TORONTO, Feb. 5, 2025
/CNW/ - Power Nickel
Inc. (the "Company"
or "Power Nickel") (TSXV: PNPN)
(OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce the
return of the 5 holes of the fall campaign. These holes were
testing multiple targets in the Lion zone area.
Hole PN-24-095a tested the interpreted plunge of the Lion zone
below previous drill holes. Power Nickel previously released photos
of mineralized core from hole PN-24-095a (news release January 21, 2025), and assays have now confirmed
that extension of the high-grade zone (Table 1).
Drill holes PN-24-082 to PN-24-085 inclusive, were designed to
intersect the target horizon 100-200m
west of known mineralization at depths below the ground and
airborne EM signals (Figure 1 and 2), therefore they were testing
unknown locations along the target horizon. Although the holes
passed through the target horizon they only returned weakly
geochemically anomalous Pt and Pd (up to 0.14g/t combined). These
holes were specifically located to provide platforms for borehole
EM (BHEM) surveys, which will be carried out this month. The BHEM
should give a 'look' radius of 150-200 meters around the hole for
any off-hole conductors indicative of mineralization.
Hole PN-24-88 was drilled to test a weak airborne EM anomaly
halfway (Figure 1 and 2) between Lion and the Lion East discovery
hole PN-24-094 located approximately 700m east of Lion (see news release January 27, 2025). PN-24-88 contained minor
sporadic Au and Cu values (up to 0.09 g/t and 0.17% respectively).
The location of the drill hole was significantly below the
interpreted airborne EM anomaly. A partial BHEM survey (obstruction
prevented a full survey) was re-evaluated by Power Nickel's
geophysicist and indicated a potential off-hole anomaly that will
be tested in the coming weeks. It is not known what causes this
anomaly, but based on previous experience at Lion there is
reasonable expectation that a sulphide concentration is causing the
conductor.
"Borehole EM has become a primary tool for discovery. Predicting
the location of the Lion East discovery was a true acid test of the
method, identified conductors have a very good chance to be
sulphides. and we are excited to test the partial off-hole
conductor found in hole PN-24-088 and to begin testing holes
PN-24-082 to 085. Additional targets are expected along the trend
between and the Nisk and Lion deposits, providing more drill
targets for our Winter 2025 program" commented Joe Campbell Power Nickel's VP Exploration.
The Lion Zone continues to provide excellent intersections and
grades, conforming to interpreted geological modeling, and
extending the mineralized area of the high-grade copper, gold,
silver, and platinum group metals within the Lion zone. Visual
logging of the first hole of the 2025 campaign, hole PN-25-96
(assays pending) suggests the high-grade trend will extend to depth
and along strike from hole PN-24-95a reported in this news
release.
Table 1 below presents the significant results of
the current assays. Previously released results are included at the
end of this news release (Table 2).
Table 1: Significant assay results from this news release -
Lion zone
|
Hole
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Pd
(g/t)
|
Pt
(g/t)
|
Ni
(%)
|
CuEq1
(%)
|
|
PN-24-095a
|
427.00
|
446.20
|
19.40
|
0.14
|
10.8
|
2.63
|
2.97
|
0.25
|
0.09
|
4.29
|
|
including
|
437.85
|
443.20
|
5.35
|
0.24
|
31.8
|
8.11
|
8.25
|
0.80
|
0.27
|
10.60
|
|
PN-24-082
|
Isolated individual
assays
|
|
PN-24-083
|
Isolated individual
assays
|
|
PN-24-084
|
Isolated individual
assays
|
|
PN-24-085
|
Isolated individual
assays
|
|
PN-24-088
|
Isolated individual
assays
|
|
Note: Reported length
is downhole distance; true width based on model projections is
estimated as 85% of downhole length
|
1Copper Equivalent Rec 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.
"Drilling results like this have become routine at the Lion Zone
but anyone in the industry knows they are anything but routine. We
remain thankful for our blessings and remain excited about the
future at the Lion Zone and indeed with exploration at the entire
Nisk project! commented Power Nickel CEO Terry Lynch.
A second drill has arrived at site and will begin with drill
holes around Lion East utilizing an improved interpretation of
previous borehole EM surveys. This drill will then be used to carry
out additional borehole surveys west of Lion in holes PN-24-082 to
085. By mid-February a third drill will be added. The increased
drill capacity will allow for a much quicker turnaround of drill
results, building the potential mineral resource in a shorter
time.
In addition to the drilling program, ongoing expert
interpretations of the 2024 EM ground and borehole surveys is
expected to identify multiple conductive targets that will allow
for a much greater expansion of the exploration effort. The EM is
expected to identify extensions to the Lion zone as well as
providing additional targets of similar zones along several
kilometers of strike on the mineralized structures. The geophysical
targets promise to keep the additional drills busy during this
winter's drill campaign.
Qualified Person
Joseph
Campbell, P.Geo, 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 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 has
reorganized these assets in a related public vehicle through a plan
of arrangement.
