Company Continues to Expand its Near Surface
High-Grade Copper, Platinum, Palladium Zone 5km Northeast of its
Main Nisk Deposit
Discovery Hole had over One Oz/Tonne Combined Platinum and Palladium
over 7.75 Metres
TORONTO, April 15,
2024 /CNW/ - Power Nickel Inc. (the
"Company" or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF)
(Frankfurt: IVV) is
pleased to announce assay results for hole PN-24-044. (see Figure
and Table below)
Highlights: 0.60 m of 24.3 g
gold (Au), 5.7 g silver (Ag), 5.29% copper (Cu), 3.26 g palladium
(PD), 0.29g platinum (Pt), and 3.31% nickel (Ni) including:
2.4 m of 0.60 g Au, 103.62 g Ag,
12.12% Cu, 13.27 g PD, 2.52g Pt and 0.22% Ni
6.55 m of 2.59 g Au, 40.27 g Ag,
5.33% Cu, 6.35 g PD, 1.5g Pt and 0.43% Ni
15.75 m of 1.6 g Au, 25.34 g Ag,
2.52% Cu, 2.73 g PD, 0.65g Pt and 0.19% Ni
"Why is this hole important for our shareholders? If you were to
ask a miner what a perfect mine is the answer would be a
substantial high grade, surface/near surface discovery of a
polymetallic mineralization, in a safe jurisdiction with excellent
existing infrastructure. 1 gram gold is today worth about
$75. A million-ounce ore body
averaging 1 gram would be considered a good deposit. So,
$75 rock is good. The grades we are
seeing suggests we may have between $1000-$2,000 rock.
That's exciting that's exactly what we want! With this hole and
with what we have told in our previous press releases about this
discovery we are laying out the evidence that this is what we have
found. This discovery is now so real to us that we have renamed it
from Wildcat to the Lion Zone. This will be the King of the
Beasts," commented Terry Lynch,
Power Nickel CEO.
To date, the Company's drill program has produced 15 of 16
successful holes at the Lion Discovery. Additional assays to be
released shortly will demonstrate the significant and
groundbreaking discovery that has been made (see figure 1 below).
Power Nickel continues to drill at the Lion Discovery with the
deepest target to date as well as at Ant 4.
"Power Nickel has deployed a standard fan drilling program
design to test in a gridded way the presence of the mineralized
zone as we go. So far, the current mineralized envelope is
interpreted to extend to a minimum of 300
m below surface and to a minimum of 225 m laterally, and remains open in all
directions," stated Ken Williamson,
Power Nickel's VP Exploration.
As previously stated in the Company's press release dated
March 20, 2024, multiple new holes
successfully intersected the chalcopyrite-rich zone initially
discovered in Hole PN-23-031A. Table 1 below presents the
significant results and observations to date.
|
Note: Length is
presented as downhole distance; true width corresponds to 60-80% of
such downhole distance in function of the orientation of the hole.
AuEq and CuEq are from
(https://www.juniorminingnetwork.com/drill-hole-calculator/) and
are using the following metal prices (USD) : 2,360.15 $/oz Au,
27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu,
10.00 $/lb Ni and 22.50 $/lb Co.
|
Figure 2 below presents core pictures of some of the best
intersections to date. It is noticeable that the relative quantity
of semi-massive chalcopyrite observed in both PN-23-031A and
PN-24-044, while excellent, appears to be dwarfed when compared to
some of the other holes coming from the core of the zone. In our
analysis, significantly good results are to come in the next
weeks.
The current interpretation suggests that the zone is located at
the contact with the ultramafic rock and that it presents a
sigmoidal geometry with a high-grade shoot steeply plunging to the
NNE.
Figure 3 below presents core pictures of some of the best
intersections to date. It is noticeable that the relative quantity
of semi-massive chalcopyrite observed in both PN-23-031A and
PN-24-044, while excellent, appears to be dwarfed when compared to
some of the other holes coming from the core of the zone. In our
analysis, significantly good results are to come in the next
weeks.
"After analysing our data, we came up with a robust model which
will guide us as we are continuing drilling deeper; as presented in
figure 4 below, we've identified what the plunge of the zone
appears to be and pinned down structures that appear to be
controlling the geometry of the zone. It looks to me as typical
"Abitibi type" scenario, where the vertical extent of such
mineralized zone could potentially be far more considerable than
it's current 300 m extent. The nature
of this metallurgy extremely rich narrow vein, somehow reminds me
chasing down the high-grade veins in Red
Lake," commented Kenneth
Williamson, Power Nickel's VP Exploration.
QAQC and Sampling
GeoVector's Management Inc is the Consulting company retained to
perform the actual drilling program, which includes core logging
and sampling of the drill core.
All samples were submitted to and analyzed at ALS Global
("ALS"), an independent commercial laboratory located in
Val-d'Or, Québec for both the
sample preparation and assaying. ALS is a commercial laboratory
independent of Power Nickel with no interest in the Project. ALS is
an ISO 9001 and 17025 certified and accredited laboratories.
