TORONTO, Dec. 12,
2024 /CNW/ - Power Nickel
Inc. (the "Company"
or "Power Nickel") (TSXV: PNPN)
(OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce that
drilling has confirmed the presence of mineralization 125 meters
below and 75 m west of the currently
discovered Lion Zone and intercepted 7 meters (Hole 93) and 13
meters (Hole 95A) of the mineralized geologic unit. They extend the
depth of the Lion Zone mineralized unit down to six hundred metres
below surface.
In Figure 2 below we produce some selected Core Pictures.
Terry Lynch, CEO of the Company,
commented, "As we continue our winter drill program at the Lion
Zone, the focus has remained on assessing the limits of the Lion
Zone along strike and down dip. While assays are pending, Holes 93
and 95A suggest we have not yet found the limits of the Lion Zone
mineralization at depth. Combined with hole 80 which tested the
Lion Zone continuity along strike to the west, we are excited with
the initial progress of this winter program and the pending assays
as Power Nickel looks towards 2025.
We will be hosting a webinar on Thursday.
https://6ix.com/event/power-nickel-year-in-review-and-latest-developments-at-nisk.
Of note in Hole 93 and 95A are the core visuals which have
informed the exploration team in 2024 to further guide the drilling
program even while assays are pending.
This is not the first time we have seen core like this from
drilling the Lion zone."
As shown in Figure 3, the Lion Zone has been producing a
continuous stream of excellent intersections and grades building a
substantial mineralized area of extremely high-grade copper, gold,
silver, and platinum group metals.
"The core intersection from hole 95A is certainly representing
the best of the Lion Zone as we know it now; a wide intersection
representing a significant thickness of mineralization and it was
where we expected it to be, in the heart of the plunge. Hole 93 is
our deepest intersection to date, suggesting that the core zone
remains open at depth... All key pieces in the process of growing
Lion Zone!" – commented Ken
Williamson, VP of Exploration.
Copper Equivalent Calculation
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 commodities, consistent with
comparable peers.
About Power Nickel Inc.
Power Nickel is a Canadian exploration company focusing on
developing the High-Grade Nickel Copper PGM, Gold and Silver Nisk
project into Canada's next poly
metallic 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).
The NISK property comprises a large land position (20 kilometres
of strike length) with numerous high-grade intercepts. Power Nickel
is focused on expanding the high-grade nickel-copper PGM, Gold and
Silver mineralization with a series of drill programs designed to
evaluate the initial Nisk discovery zone, the Lion discovery zone
and to explore the land package for adjacent potential poly
metallic 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 public vehicle
through a plan of arrangement.
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
various drilling plans; the ability to raise sufficient capital to
fund its obligations under its property agreements going forward
and conduct drilling and exploration; 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.