Power Nickel Hole 79 Delivers 6.26% CuEq1 over 10.25 Metres Within 4.29% CuEq1 over 20.05 Metres; Winter 2025 Drill Campaign Begins TORONTO ,
Power Nickel Hole 79 Delivers 6.26% CuEq1 over 10.25 Metres Within
4.29% CuEq1 over 20.05 Metres; Winter 2025 Drill Campaign Begins
TORONTO
,
Jan. 21, 2025
/CNW/ -
Power Nickel Inc
.
(the
"Company"
or
"Power Nickel"
)
(TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to
announce the return of the 3 holes of the fall campaign. These holes were testing the depth and western extensions of the Lion zone.
Hole PN-24-079 tested the interpreted plunge of the Lion zone below Hole PN-24-078 (news release
December 18, 2024
), and intersected the main high grade
zone. Hole PN-24-080, drilled approximately 75 meters further west from hole PN-24-79, intersecting the mineralized horizon above the interpreted plunge of the
zone and only returned sporadic metal values (0.38% Cu, 0.213 g/t Pd and 0.36% Cu in separate assays). Drill hole PN-24-081 tested approximately
100m
below
hole PN-24-080 and caught the top edge of the main Lion Zone returning 4.85 meters of 1.85% CuEq
1
. Results are outlined in Table 1 below.
Figure 1: Longitudinal view across the Lion Zone Area, presenting the CuEq Rec1 x meters, with interpreted plunge direction extension (CNW Group/Power Nickel
Inc.)
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)
. The
current results validate the expected strike, dip and plunge extensions to the Lion deposit model and increase the level of confidence about the continuity of the
zone.
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 (%)
CuEq
1
(%)
PN-24-079
176.95
197.00
20.05
0.88
23.2
2.36
3.30
0.53
0.14
4.29
including
186.75
197.00
10.25
1.28
33.1
3.70
4.63
0.34
0.20
6.26
and
204.80
206.70
1.9
2.73
43.2
1.15
0.42
0.07
0.04
3.41
and
216.75
220.00
3.25
0.14
8.6
0.40
0.04
0.01
0.01
0.52
PN-24-080
Isolated individual assays
PN-24-081
348.15
353.00
4.85
0.65
6.7
0.32
2.10
0.76
0.06
1.84
including
349.00
350.00
1.00
2.84
27.8
1.04
8.77
3.11
0.06
7.15
and
358.25
359.20
0.95
0.05
7.4
1.15
0.22
0.01
0.13
1.35
Note: Reported length is downhole distance; true width based on model projections is estimated as 85-95% of downhole length
1
Copper 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.
Terry Lynch
, CEO of the Company, commented, "These holes continue to inspire the team on how exciting the Lion zone is so far and its potential as we expect
to complete the remaining 15,000 meters of drilling between now and the end of
April 2025
. We have 14 more holes to report from the autumn drilling program
that will inform the current winter program. The assay labs have been backed up but we hope to update the market in the coming weeks with more results along
with clarity around the plans and objectives for the rest of this program."
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.
"Our understanding of the Lion zone continues to improve, with the excellent continuity and consistency of the zone allowing us to confidently forecast where
individual holes will intersect the target mineral horizon of each hole whether it's the Lion zone itself or, for example, deploying downhole EM to amplify the
aggressive step out exploration efforts. As we disclosed to the market in December, our visual logging of hole PN-24-95a (assays pending) suggests the high-
grade trend will extend to depth. This bodes well for continued success expanding the zone in 2025, leading to a future robust initial mineral resource estimate." –
commented
Joe Campbell
, VP of Exploration.
The 2025 program is now underway, with a technical crew carrying out core cutting of the remaining December drill core, preparing winter drill roads and pads,
and upgrading the core logging and sampling facilities to manage multiple drills. The drill contractor has collared the first drill on to the initial 2025 drill site. By the
first week of February a second drill will be operating, and 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 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.
Table 2: Significant assay results previously reported - Lion zone
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
454.15
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
466
475
9
NO SIGIFICANTVALUE
N/A
PN-24-066
401.95
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
430.75
442.9
12.15
0.12
8.54
1.75
1.99
0.36
0.14
2.36
Including
430.75
433.4
2.65
0.16
8.47
1.27
1.01
0.84
0.11
1.8
With
431.85
432.35
0.5
0.77
43.1
6.38
1.46
4.24
0.38
7.74
and Including
440.55
442.9
2.35
0.31
32.77
7.41
8.59
0.64
0.32
9.64
With
442.15
442.9
0.75
0.34
70
15.7
12.7
0.49
0.41
18.01
PN-24-068
474.6
476.3
1.7
0.28
10.96
2.74
3.47
1.54
0.1
4.15
Including
474.6
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
138.6
150
11.4
0.6
44.51
8.39
11.52
1.24
0.42
11.94
With
141.4
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
307.85
309.75
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
325.4
332.5
7.1
0.68
18.14
0.66
0.08
0.73
0.15
1.61
and Including
332.5
345
12.5
0.31
16.22
3.01
0.17
3.14
1.49
4.63
With
332.5
337
4.5
0.53
32.71
6.4
0.35
5.73
3.74
9.59
PN-24-073
354.65
383.75
29.1
0.25
4.97
0.51
1.52
0.7
0.06
1.49
Including
366.85
368.95
2.1
0.21
20.67
3.53
4.05
0.1
0.27
5.14
and Including
376.25
379.25
3
1.67
14.93
0.89
10.36
5.71
0.04
7.41
PN-24-074
290
313.55
23.55
0.15
3.06
0.6
0.11
0.13
0.02
0.89
Including
294.8
295.8
1
0.09
7.2
0.5
0.02
0.93
0.02
0.9
and Including
311.05
313.55
2.5
1.27
18.57
5.1
0.52
0.78
0.13
6.46
PN-24-075
321.5
340.7
19.2
0.14
5.45
1.04
0.05
1.22
0.53
1.65
Including
321.5
324.9
3.4
0.6
13.02
0.24
0.01
3.38
3.6
2.97
and Including
330.25
331
0.75
0.27
15.4
1.94
0.06
0.52
0
2.16
and Including
337.65
340.7
3.05
0.23
15.29
5.31
0.23
4.36
0.27
6.62
PN-24-076
57.7
72.1
14.4
NO SIGIFICANTVALUE
N/A
PN-24-078
157.6
187
29.4
0.53
11.95
1.15
1.08
0.36
0.06
2.34
Including
157.6
169.15
11.55
0.44
11.55
0.59
1.25
0.76
0.02
1.92
With
158.6
160.6
2
0.64
14.85
0.49
2.71
2.32
0.02
3.24
And With
163.5
168.15
4.65
0.59
15.83
0.97
1.25
0.5
0.04
2.38
and Including
173.65
187
13.35
0.77
15.86
1.98
1.29
0.14
0.12
3.43
With
173.65
176.55
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
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,
[email protected]; For further information, readers are encouraged to contact: Power Nickel Inc., The Canadian Venture Building, 82 Richmond St East,
Suite 202, Toronto, ON
CO: Power Nickel Inc.
CNW 03:00e 21-JAN-25