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.
|
Table 2: Significant
Lion zone assays previously reported since Q3 2024
|
|
Hole
|
From
|
To
|
Length
|
Au
|
Ag
|
Cu
|
Pd
|
Pt
|
Ni
|
CuEq
Rec*
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
( g/t
)
|
( %)
|
(g/t)
|
( g/t
)
|
( %)
|
( %)
|
|
PN-24-063
|
428
|
433
|
5
|
0.48
|
24.82
|
4.41
|
0.21
|
6.15
|
0.47
|
5.93
|
|
Including
|
429
|
432
|
3
|
0.73
|
37.9
|
7.1
|
0.3
|
9.26
|
0.5
|
9.3
|
|
PN-24-064
|
452
|
454.2
|
2.15
|
0.21
|
2.98
|
0.49
|
0.68
|
0.24
|
0.1
|
0.87
|
|
Including
|
452
|
453
|
1
|
0.27
|
3.9
|
0.85
|
1.03
|
0.31
|
0.19
|
1.35
|
|
PN-24-065
|
No significant
values
|
|
PN-24-066
|
402
|
414
|
12.05
|
0.09
|
4.53
|
0.65
|
6.39
|
0.3
|
0.06
|
2.97
|
|
Including
|
411
|
414
|
3
|
0.2
|
12.5
|
1.95
|
2.26
|
0.62
|
0.12
|
2.78
|
|
With
|
413
|
414
|
1
|
0.28
|
32.4
|
5.08
|
4.44
|
0.44
|
0.16
|
6.22
|
|
PN-24-067
|
431
|
442.9
|
12.15
|
0.12
|
8.54
|
1.75
|
1.99
|
0.36
|
0.14
|
2.36
|
|
Including
|
431
|
433.4
|
2.65
|
0.16
|
8.47
|
1.27
|
1.01
|
0.84
|
0.11
|
1.8
|
|
With
|
432
|
432.4
|
0.5
|
0.77
|
43.1
|
6.38
|
1.46
|
4.24
|
0.38
|
7.74
|
|
and
Including
|
441
|
442.9
|
2.35
|
0.31
|
32.77
|
7.41
|
8.59
|
0.64
|
0.32
|
9.64
|
|
With
|
442
|
442.9
|
0.75
|
0.34
|
70
|
15.7
|
12.7
|
0.49
|
0.41
|
18.01
|
|
PN-24-068
|
475
|
476.3
|
1.7
|
0.28
|
10.96
|
2.74
|
3.47
|
1.54
|
0.1
|
4.15
|
|
Including
|
475
|
475.1
|
0.5
|
0.94
|
36.3
|
8.55
|
11.4
|
5.19
|
0.28
|
13.34
|
|
PN-24-069
|
100
|
117
|
17
|
0.28
|
9.52
|
0.93
|
7.19
|
1.66
|
0.05
|
4.05
|
|
Including
|
100
|
106
|
6
|
0.42
|
19.33
|
0.96
|
11.68
|
3.69
|
0.04
|
6.43
|
|
With
|
100
|
102
|
2
|
0.66
|
47.3
|
2.15
|
19.35
|
2.87
|
0.08
|
10.26
|
|
and
Including
|
112
|
117
|
5
|
0.35
|
7.8
|
1.78
|
9.69
|
0.74
|
0.09
|
5.38
|
|
With
|
114
|
115
|
1
|
0.57
|
12.9
|
6.09
|
33.8
|
0.85
|
0.36
|
18.39
|
|
PN-24-070
|
118
|
150
|
32
|
0.45
|
20.93
|
3.62
|
8.1
|
2.47
|
0.18
|
6.97
|
|
Including
|
120
|
130
|
10
|
0.5
|
12.94
|
1.76
|
10.82
|
5.98
|
0.08
|
7.44
|
|
With
|
120
|
12
|
2
|
0.53
|
28.2
|
5.77
|
7.61
|
1.86
|
0.25
|
8.45
|
|
and
Including
|
139
|
150
|
11.4
|
0.6
|
44.51
|
8.39
|
11.52
|
1.24
|
0.42
|
11.94
|
|
With
|
141
|
147.4
|
6
|
0.79
|
60.98
|
12.9
|
15.21
|
1.6
|
0.51
|
17.22
|
|
PN-24-071
|
157
|
196.6
|
39.6
|
0.38
|
19.57
|
2.62
|
3.37
|
0.8
|
0.13
|
4.19
|
|
Including
|
157
|
160
|
3
|
0.25
|
8.93
|
0.68
|
6.2
|
0.04
|
0.02
|
3.04
|
|
and
Including
|
185
|
196.6
|
11.6
|
0.88
|
49.9
|
8.25
|
9.57
|
2.64
|
0.34
|
12.46
|
|
With
|
193
|
196.6
|
3.6
|
1.56
|
63.03
|
10.39
|
11.42
|
7.9
|
0.32
|
16.89
|
|
PN-24-072
|
294
|
345
|
51
|
0.54
|
9.1
|
1.01
|
0.06
|
1.14
|
0.53
|
1.94
|
|
Including
|
294
|
299.2
|
5.2
|
0.18
|
3.67
|
