Recent discoveries at Power Metallic's NISK project have found game-changing high-grade mineralizations for multiple valuable metals, for example 5 meters of 1.76 g/t gold, 102.90 g/t silver, 12.70% copper, 20.87 g/t palladium, 1.02 g/t platinum and 0.40% nickel.
With an aggressive ongoing drilling campaign, these results are just scratching the surface of what Power Metallic believes will be the next Norilsk-style deposit.
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Our Flagship NISK Project
Power Metallic's flagship project, the NISK property, is located in Quebec's James Bay region. This project is poised to become Canada's first carbon-neutral nickel mine, leveraging the ultramafic nature of the deposit to sequester carbon while using a neighbouring hydro-electric station to sustainably power operations. The NISK property spans a significant land position with 20 kilometers of strike length, featuring numerous discoveries of high-grade intercepts for nickel, copper, platinum, palladium, and other valuable metals
Recent Discoveries and Developments
The Lion Discovery: A Game-Changer
In 2024, Power Metallic made a groundbreaking discovery at the Lion Zone, a new polymetallic zone located 5 kilometers northeast of the main NISK deposit. This discovery has yielded exceptional assay results, including high-grade copper, platinum, palladium, gold, and silver. For instance, drill hole PN-24-047 returned 14.42 meters of 0.59 g/t gold, 69.14 g/t silver, 8.17% copper, 6.25 g/t palladium, 8.44 g/t platinum and 0.58% nickel. Drill hole PN-24-053 returned 5 meters of 1.76 g/t gold, 102.90 g/t silver, 12.70% copper, 20.87 g/t palladium, 1.02 g/t platinum and 0.40% nickel. These results highlight the high-grade, polymetallic nature of the Lion Discovery with exciting potential to transform the economics of the NISK project.
Rising Demand for Battery Metals and Critical Elements
The global shift towards electric vehicles and renewable energy sources has significantly increased the demand for battery metals. Nickel, which is essential for high-density battery cathodes that enable longer-range EVs, saw its demand rise by nearly 30% in 2023 alone, compared to 2022. Cobalt demand for batteries was also up 15% in the same period. The International Energy Agency (IEA) projects that copper demand for EV batteries alone will jump from 210,000 tonnes in 2020 to 1.8 million tonnes by 2030. With EV battery demand expected to grow four-and-a-half times by 2030 and almost seven times by 2035 compared to 2023, the need for high-quality battery metals is more pressing than ever.
Substantial Government Funding and Support
Recent legislation in Canada and the US is bolstering the market for North American-sourced battery metals. The US Inflation Reduction Act mandates that by 2027, 80% of the market value of critical minerals in EV batteries must be sourced domestically or from US free-trade partners, like Canada. Canada's Critical Minerals Strategy also aims to enhance the supply of responsibly sourced critical minerals, supporting the battery metal supply chain with subsidies and fast-tracked timelines. These initiatives are part of broader regulations that are also banning or phasing out gas-powered vehicles, further driving the demand for EVs and associated battery metals.
Increased Regulation Favouring Secure Low-Carbon Sources
The international landscape for battery metal sourcing is rapidly changing due to increased regulatory actions. Recent U.S. and U.K. sanctions on Chinese metals have disrupted traditional supply chains, emphasizing the need for secure and sustainable sources. Moreover, the rejection of low-quality nickel from Indonesia due to environmental concerns highlights the critical need for high-standard, low-carbon sources of battery metals. These developments make North American sources, which adhere to stricter environmental and social governance standards, increasingly attractive for investors looking for stability and compliance with global regulations.