11:55 AM EDT, 03/17/2025 (MT Newswires) -- (Updates shares.)

Power Metallic Mines ( PNPNF ) said Monday it is increasing the drill rigs at its Nisk nickel-copper project in Quebec to six from three as it readies to boost its exploration program.

Power Metallic said it "is in the midst of planning a complete revamp of the core logging facility to allow an increase to six drills". The planned expansion is expected be completed in May and allow scaling up to six drills starting in June.

The company's exploration plans include 100,000 meters of drilling and other exploration programs over the next 21 months.

Power Metallic said its exploration budget through 2026 totaled over $40 million following its recent equity raise.

"This money provides the technical team with the funding to follow up and expand on our previous successes," said Joe Campbell, Power Metallic's VP for Explorations. "As any project matures it would normally be expected that discoveries will become more difficult to find, but the highly motivated exploration team believe that our current methods and planning will result in more discoveries throughout the 2025/2026 exploration campaigns."

The company aims to release a mineral resource estimate in the first half of 2026.

Power Metallic shares were last seen up $0.05 to $1.64 on the TSX Venture Exchange.

Price: 1.64, Change: +0.05, Percent Change: +3.14