1.40% Ni, 0.88% Cu, O.09 Co,2.52 g/t Palladium,0.56g/t Platinum over 10.2M Hole PN-22-012 0.99% Ni, 0.68% Cu, O.06 Co,0.99 g/t Palladium,0.52g/t Platinum over 5.2M Hole PN-22-011 Power Nickel Extends Nickel Mineralization In
1.40% Ni, 0.88% Cu, O.09 Co,2.52 g/t Palladium,0.56g/t Platinum over 10.2M Hole PN-22-012
0.99% Ni, 0.68% Cu, O.06 Co,0.99 g/t Palladium,0.52g/t Platinum over 5.2M Hole PN-22-011
Power Nickel Extends Nickel Mineralization In
Multiple Holes on its Fall 2022 Drill Program
Highlights
• Recent assay results from the current drill program at the Nisk deposit
continue to return high grade Ni-Cu-Co sulphide and PGE mineralization.
• Significant results from this batch of assays include:
10.25 metres of 1.4% Ni, 0.88% Cu, 0.09 Co, and 2.52 g/t Pd, 0.56
g/t Pt in PN-22-012 including
6.85 metres 1.93% Ni, 1.06% Cu, 0.12 Co, and 3.60 g/t Pd, 0.29 g/t
Platinum in PN-22-012
5.2 metres 0.99% Ni, 0.68 Cu, 0.06 Co, and .99 g/t Pd, 0.52 g/t Pt in
PN-22-011
3.5 metres of 1.23% Ni, 0.73% Cu, 0.07 Co and 3.17 g/t Pd, 0.36 Pt in
hole PN-22-014
3.2 metres of 1.15% Ni , 0.39% Cu, 0.09 Co and .83 g/t Pd, 0.10 Pt in
hole PN-22-017
• Drilling is ongoing and expected to continue through to breakup in Late
April/Early May
Toronto, Ontario – March 1, 2023 – Power Nickel Inc. (the “Company” or “Power Nickel”)
(TSX-V: PNPN, OTCQB: PNPNF, Frankfurt: IVVI) continues to report new productive results
from its Phase 2 drill program at its “Nisk" project near James Bay. These initial drill results confirm
the presence of high-grade Ni-Cu-Co-PGE mineralization in the Nisk Main zone and extends
mineralization by an additional 150 metres at depth and to the east and below to central portion
Table 1 below presents the significant results received to date from drill holes PN-22-008 through
to PN-22-021.
Table 1: Significant results from the 2022 drilling program.
1. UTM NAD83, Zone 18N.
2. True widths are estimated to be 60 to 70% of the Interval Length.
Fourteen (14) holes were completed in the fall of 2022 for the second phase of drilling at Nisk. An
additional seven (7) holes have been completed in the winter 2023 drill program. This release
comprises results covering the mineralized target for five (5) holes: PN-22-011, PN-22-012, PN-
22-014, PN-22-017 and PN-22-018.
Hole ID UTM E1 UTM N1 Length (m) Azimuth (°) Dip (°) From (m) To (m)
Interval
Length2
(m)
Ni (%) Cu (%) Co (%) Pd (g/t) Pt (g/t)
PN-22-008 459978 5728698 408.20 159.00 -73 350.35 369.00 18.65 0.25 0.01 0.01 0.76 0.08
Including 366.35 369.00 2.65 0.69 0.02 0.04 0.58 0.04
PN-22-009 459889 5728656 408.20 159.00 -73 337.70 378.00 40.30 0.88 0.56 0.06 1.64 0.15
INCLUDING 337.70 363.56 25.86 1.17 0.80 0.08 1.46 0.23
Including 337.70 342.00 4.30 1.28 0.56 0.09 1.88 0.20
Including 344.75 355.75 11.00 1.50 0.93 0.10 1.85 0.36
INCLUDING 370.50 378.00 7.50 0.60 0.25 0.04 3.79 TR
PN-22-010 459948 5728683 331.00 159.90 -68 269.15 281.60 12.45 0.33 0.34 0.02 0.39 0.05
Including 269.15 270.75 1.60 0.88 1.20 0.06 1.00 0.05
PN-22-011 459857 5728679 354.62 164.00 -60 258.80 264.00 5.20 0.99 0.68 0.06 0.99 0.52
Including 259.35 260.80 1.45 2.00 0.65 0.12 1.12 0.14
PN-22-012 459709 5728637 465.09 161.00 -74 369.00 379.25 10.25 1.40 0.88 0.09 2.52 0.56
Including 369.55 376.40 6.85 1.93 1.06 0.12 3.60 0.29
AND 386.95 389.75 2.80 0.47 0.45 0.03 0.43 0.09
Including 389.25 389.75 0.50 1.07 0.44 0.08 0.46 0.06
PN-22-013 459623 5728604 480.40 154.00 -78 475.00 479.70 4.70 1.11 0.54 0.09 0.58 0.07
Including 476.00 478.50 2.50 1.60 0.54 0.13 0.65 0.06
PN-22-014 460001 5728714 516.31 159.80 -80 508.00 511.50 3.50 1.23 0.73 0.07 3.17 0.36
PN-22-015 460175 5728829 544.40 159.70 -75
PN-22-016 460314 5728831 321.00 157.06 -63
PN-22-017 459536 5728553 413.52 156.00 -68 332.00 340.00 8.00 0.66 0.17 0.04 0.50 0.09
Including 332.00 335.20 3.20 1.15 0.39 0.09 0.83 0.10
PN-22-018 459537 5728552 465.00 180.40 -70 0.00
PN-22-019 459802 5728687 262.74 160.00 -69 0.00
PN-22-020 460917 5728876 219.07 162.70 -61 0.00
PN-22-021 460722 5728815 178.24 162.80 -61 0.00
Pending
NSR
Hole lost short of target
Pending
Pending
Pending
Figure 1 – Longitudinal view of the Nisk Main presenting the currently available assay
results.
