Hole 23 Delivers! Power Nickel Final Drill Results from the Fall 2022 Drill Program and Initial Drill Results from Winter 2023
Hole 23 Delivers! Power Nickel Final Drill Results
from the Fall 2022 Drill Program and Initial Drill
Results from Winter 2023
Highlights
Main Zone
• 0.97% Ni, 0.45% Cu, 0.07% Co, 0.80 g/t Palladium, 0.27 g/t Platinum over 16.4m in Hole
PN-23-023
Including
• 1.08% Ni, 0.50% Cu, 0.08% Co, 0.91 g/t Palladium, 0.31 g/t Platinum over 13.5m
• 1.37% Ni, 0.44% Cu, 0.10% Co, 1.11 g/t Palladium, 0.57 g/t Platinum over 5.6m
• 0.57% Ni, 0.17% Cu, 0.04% Co, 0.47 g/t Palladium, 0.18g/t Platinum over 14.8m in Hole
PN-23-024
Including
• 0.92% Ni, 0.32% Cu, 0.06% Co, 0.59 g/t Palladium, 0.34g/t Platinum over 4.85m
And
• 1.03% Ni, 0.17% Cu, 0.07% Co, 1.13 g/t Palladium, 0.1g/t Platinum over 2.3m in Hole PN-
23-024
• Drilling has completed for the winter season, and will resume in the summer. Holes PN-
23-025 to PN-23-035 are awaiting assay results, and several have encountered significant
intervals of massive sulfides.
Toronto, Ontario – April 27, 2023 – Power Nickel Inc. (the “Company” or “Power Nickel”)
(TSX-V: PNPN, OTCQB: PNPNF, Frankfurt: IVVI) continues to confirm the presence of high -
grade Ni-Cu-Co-PGE mineralization in the Main Zone of its Nisk project near James Bay, Quebec.
In addition, step out exploration drilling 800m east of the Main Zone shows indications of a new
Ni-Cu-Co-PGE zone within the same ultramafic sequence of rocks. The Main Zone drill results
for holes PN-23-23 and PN-23-24 extend mineralization up dip from previous high-grade holes
into an area previously believed to be a low grade zone between two high grade lodes ( Figure
1).
New Discovery 800m east of Main Zone
0.22% Ni, 0.42% Cu, 0.01% Co, 0.71 g/t Palladium, 0.31 g/t Platinum over 4.9m Hole PN-22-020
Late in the fall 2022 drill program , two holes (PN-22-020 and PN-22-021) tested an exploration
target at shallow depths approximately 800m and 600m respectively east of the high-grade Main
Zone (Figure 1). Hole PN-22-021 did not intersect sulphide mineralization, but further to the east
hole PN-22-020 intersected three ( 3) zones of sulphides with significant Ni -Cu-Co-PGE
mineralization (Table 1). This hole contained low amounts of sulphides but with a high ratio of Ni-
Cu-Co-PGE mineralization. The area will require further testing for potential massive sulphide
zones, and both holes are good candidates for downhole EM surveyin g to look for off -hole EM
conductors.
In a March 1 news release, hole PN-22-018 was listed as NSR (no significant results), but further
analysis of initial assay results from this hole revealed a low-grade Ni/PGE zone over 7.5m and it
is reported here (Table 1).
Table 1 below presents the significant results received from the remaining fall 2022 program and
the initial holes from the winter 2023 program.
Table 1: Significant results from the 2022 drilling program.
Hole ID UTM E1 UTM N1 Length
(m)
Azimuth
(°)
Dip
(°)
From
(m) To (m)
Interval
Length2
(m)
Au
(g/t)
Ni
(%)
Cu
(%)
Co
(%)
Pd
(g/t)
Pt
(g/t)
PN-22-015 460176 5728829 544.4 157.3 -76 NSR - hole was lost in ultramafic host rocks
