The playbook — copper · September 22, 2026
Power Metallic drills deepest hole yet at Lion — and it got richer down there
5.70 metres at 14.00% copper-equivalent, about ~150 metres below the known resource, with one flanking hole's assays still pending.
Power Metallic just drilled the deepest hole in its short history at the Lion deposit in Quebec, and the rock down there was better than the rock above it. Hole PML-26-125 cut 5.70 metres grading 14.00% copper-equivalent — this is a polymetallic deposit, so the grade is a recovered-basis blend of copper, platinum-group metals and silver rolled into one number, not a copper-only figure. Inside that hit sat an even richer core: 2.15 metres at 24.62% copper-equivalent. The intercept was logged at a downhole depth of 845.8 to 851.5 metres, roughly 800 metres straight down, and approximately 150 metres deeper than the previous deepest core-shoot hole. In plain terms, the deposit keeps going down and does not appear to weaken.
Why the depth matters: the resource that Power Metallic published earlier this month only covers rock shallower than this. Hole 125 lands about 25% below that modeled envelope, so it extends the system ~150 metres beyond what has been counted — and grade climbing with depth is the kind of signal that tends to argue for scale. Two flanking holes bracket the same plunge, west and east, so this is not one lonely intercept. The western flank hole, PML-26-121a, cut 7.70 metres at 3.28% copper-equivalent, with a 1.70-metre core at 11.93%. The team pairs a serial-entrepreneur CEO, Terry Lynch, with a 40-year VP of Exploration, Joe Campbell, and a shareholder register that now includes Eric Sprott. The stock did its own work: up 28.2% over three months while copper rose 7.8% and the copper-miner index gained 4.9% — a company-specific move, not a sector ride, with a clear breakout from about C$1.00 to C$1.52 mid-period.
What to watch: assays from the eastern flank hole, PML-26-128, are still pending, so the deep continuity claim on that side rests on visual logging for now — the company expects results in “weeks to come.” A preliminary economic study is slated to begin after the new resource, though no completion date is stated. Two honest caveats. True widths were not measured per hole; the company applies a flat 85% factor to downhole lengths. And the copper-equivalent grade leans heavily on platinum-group and silver credits using the company’s own price and recovery assumptions, so the headline percentage is not a straight copper grade.