Company continues to Expand its Near Surface High-Grade Copper,
Platinum, Palladium, Gold and Silver Zone 5km Northeast of its Main
Nisk Deposit
TORONTO, April 22,
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 holes PN-24-047 and PN-24-051.
(see Figure 1 and Table 1 below)
Highlights:
PN-24-047 returned,
14.42 m of 0.59 g/t Au, 69.14 g/t
Ag, 8.17% Cu, 6.25 g/t Pd, 8.44 g/t Pt and 0.58% Ni
Including:
4.66 m of 0.85 g/t Au, 91.00 g/t
Ag, 11.66% Cu, 8.42 g/t Pd, 6.69 g/t Pt, and 0.46%
Ni,
3.01 m of 0.95 g/t Au, 167.46 g/t
Ag, 17.33% Cu, 13.04 g/t Pd, 29.24 g/t Pt and 1.77% Ni
PN-24-051 returned,
11.40 m of 0.24 g/t Au, 13.95 g/t
Ag, 2.51% Cu, 3.20 g/t Pd, 19.59 g/t Pt and 0.18% Ni
Including :
2.60 m of 0.40 g/t Au, 41.18 g/t
Ag, 8.09% Cu, 8.37 g/t Pd, 84.75 g/t Pt and 0.54%
Ni
4.90 m of 0.23 g/t Au,
7.53 g/t Ag, 1.32% Cu, 2.47 g/t Pd, 0.53 g/t Pt and 0.12%
Ni
"What we had previously noted visually has now been more than
proven by assays returned from an independent accredited lab. In
fact, many of these results were checked twice as they were well
over normal detection limits. A good example of the assays being
better that what we visually expected is hole 51 in Figure 1 – it
doesn't look that thick but as the assays showed, it was a
spectacular hole." commented Terry
Lynch, Power Nickel CEO.
The Company's Winter 2024 drill program ended with 15 successful
holes at the Lion Discovery. Additional assays to be released when
received shortly could evidence ongoing progress on the significant
discovery that has been made (see Figure 1 below).
Power Nickel will continue to drill at the Lion Discovery in the
upcoming summer season, following up PN-24-051 (this release) and
PN-24-062, the deepest mineralized intersections to date.
"With 15 holes through the mineralized zone, we have been able
to define the initial footprint of what appears to be a
structurally controlled high-grade multi-elements pod. Our
50m grid approach has proven to be
successful in helping us to define the geometry of the zone and its
plunge. We will continue our analysis of the assay results as they
become available to refine our interpretation," stated Kenneth Williamson, Power Nickel's VP
Exploration.
As previously stated in the Company's press release dated
April 12th, 2024, multiple
new holes successfully intersected the chalcopyrite-rich
mineralized zone initially discovered in Hole PN-23-031A.
Table 1 below presents the significant results and the
current Assay Status for the remaining holes of the 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.
|
Figures 2 and 3 below show a cross-section view along
both PN-24-047 and PN-24-051, and a close-up on the core pictures
from each hole respectively.
Figure 4 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.
From the available data and observations, the mineralized zone
can be followed 225m laterally and
300m deep. The thickness of massive
chalcopyrite varies, ranging from up to 5-6
m true width in the core of the zone to less than 1 meter
laterally. Holes PN-24-047 and PN-24-051 respectively represent
both cases. Figure 5 below is a 3D view of the Lion Discovery Zone
which illustrates our current interpretation as well as the vast
open ground area that could potentially be host of more than one of
these mineralized zones.
"Although already sizeable at the end of the current program,
drilling is far from being over at the Lion Discovery as the zone
remains open laterally and at depth. We believe that the whole
surrounding area presents a very strong potential of hosting more
of such high-grade multi-elements mineralization. We're looking at
the possibility of having both drill rigs up there this summer; one
that would keep pushing the zone deeper, while another one would be
exploring the surrounding ground," 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 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 Project. Actlabs is an ISO 9001 and 17025 certified and
accredited laboratories. Samples submitted through Actlabs are run
through standard preparation methods and analysed 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 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.
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:
http://powernickel.com/corporate_presentation.pdf
Join Terry Lynch, CEO,
Kenneth Williamson, VP Exploration
and Duncan Roy, VP Investor
Relations, of Power Nickel for a LIVE Virtual Event
Learn more about these great PGM drilling results and gain
insights into what's to come. A live interactive Q&A
session will follow.
Date and time: Tuesday, April 23rd at
2:00 pm
Please use this
link: https://events.6ix.com/preview/from-core-to-ore-power-nickels-pgm-drill-result-review
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.