0.02
|
0
|
1.19
|
0.89
|
0.86
|
|
and
Including
|
308
|
309.8
|
1.9
|
0.45
|
4.43
|
0.11
|
0
|
0.99
|
0.71
|
0.99
|
|
and
Including
|
321
|
323
|
2
|
0.15
|
3.45
|
0.32
|
0.03
|
1.18
|
0.51
|
1
|
|
and
Including
|
325
|
332.5
|
7.1
|
0.68
|
18.14
|
0.66
|
0.08
|
0.73
|
0.15
|
1.61
|
|
and
Including
|
333
|
345
|
12.5
|
0.31
|
16.22
|
3.01
|
0.17
|
3.14
|
1.49
|
4.63
|
|
With
|
333
|
337
|
4.5
|
0.53
|
32.71
|
6.4
|
0.35
|
5.73
|
3.74
|
9.59
|
|
PN-24-073
|
355
|
383.8
|
29.1
|
0.25
|
4.97
|
0.51
|
1.52
|
0.7
|
0.06
|
1.49
|
|
Including
|
367
|
369
|
2.1
|
0.21
|
20.67
|
3.53
|
4.05
|
0.1
|
0.27
|
5.14
|
|
and
Including
|
376
|
379.3
|
3
|
1.67
|
14.93
|
0.89
|
10.36
|
5.71
|
0.04
|
7.41
|
|
PN-24-074
|
290
|
313.6
|
23.55
|
0.15
|
3.06
|
0.6
|
0.11
|
0.13
|
0.02
|
0.89
|
|
Including
|
295
|
295.8
|
1
|
0.09
|
7.2
|
0.5
|
0.02
|
0.93
|
0.02
|
0.9
|
|
and
Including
|
311
|
313.6
|
2.5
|
1.27
|
18.57
|
5.1
|
0.52
|
0.78
|
0.13
|
6.46
|
|
PN-24-075
|
322
|
340.7
|
19.2
|
0.14
|
5.45
|
1.04
|
0.05
|
1.22
|
0.53
|
1.65
|
|
Including
|
322
|
324.9
|
3.4
|
0.6
|
13.02
|
0.24
|
0.01
|
3.38
|
3.6
|
2.97
|
|
and
Including
|
330
|
331
|
0.75
|
0.27
|
15.4
|
1.94
|
0.06
|
0.52
|
0
|
2.16
|
|
and
Including
|
338
|
340.7
|
3.05
|
0.23
|
15.29
|
5.31
|
0.23
|
4.36
|
0.27
|
6.62
|
|
PN-24-076
|
No significant
values
|
|
PN-24-078
|
158
|
187
|
29.4
|
0.53
|
11.95
|
1.15
|
1.08
|
0.36
|
0.06
|
2.34
|
|
Including
|
158
|
169.2
|
11.55
|
0.44
|
11.55
|
0.59
|
1.25
|
0.76
|
0.02
|
1.92
|
|
With
|
159
|
160.6
|
2
|
0.64
|
14.85
|
0.49
|
2.71
|
2.32
|
0.02
|
3.24
|
|
And
With
|
164
|
168.2
|
4.65
|
0.59
|
15.83
|
0.97
|
1.25
|
0.5
|
0.04
|
2.38
|
|
and
Including
|
174
|
187
|
13.35
|
0.77
|
15.86
|
1.98
|
1.29
|
0.14
|
0.12
|
3.43
|
|
With
|
174
|
176.6
|
2.9
|
3.16
|
21.62
|
5.84
|
4.72
|
0.44
|
0.48
|
11.03
|
|
And
With
|
183
|
187
|
4
|
0.23
|
35.78
|
2.3
|
0.73
|
0.11
|
0.03
|
3.23
|
|
PN-24-079
|
177
|
197
|
20.05
|
0.88
|
23.2
|
2.36
|
3.3
|
0.53
|
0.14
|
4.29
|
|
including
|
187
|
197
|
10.25
|
1.28
|
33.1
|
3.7
|
4.63
|
0.34
|
0.2
|
6.26
|
|
and
|
205
|
206.7
|
1.9
|
2.73
|
43.2
|
1.15
|
0.42
|
0.07
|
0.04
|
3.41
|
|
and
|
217
|
220
|
3.25
|
0.14
|
8.6
|
0.4
|
0.04
|
0.01
|
0.01
|
0.52
|
|
PN-24-080
|
Isolated individual
assay values
|
|
PN-24-081
|
348
|
353
|
4.85
|
0.65
|
6.7
|
0.32
|
2.1
|
0.76
|
0.06
|
1.84
|
|
including
|
349
|
350
|
1
|
2.84
|
27.8
|
1.04
|
8.77
|
3.11
|
0.06
|
7.15
|
|
and
|
358
|
359.2
|
0.95
|
0.05
|
7.4
|
1.15
|
0.22
|
0.01
|
0.13
|
1.35
|
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 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 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 were
observed.
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.
