Drilling Expands Lion Zone Mineralization by
Over 90%
TORONTO, Aug. 19,
2024 /CNW/ - Power Nickel Inc. (the
"Company" or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF)
(Frankfurt: IVV) is pleased to announce high-grade
multi-elements assay results for the remaining holes of its 2024
winter drill program. (see Figure 1 and Table 1 below).
Highlights:
PN-24-060 returned:
10.39 m of 0.19 g/t Au, 14.17 g/t
Ag, 2.12 % Cu, 2.08 g/t Pd, 0.4 g/t Pt and 0.14%
Ni
Including:
4.05 m of 0.31 g/t Au, 18.64 g/t
Ag, 2.75 % Cu, 2.81 g/t Pd, 0.75 g/t Pt and 0.14%
Ni
With:
1.7 m of 0.58 g/t Au, 38.61 g/t
Ag, 5.95 % Cu, 4.54 g/t Pd, 0.95 g/t Pt and 0.19% Ni
PN-24-050 returned:
5.45 m of 0.13 g/t Au, 4.2 g/t Ag,
0.61 % Cu, 1.32 g/t Pd, 0.52 g/t Pt and 0.11%
Ni
Including:
2.6 m of 0.17 g/t Au, 7.3 g/t Ag,
0.81 % Cu, 2.38 g/t Pd, 0.72 g/t Pt and 0.05%
Ni
And:
1.25 m
of 0.18 g/t Au, 2.72 g/t Ag, 0.95 % Cu, 0.76 g/t Pd, 0.76 g/t Pt
and 0.29% Ni
"Our 2024 winter drilling program was very productive and holes
50 and 60 add a significant amount of positive mineralization. They
also grew our knowledge base, as we begin to better understand the
orientation of the Lion Zone and how the high grade is distributed.
We now see a very robust and massive core of 100-150 metres in
diameter and then halos of mineralized stringers that surround it
for about 50 metres on each side. Holes 50 and 60 are from such
mineralized stringer zones. With the addition of these last holes
from our winter program, we now see the mineralized zone increasing
by over 90% from our first approximation of the Lion Zone's
dimension. Successful drilling of the Lion Zone from our summer
drilling program continues to add to this impressive discovery,
with assays expected in late September," commented CEO Terry Lynch.
The Company's 2024 winter drill program ended with 15 successful
holes at the Lion Discovery; this press release presents the assay
results obtained for the remaining holes of the campaign. Power
Nickel continues to drill at the Lion Discovery, following up at
depth east of hole PN-24-051 and to the west of Hole 55 (see
Figure1).
Table 1 below presents the significant results of
previously released holes, and the current Assay. The complete set
of results obtained demonstrates a tremendous success rate, which
contributes to a continuously increasing level of confidence about
the continuity of the zone.
Table 1 : Significant Results of the Lion Discovery 2024
Winter Drilling Program.
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.
Grey shaded holes are the ones currently released. *CuEq
Rec represents CuEq calculated based on 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.,
and a recovery grade of 80% for all commodity, consistent with
comparable peers.
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Lion Mineralized Zone Expands over 90%
We noted in our April 22, 2024
press release that the Lion Zone was a mineralized area 300 metres
deep by 225 metres in width. (see Figure 1 above).
Now, at the end of our winter program, the zone has shown an
increase in size of over 94% compared to past reported zone
dimension (see Figures 1 and 2). The thickness of the
massive chalcopyrite zone remains the same and varies, ranging
from up to 5-10 m true width in the
core of the zone to less than one meter laterally. From the
complete assays dataset and the newest structural interpretation,
the core appears to present a westerly plunge (Figure 2).
The 2024 summer program is focusing on the depth and lateral
continuity to the west of the current known mineralization. Assays
from several promising holes are now in at the laboratory and we
would expect to report on those by late September.
"We are extremely excited to continue drilling this discovery
and combined with our comprehensive exploration program being
deployed contemporaneously, we are addressing two key components of
the work to be done: growing the Lion Zone into an even bigger
dimension and determining the true "world class" potential of
Nisk," commented Ken Williamson, VP
Exploration.
QAQC and Sampling
GeoVector Management Inc. ("GeoVector") 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 Activation
Laboratories Ltd ("Actlabs"), an independent commercial laboratory
for both the sample preparation and assaying. Actlabs is a
commercial laboratory independent of Power Nickel with no interest
in the Nisk Project. Actlabs is an ISO 9001 and 17025 certified and
accredited laboratory. Samples submitted through Actlabs are
run through standard preparation methods and analyzed using
RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split
(250 g) and pulverize (mild steel) to 95% passing 105 μm)
preparation methods, and using 1F2 (ICP-OES) and 1C-OES - 4-Acid
near total digestion + Gold-Platinum-Palladium analysis and
8-Peroxide ICP-OES, for regular and over detection limit analysis.
Pegmatite samples are analyzed using UT7 - Li up to 5%, Rb up
to 2% method. Actlabs 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 release 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 was 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
press release.
Clarify June 24, 2024 news
release
The Company's June 24, 2024 news
release disclosed the issuance of 265,027 finder warrants issued
under its $20.06 million flow-through
offering. This inadvertently under-reported 700 finder warrants, as
in fact, a total of 265,727 finder's warrants exercisable at
$1.25 for a period of 18 months from
closing were issued.
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.
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. The Company is in the
process of reorganizing these assets in a related vehicle, through
a Plan of Arrangement that will be presented to Power Nickel
shareholders of record for their approval.
To obtain Power Nickel's Corporate Presentation, please use
the link below:
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 its 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 receive the summer program assays; 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.