Samples submitted through ALS are run through standard preparation
methods and analysed using ME-ICP61a (33 element Suite; 0.4g
sample; Intermediate Level Four Acid Digestion) and PGM-ICP27 (Pt,
Pd, and Au; 30g fire assay and ICP-AES Finish) methods. ALS also
undertake their own internal coarse and pulp duplicate analysis to
ensure proper sample preparation and equipment calibration.
GeoVector's QAQC program includes regular insertion of CRM
standards, duplicates, and blanks into the sample stream with a
stringent review of all results.
The results presented in the current Press Released are complete
within the mineralized intervals, but results are still pending for
the top portion of both holes reported. QAQC and data validation
was performed on these portions of the holes where assays are fully
integrated, and no material error were observed.
Qualified Person
Kenneth Williamson, Géo, M.Sc.,
VP Exploration at Power Nickel, is the qualified person who has
reviewed and approved the technical disclosure contained in this
news release.
About Power Nickel Inc.
Power Nickel is a Canadian junior exploration company focusing
on developing the High-Grade Nisk project into Canada's first Carbon Neutral Nickel mine.
On February 1, 2021, Power Nickel
(then called Chilean Metals) completed the acquisition of its
option to acquire up to 80% of the Nisk project from Critical
Elements Lithium Corp. (CRE: TSXV). Subsequently, Power Nickel has
exercised its option to acquire 50% of the Nisk Project and
delivered notice to Critical Elements that it intends to exercise
its second option to bring its ownership to 80%. The last remaining
commitment to exercise the option was the delivery of a NI-43-101
Technical report which has now occurred. Power Nickel expects to
complete the acquisition in April.
The figure below presents a longitudinal view of the current
2023 Mineral Resource Estimate.
The information presented above is derived from the Technical
Report titled: "Amended and Updated NI 43-101
Technical Report and Updated Mineral Resource Estimate for the Nisk
Project, Eeyou Istchee James Bay Territory, Québec"; Duncan Studd, Pierre-Luc
Richard, Gordon Marrs and
Jeffrey Cassoff; January 19th, 2024.
The NISK property comprises a significant land position (20
kilometers of strike length) with numerous high-grade intercepts.
Power Nickel is focused on expanding the historical high-grade
nickel-copper PGE mineralization with a series of drill programs
designed to test the initial Nisk discovery zone and to explore the
land package for adjacent potential Nickel deposits.
In addition to the Nisk project, Power Nickel owns significant
land packages in British Colombia
and Chile. Power Nickel is
expected to reorganize these assets in a related vehicle through a
plan of arrangement.
Power Nickel announced on June 8,
2021, that an agreement had been made to complete the 100%
acquisition of its Golden Ivan
project in the heart of the Golden Triangle. The Golden Triangle
has reported mineral resources (past production and current
resources) in 130 million ounces of gold, 800 million ounces of
silver, and 40 billion pounds of copper (Resource World). This
property hosts two known mineral showings (gold ore and Magee) and
a portion of the past-producing Silverado mine, reportedly
exploited between 1921 and 1939. These mineral showings are
Polymetallic veins containing quantities of silver, lead, zinc,
plus/minus gold, and plus/minus copper.
Power Nickel is also 100 percent owner of five properties
comprising over 50,000 acres strategically located in the prolific
iron-oxide-copper-gold belt of northern Chile. It also owns a 3-per-cent NSR royalty
interest on any future production from the Copaquire
copper-molybdenum deposit sold to a subsidiary of Teck Resources
Inc. Under the terms of the sale agreement, Teck has the right to
acquire one-third of the 3-per-cent NSR for $3 million at any time. The Copaquire property
borders Teck's producing Quebrada Blanca copper mine in
Chile's first region.
To obtain Power Nickel's Corporate Presentation, please use
the link below:
http://powernickel.com/corporate_presentation.pdf
For further information, readers are encouraged to
contact:
Power Nickel Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON
Neither the TSX Venture Exchange nor it's Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking Statements
This message contains certain statements that may be deemed
"forward-looking statements" concerning the Company within the
meaning of applicable securities laws. Forward-looking statements
are statements that are not historical facts and are generally, but
not always, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects,"
"potential," "indicates," "opportunity," "possible" and similar
expressions, or that events or conditions "will," "would," "may,"
"could" or "should" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, are subject to risks and uncertainties, and
actual results or realities may differ materially from those in the
forward-looking statements. Such material risks and uncertainties
include, but are not limited to, among others, the timing for the
Company to close the private placement or the second Nisk
option or risk that such transactions do not close at all; raise
sufficient capital to fund its obligations under its property
agreements going forward; to maintain its mineral tenures and
concessions in good standing; to explore and develop its projects;
changes in economic conditions or financial markets; the inherent
hazards associates with mineral exploration and mining operations;
future prices of nickel and other metals; changes in general
economic conditions; accuracy of mineral resource and reserve
estimates; the potential for new discoveries; the ability of the
Company to obtain the necessary permits and consents required to
explore, drill and develop the projects and if accepted, to obtain
such licenses and approvals in a timely fashion relative to the
Company's plans and business objectives for the applicable project;
the general ability of the Company to monetize its mineral
resources; and changes in environmental and other laws or
regulations that could have an impact on the Company's operations,
compliance with environmental laws and regulations, dependence on
key management personnel and general competition in the mining
industry.
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SOURCE Power Nickel Inc.