TORONTO, Aug. 13,
2024 /CNW/ - Power Nickel Inc. (the "Company"
or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt:
IVV) is pleased to provide details on the Exploration Program being
deployed on its Nisk Property, Nemaska,
Quebec. While the 2024 summer Drill Program at the Lion Zone
continues to successfully intersect poly-metallic mineralisation,
the Company has begun an extensive property scale Exploration
Program, which will include downhole and ground-based geophysical
surveys. These exploration efforts are anticipated to provide a
robust framework for identifying new prospective sub-surface target
areas and are aiming at defining a possible continuity over the 5.5
km strike-length separating Nisk Main and the Lion Zone.
"With the addition of the $20 Million
dollars of exploration capital and Dr. Steve Beresford to our Board and Technical Team,
we have significantly enhanced our ability to follow up our
exploration success at Nisk. Our revamped exploration program is
discussed below and in detail at our recent webinar on the topic
(https://on.6ix.com/3WP0Nqa). We are most encouraged with this
summer's progress and believe our strategic approach will maximize
the speed and size of our exploration discoveries," commented Power
Nickel CEO Terry Lynch.
To the west, the Nisk Main zone extends over 650 m and to a depth of 500 m below surface. The 2023 Mineral Resource
Estimate, dated Nov. 29th,
2023, presents a combined "in-pit" and underground indicated
resource of 5.43 Mt grading 1.05% NiEq, and 1.79 Mt @ 1.35% NiEq of
underground inferred resource. Nisk Main remains open at depth
along what has been identified as high-grade mineralization
shoots.
To the northeast, the Lion Zone is currently followed on
approximately 300 m, to a depth of
350 m. The Lion Zone is a
poly-metallic sulphides-rich zone presenting a high-grade content
in PGM, gold and silver, as well as in copper and nickel (Figure
1).
Valuable scientific and technical inputs received from Dr.
Beresford has led to strengthening our exploration strategy, aiming
at identifying the best resources growth potential at both
discoveries and to understand the nature of the ground between
them. From Dr. Beresford's expertise, the system appears to behave
similarly to a vein system, to the difference that the key
controlling parameters are the thickness of the zone and its
proximity to the "source", as both factors play a role in the
mineralogy and grade of the different mineralized pods. The
exploration program will also benefit from Dr. Beresford's
experience by putting emphasis on a proper use of geophysics in our
targeting strategy.
Moving forward, the exploration strategy will include:
- Downhole EM surveys from specially designed "Platform Holes",
with the aim of identifying favourable areas for high grade
sulphides mineralization within the target plane itself,
- Ground-based geophysics, which includes both ground gravity and
EM surveys on a tight grid, providing yet another layer of
information order to better understand the sub-surface
architecture,
- Integration of these new datasets that will allow updating
of the current litho-structural component of the 3D model with
enhanced gravity data. The 3D model can then be used to filter out
false-positive targets interpreted from the geophysical
surveys.
Platform Holes
Platform holes are voluntarily drilled to follow and to remain
at a constant distance from the target plane, rather than
intersecting it. The main purpose of such holes is to provide a
"consistent platform" on which downhole geophysics tools can
generate a profile of EM responses along the vertical extent of the
target plane.
Mineralized sulphides contained within the target plane,
especially when massive and/or as interconnected stockwork of
stringers are sensitive to EM interferences, and therefore can be
"seen" by the geophysical survey, with a precise depth location.
The intention is to align several platform holes along strike of
the target plane, providing then a continuous survey coverage along
both the vertical and lateral extents. For the technique to work
best, platform holes are designed to be hosted by non-EM responsive
rocks to avoid any background interferences.
A second drill has been deployed at the eastern margin of Nisk
Main, and the first platform hole, PN-24P-001, is collared with the
barren paragneiss. From there, the hole will be drilled to some
1,000 m depth. For the most part, the
hole is drilled behind already known mineralization, for
calibration purposes, but will cover some 400 m vertical meters of untested ground below
the Nisk Main Zone. At least two more holes, following a
300 m step-out are also planned as
part of this initial test. The 1 km strike-length covered is
anticipated to provide valuable insights about the offset of the
Main Zone towards the ANT 2 target area (Figure 2).
Ground-based geophysics
With the combination of traditional high-resolution airborne
geophysics and the Fleet Space ANT gravity surveys, it was
recognized that more precise ground-based surveys were required to
further refine our targeting strategy. From Dr. Beresford's
experience, not only are such surveys essential, processing the
data is also a critical component of the work.
Field work is ongoing at the Lion Zone to cover an EM
ground-based survey; and the ground-based gravity survey covering
the most part of the property is also on-going. Figure 3 below
presents the areas covered by both the EM and Gravity surveys
within the property scale geological context and with respect to
the position of the mineralized zones.
As new information is being gathered, geochemistry of both
mineralized zones is also being investigated. Defining the relation
between the Nisk Main zone mineralogy with the more
Copper/PGE/Ag/Au-rich mineralogy observed at Lion Zone is another
component that could lead to defining a mineralogical vector, at
the property scale; such vector could later help to "locate
ourselves" with respect the mineralized zones, providing better
targeting for new discoveries (Figure 4).
"So far, 2024 has been an exciting year of discoveries for Power
Nickel and we believe the best is yet to come," commented VP
Exploration Ken Williamson.
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 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 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/power-nickel-provides-exploration-update-302220631.html
SOURCE Power Nickel Inc.