Significant results from PN -22-014 have confirmed the presence of nickel mineralization in the
areas defined as targets. Such assay indicates that the mineralization extends to a minimum of
150 metres below the deepest know intercepts.
Figure 2 and 3 below present section views along the two of the reported drillholes.
Figure 2 – Cross section view presenting current assay results in hole PN-22-012
Figure 3 – Cross section view presenting current assay results in hole PN-22-014
“The results in Holes PN-22-011 and PN-22-012 were significant, maintaining a very high NIEQ
Flow that is continuing at depth. Peripheral holes PN-22-014, and PN-22-017 showed to be just
outside the river of nickel but even so had some interesting kicker zones. Adding these holes to
holes 22-009 from earlier in the campaign and PN -21-003A from the first drill program and we
are seeing a very robust drill response.
Since our last release , we have also hired Fleet Technologies to utilize their cutting-edge
Ambient Noise Technology to help us visualize our current deposit focusing on the one ( 1)
square Kilometre main Nisk zone. These new assays will provide further data for Fleet to
potentially generate a signature for the High NIEQ Zones within this prospective area that we
can then use to more effectively and in a more environmentally beneficial way identify other
target zones whether associated with the current area of interest or in our forty-five (45) Square
Kilometre land package.
We have now reported on ten (10) of the fourteen (14) holes drilled in the Fall 2022 Campaign
and have another ten (10) holes to come with perhaps another ten (10) completed by the end
of the winter 2023 program. At that time, we will have the results of our new metallurgical report
and would we expect be in a position to deliver a NI 43-101 technical report by end of June or
early July” commented Terry Lynch Power Nickel CEO.
The map shows the Fall and Winter drilling program with reported holes to date and the balance
of the fall program.
About the Nisk Project
The Nisk Project is located in the southern portion of the Eeyo Istchee James Bay territory,
Québec, a region that is the site of a number of mining projects improving infrastructure (Figure
4).1
Power Nickel completed the acquisition of its option to acquire up to 80% of the Nisk Project from
Critical Elements Lithium Corp. (CRE:TSXV). The Nisk Project comprises a large land position
(20 kilometres of strike length) with numerous high-grade Nickel intercepts.
Figure 4 – Location of the Nisk Project with respect the current infrastructure available in the
area.
QAQC and SAMPLING
GeoVector Management Inc is the Consulting Company retained to oversee the drilling program,
which includes core logging and sampling of the drill core.
1 References to nearby properties is for information purposes only and there is no assurance that Power
Nickel will achieve the same results as on the nearby properties.
All samples were submitted to and analyzed at ALS Global ("ALS"), an independent commercial
laboratory located in Val -d’Or, Québec for both the sample preparation and assaying. ALS is a
commercial laboratory independent of Power Nickel with no interest in the Nisk Project. ALS is an
ISO 9001 and 17025 certified and accredited laboratory. Samples submitted through ALS are run
through standard preparation methods and analysed using ME-ICP61a (33 element Suite; 0.4g
sample; Intermediate Level Four Acid Digestion) and PGM-ICP27 (Pt, Pd, and Au; 30g fire assay
and ICP-AES Finish) methods. ALS 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. QAQC and data validation was
performed on these holes and no material errors were observed.
Qualified Person
Kenneth Williamson, Géo, M.Sc. from 3DGeo Solution Inc and consultant to Power Nickel, is the
independent 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 high -potential copper, gold
and battery metal prospects in Canada and Chile.
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 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.2
Power Nickel announced on June 8 th, 2021 that an agreement has been made to complete the
100% acquisition of its Golden Ivan project in the heart of the Golden Triangle. The Golden
Triangle has reported mineral resources (past production and current resources) in total of 130
million ounces of gold, 800 million ounces of silver and 40 billion pounds of copper (Resource
2 The resource estimates at Nisk are historical in nature and the Company’s geology team has not
completed sufficient work to confirm an NI 43-101 mineral resource. Mineral resource information is
derived from the technical report titled "Resource Estimate for the NISK-1 Deposit, Lac Levac Property,
Nemiscau, Québec" dated December 2009. The key assumptions, parameters, and methods used to
prepare the mineral resource estimates are set out in the technical report. This report, prepared by RSW
Inc in 2009, can be found on the SEDAR website.