PN-22-016 460313 5728831 321 152.9 -58 Hole lost 1m of core in mineralized zone
PN-22-018 459537 5728552 465 180.4 -70 427.00 434.50 7.50 0.01 0.29 0.01 0.02 0.37 0.09
PN-22-019 459802 5728686 262.74 152.2 -66 Hole lost short of target
PN-22-020 460917 5728876 219.07 161.1 -61 85.00 86.50 1.50 0.01 0.81 0.09 0.04 1.00 0.03
And 100.00 102.25 2.25 0.13 0.13 0.35 0.01 0.74 0.30
And 112.60 117.50 4.90 0.05 0.22 0.42 0.01 0.71 0.31
PN-22-021 460722 5728815 178.24 162 -61 NSR
PN-23-022 460238 5728735 315 164.9 -66 208.46 208.96 0.50 3.75 0.33 0.04 2.95 0.04 0.03
Including 238.95 241.15 2.20 0.01 0.40 0.20 0.03 0.55 0.21
PN-23-023 459658 5728641 423.02 158.1 -67 358.65 375.05 16.40 0.02 0.97 0.45 0.07 0.80 0.27
Including 360.65 374.15 13.50 0.03 1.08 0.50 0.08 0.91 0.31
Including 360.65 366.25 5.60 0.03 1.37 0.44 0.10 1.11 0.57
PN-23-024 459746 5728651 433.03 162.9 -70 315.00 316.00 1.00 0.26 0.15 0.33 0.02 1.03 0.29
And 345.00 359.80 14.80 0.01 0.57 0.17 0.04 0.47 0.18
Including 345.00 349.85 4.85 0.02 0.92 0.32 0.06 0.59 0.34
And
Including 357.50 359.80 2.30 0.01 1.03 0.17 0.07 1.13 0.01
1. UTM NAD83, Zone 18N.
2. True widths are estimated to be 70% of the Interval Length.
Fourteen (14) holes totaling 5370.67 metres were completed in the fall of 2022 for the second
phase of drilling at Nisk. At the time of writing, an additional fifteen (15) holes totalling 5210 m
have been completed in the winter 2023 drill program.
Figure 1 – Longitudinal view of the Nisk Main presenting the currently available assay
results.
Figure 2 – Cross section view presenting current assay results in hole PN-23-023
“We are very pleased with the ongoing success of our exploration drilling at Nisk. Hole PN-23-
023 assays were as pretty as its PICTURE (Figures 2 & 3). It was another excellent intersection.
The team has done an amazing job piecing together the underground mystery of t his deposit
and we believe we have learned some invaluable clues both with our East and West exploration
away from the main zone on where our next Pod like Nisk main may lie ,” commented Power
Nickel CEO Terry Lynch
Figure 3 – Picture of massive sulphides in drill core from hole PN-23-023
In order to help our investors and interesting parties review the work being done, we have
created some images to help with the visualization of our project (Figures 4 & 5). Below is a
side view of how Power Nickel conceptualize the River of Nickel flowing within the green
outline below to the surface and back down to a depth of about 400 metres over almost a
kilometre.
Figure 4 – Conceptual ‘River of Nickel’ at Nisk outlined in long section.
Looking at the top view , we can see both the flow of the river of nickel and the width of
mineralization we have discovered.
Figure 5 – Conceptual ‘River of Nickel’ in plan view at Nisk Main Zone.
Promotion & Communication Expense
Recent changes in guidance on IR and Communication spending require BC Reporting issuers
to comment on their program spending in this respect. We have committed to the following
programs.
Winning Media - $60,000 USD for digital marketing services in compliance with the Policies and
guidelines of the TSX Venture Exchange and other applicable legislation, Virtus Media Group -
$50,000 USD for digital marketing services in compliance with the policies and guidelines of the
TSX Venture Exchange and other applicable legislation from now until the end of June. Machai
Capital Inc - $100,000 CAD for digital marketing services in compliance with the policies and
guidelines of the TSX Venture Exchange and other applicable legislation.
About the Nisk Project
The Nisk Project is located in the southern portion of the Eeyo Istchee James Bay territory,
Québec, the site of a number of mining projects improving infrastructure (Figure 6).
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 6 – 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.
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
Eric Hébert, Géo, Ph.D. from GeoVector Management 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.1
Power Nickel announced on June 8 th, 2021 that an agreement has been made to complete the
100% acquisi tion 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 co pper (Resource
World). This property hosts two known mineral showings (gold ore and magee), and a portion of
the past -producing Silverado mine, which was reportedly exploited between 1921 and 1939.
These mineral showings are described to be Polymetallic ve ins that contain quantities of silver,
lead, zinc, plus/minus gold, and plus/minus copper.
Power Nickel is also 100-per-cent owner of five properties comprising over 50,000 acres
strategically located in the prolific iron-oxide-copper-gold belt of northern Chile. It also owns a 3-
per-cent NSR royalty interest on any future production from the Copaquire copper -molybdenum
deposit, that was sold to a subsidiary of Teck Resources Inc. Under the terms of the sale
agreement, Teck has the right to acquire one -third of the 3 -per-cent NSR for $3 -million at any
time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's
first region.
For further information on Power Nickel Inc., please contact:
Mr. Terry Lynch, CEO
647-448-8044
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 (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements
1 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.