Former Chief Geologist at First Quantum, MMG, and Chief
Geoscientist at IGO Ltd.
TORONTO, May 1, 2024
/CNW/ - Power Nickel Inc. (the "Company" or "Power Nickel")
(TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased
to announce that internationally recognized geoscientist Dr.
Steve Beresford has joined Power
Nickel as a Special Advisor.
Dr. Steve Beresford's (FAIG FSEG)
career includes being Chief Geologist of three major mining
companies, a lecturer and professor, and the founder of several
exploration companies. Steve began his exploration career at WMC
Resources and has gone onto to do field exploration in 66
countries, largely for magmatic Nickel-Copper-PGE deposits.
Steve is currently an Adjunct Professor at the University of
Western Australia, and a board
member of AGEMERA in Europe. Steve
received his BSc honours and PhD from the University of
Canterbury (New Zealand).
"I first came across Dr. Beresford when my son flagged this
YouTube video on Ni-Cu-PGE deposits:
https://www.youtube.com/watch?v=2hxWbW2NVdc&ab_channel=GeologicalSocietyofAustraliaInc.1
Watching this video, I was so impressed by his knowledge and
expertise on these types of deposits. I thought there were a lot of
similarities with Nisk, and that Steve's expertise would be
very beneficial if I could convince him of Nisk's potential to be a
giant. Ken Williamson VP of
Exploration and I had a technical discussion with Dr. Beresford,
and we were able to convince him to help. I will let Steve describe
in his own words why he has joined and from Power Nickel's
perspective, we are very excited to work with, in our view,
literally the top expert on the very type of discovery we have at
Nisk. We are confident his knowledge will expedite our exploration
program and understanding of Nisk to give us the best chance of
success," commented Power Nickel CEO Terry
Lynch.
In explaining why he joined Power Nickel, Dr. Beresford said: "A
base jumper needs over 500 solo dives to commence in a wing suit.
I've spent my career working on all forms of Nickel sulfides across
the world, working towards focusing on a higher value sub-type of
Nickel deposits called Polymetallic Ni-Cu-PGE deposits, zoned
high-grade metal deposits where Cu and noble metals (PGE, Au, Ag)
form equivalent value to Nickel, not just credits. The world's two
largest deposits of any metal are this type of deposit, Norilisk
and Platreef.2 Polymetallic deposits remain the premier
deposit style through market cycles. NISK has the geodynamic
setting and prospect scale characteristics of a zoned metal system,
so I'm looking forward to joining the Power Nickel team as we
advance and transform NISK into a polymetallic deposit."
As part of his compensation, Dr. Beresford will be paid an
up-front $100,000 cash consulting fee
for review of the Company's technical information over a period of
12 months and to provide other technical input as may be reasonably
required and requested by the Company.
The Company anticipates conducting a further flow-through
private placement (the "Private Placement") financing with
Quebec investors through Wealth
Creation Preservation & Donation Inc. ("WCPD"). WCPD
worked with the Company on certain of its flow-through financings
in 2023, as a less dilutive way for the Company to raise funds for
exploration, with the common shares available for back-end purchase
from the front-end flow-through purchasers. The Company plans
to issue 250,000 flow-through units at a price of $0.80 per flow-through unit for gross proceeds of
$200,000. Each unit is
comprised of one flow-through common share (an "FT Share") and one
share purchase warrant, with each warrant exercisable to purchase
one common share at a price of $0.80
per common share for 3 years from the date of issuance. Each
FT Share will qualify as a "flow-through share" for purposes of the
Income Tax Act (Canada).
All securities issued under the Private Placement will be subject
to a four-month and one-day statutory hold period. The
Private Placement is subject to the Company's receipt of TSX
Venture Exchange approval.
The Company intends to use the gross proceeds for exploration
activities on the Company's NISK property located in Quebec.
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1 Reference
to the video is for information purposes only and the Company
advises that the information in the video is not forming part of
the Company's disclosure record. Any references to
similarities to NISK is for information purposes only and there are
no assurances that NISK will achieve the same results as the
properties and projects described in the video.
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2 Reference
to the type of deposit and similarities to NISK are for
information purposes only and there are no assurances that NISK
will achieve the same results as these projects.
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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
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 close the Private Placement; the timing for the Company to
develop the NISK deposit or risk that such development does not
occur 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.