development pathway, uh even as we're uh expanding it rapidly. So, uh, so look for more assays over the over the fall and uh some more uh more opportunities to uh show the growth is is indeed happening.

Yeah. And lastly, Terry, I know that you've been uh you you've raised quite a bit of money as well. You you've got lots of runway, right? There's lots of uh uh capital there to be able to to move uh this along for the next couple of years.

Yeah, yeah, we raised uh 28 million in June, so we're in good shape financially and and you know, so we're we're looking to uh uplist to the Nasdaq. That'll happen, we believe in in uh in November or late November, something like that. So uh, yeah, so there in in, you know, that'll be an interesting approach. It'll be that and use a an American depository receipt. Uh so there'll be no consolidation, it'll just be a a a repackaging really of of, you know, probably, you know, five or 10 shares of uh power metallic as a bundle uh that would trade on the Nasdaq. So it give us access to obviously the US capital markets and to a broader uh, you know, distribution down there that's been quite an effective uh step for many of the Canadian companies that have done it. So we're looking forward to doing that this fall as well.

All right, well look forward to hearing more about that when the time is right. Terry, thanks so much. enjoy the rest of the conference and I appreciate you spending some time with us.

Thanks Steve, have a great day. Cheers for now.

You as well. There's Terry Lynch, the CEO of Power Metallic Mines.