Power Nickel Update -Following up on 2024 Drill Successes, Expanding Exploration Target Areas, and Announcing a New Discovery 700 Metres East of The Lion Zone TORONTO ,
Power Nickel Update -Following up on 2024 Drill Successes, Expanding
Exploration Target Areas, and Announcing a New Discovery 700 Metres
East of The Lion Zone
TORONTO
,
Jan. 27, 2025
/CNW/ -
Power Nickel Inc
.
(the
"Company"
or
"Power Nickel"
)
(TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to
announce the beginning of the 2025 winter drill campaign on the Nisk project with hole PN-24-96 (Figure 1). This hole will be testing the depth extension along the
trend of the Lion zone, following up on successful drilling of high-grade Cu and precious metal (Pd, Pt, Au, Ag) discovered in 2024 drill holes (See some highlights
below and Table 2).
PN-24-047 contains
14.40m
of 8.15% Cu; 6.23 g/t Pd; 8.40 g/t Pt; 68.9 g/t Ag; 0.59 g/t Au; and 0.58% Ni
PN-24-051 contains
11.40m
0f 2.51% Cu; 3.20 g/t Pd; 19.59 g/t Pt; 14.0 g/t Ag; 0.24 g/t Au; and 0.58% Ni
PN-24-053 contains
5.00m
of 12.70% Cu; 20.87 g/t Pd; 1.02 g/t Pt; 102.9 g/t Ag; 1.76 g/t Au; 0.40% Ni
PN-24-070 contains
32.00m
@ 3.62% Cu; 8.10 g/t Pd; 2.47 g/t Pt; 20.9 g/t Ag; 0.45 g/t Au; 0.18% Ni
Note: Reported lengths are downhole distance; true width based on model projections is estimated as 85-95% of downhole length
The 2024 drilling has begun to delineate a deposit that is analogous to Cu rich deposits that form an end member type of deposit found in large Ni deposit camps,
such as those observed at Norilsk and the off-set dyke style deposits in
Sudbury
. The presence of a Ni-Cu-Co-PGE deposit (Nisk), and a Cu-PGE-Au-Ag deposit
(Lion) along the same layered ultramafic unit provides encouragement to target additional, possibly larger, deposits within this camp. Power Nickel's current
exploration information is suggestive of a potentially large volume of metal yet to be discovered.
To achieve these discoveries the current plans for the winter 2025 exploration campaign include operating 3 drills by mid February. The initial drill will extend depth
and strike extensions of the Lion deposit. The remaining two drills will target the known strike of the ultramafic, including 5.5 km of strike between Nisk and Lion
that has not previously been drilled. This area includes structures and EM anomalies that are similar to the original target that led to the discovery of Lion in late
2023. In addition, the Nisk Ni deposit remains open to expansion, with some of the best intersections found in the last drilling campaign at Nisk (2023) that
targeted depth extensions. Additional drilling is expected to increase the 2023 NI43-101 mineral resource estimate, and to help understand Nisk's connection to
the high grade Lion Cu deposit.
To help direct the exploration drilling Power Nickel has retained the services of a geophysicist to review borehole EM surveys and ground EM surveys that were
conducted in 2024. This work will identify new drill targets for the 2025 campaign. Several holes west of Lion (PN-24-082 to 85, Figure 1) are the initial locations
for borehole EM surveys and these will be prioritized when the second drill arrives at site at the beginning of February.
A New Discovery – PN-24-094
Borehole EM surveys in 2024 have already provided a success. In late 2024 Power Nickel tested a weak EM target located
700m
east of Lion that was similar to
the one found over the Lion deposit. The initial holes showed indications of a weak Cu mineralized structure (Figure 2). A subsequent bore hole survey indicated
an off-hole anomaly and subsequent drilling intersected massive sulphides (po-cpy) with strong indications of Ni in on-site XRF analyses (Figure 3). The unusual
host rock for this deposit (felsic gneisses) provides at third deposit type in this expanding Ni-Cu camp. Power Nickel is awaiting assays of this zone to help
characterize it. This area will be another focus of the 2025 drilling campaign.
Figure 1: Plan view of drill holes in the Lion Zone Area, showing current drill hole PN-25-096, and discovery hole PN-24-094 east of Lion (CNW Group/Power
Nickel Inc.)
Figure 2: Example of minor Cu mineralization in PN-24-090 drill core that led to BH EM discovery in PN-24-094 (CNW Group/Power Nickel Inc.)
Figure 3: Massive sulphide intersections in PN-24-094. This zone was preceded by significant
zones of vein, fracture controlled and disseminated Cu zones. (CNW
Group/Power Nickel Inc.)
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.
Table 2: Significant assay results previously reported - Lion zone
From
To
Length
Au
Ag
Cu
Pd
Pt
Ni
CuEq
Rec*
Hole
(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
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.
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.
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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For further information:
For further information on Power Nickel Inc., please contact: Duncan Roy, VP Investor Relations, 416-580-3862,
CO: Power Nickel Inc.
CNW 03:00e 27-JAN-25