Canadian exploration company Power Metallic Mines has finalised the acquisition of a 100% interest in 313 mineral claims spanning 167km² from Li-FT Power in a significant expansion of its Nisk-Lion polymetallic project area in Canada.
Power Metallic Mines signed the agreement for the acquisition in the June/July period of 2025.
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The claims are adjacent to Power Metallic’s Nisk property, which now encompasses 45.86km².
This strategic move significantly expands the company’s landholdings in the Nisk camp, bringing its total area to 212.86km² and consolidating its position along 50km of prospective basin margins, enveloping the Nisk, Lion and Tiger discoveries.
The acquisition, which was completed following the satisfaction of closing conditions, including the final approval from the TSX Venture Exchange, involved a C$700,000 ($511,072) cash payment and the issuance of six million common shares by Power Metallic Mines.
Li-FT Power retains a 0.5% net smelter return (NSR) on all acquired claims under a royalty agreement effective from the closing date.
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By GlobalDataThe exploration efforts are expanding at the high-grade Lion Cu–PGE discovery and the Nisk Cu–Ni-PGE-Co deposit.
On 1 February 2021, Power Metallic Mines, previously known as Chilean Metals, secured an option to earn up to an 80% interest in the Nisk project from Critical Elements Lithium.
With the latest acquisition, the company is poised to advance its exploration and development activities across the enlarged land package, focusing on expanding mineralisation at the Nisk and Lion discovery zones, evaluating the Tiger target and executing successive drill programmes.
In addition to the Nisk project area, Power Metallic Mines holds interests in significant land packages in British Columbia and Chile through a 50% share ownership in Chilean Metals. This interest was obtained following a spin-out transaction on 3 February 2025.
The company also wholly owns Power Metallic Arabia, which in turn holds a 100% interest in the Jabul Baudan exploration licence in Saudi Arabia’s Jabal Said Belt, an area exceeding 200km² known for its copper, gold and zinc potential.
