Power Nickel Announces Biggest Intersection Yet - Major Advancements at the Lion Zone! Hole 70 delivers 32 metres with 6.97% CuEq 32.00 m of 0.45 g/t Au, 20.93 g/t Ag, 3.62 % Cu, 8.10 g/t Pd, 2.47 g/t Pt and 0.18% Ni TORONTO
Power Nickel Announces Biggest Intersection Yet - Major
Advancements at the Lion Zone!
Hole 70 delivers 32 metres with 6.97% CuEq
32.00 m of 0.45 g/t Au, 20.93 g/t Ag, 3.62 % Cu, 8.10 g/t Pd, 2.47 g/t Pt and 0.18% Ni
TORONTO
,
Oct. 3, 2024
/CNW/ -
Power Nickel Inc.
(the "Company" or "Power Nickel")
(TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is
pleased to announce the second set of assay results obtained for three more holes of the summer 2024 drilling campaign at its polymetallic Lion
Zone discovery.
"With one of our best holes to date, it is becoming more evident that the Lion discovery is substantially bigger than we originally envisioned. Taking
education from the holes drilled and announced earlier this week, we went further west and much shallower and struck the zone at
118 m
. This is
very encouraging for lots of reasons: size of zone, grade, depth of intersection, and the move westward," commented
Terry Lynch
, CEO.
Highlights:
PN-24-069 returned:
17.00 m
of 0.28 g/t Au, 9.52 g/t Ag, 0.93 % Cu, 7.19 g/t Pd, 1.66 g/t Pt and 0.05% Ni
Including:
6.00 m of 0.42 g/t Au, 19.33 g/t Ag, 0.96 % Cu, 11.68 g/t Pd, 3.69 g/t Pt and 0.04% Ni
And including:
5.00 m of 0.35 g/t Au, 7.80 g/t Ag, 1.78 % Cu, 9.69 g/t Pd, 0.74 g/t Pt and 0.09% Ni
PN-24-070 returned:
32.00 m
of 0.45 g/t Au, 20.93 g/t Ag, 3.62 % Cu, 8.10 g/t Pd, 2.47 g/t Pt and 0.18% Ni
Including:
10.00 m of 0.50 g/t Au, 12.94 g/t Ag, 1.76 % Cu, 10.82 g/t Pd, 5.98 g/t Pt and 0.08% Ni
And including:
11.4 m of 0.60 g/t Au, 44.51 g/t Ag, 8.39 % Cu, 11.52 g/t Pd, 1.24 g/t Pt and 0.42% Ni
Figure 1: Longitudinal view of the Lion Zone Discovery; assay results from PN-24-068 to PN-24-070 are presented in red. The current size the of the
zone is derived from observation of semi-massive to massive sulphides. An interpreted deformation corridor appears to control the presence and
thickness of mineralized sulphides. (CNW Group/Power Nickel Inc.)
Table 1
below presents the significant results of previously released holes, and the current assays. The complete set of results obtained
demonstrates a tremendous success rate, which contributes to a continuously increasing level of confidence about the continuity of the zone.
Assays from the remaining holes are now in at the laboratory and the Company expects to report on those in October.
"This second batch of results confirms that deformation is more intense at depth below the Lion Zone. The interesting thing is that deformation
intensity does not seem to have any impact on the grades obtained for the different metals. As illustrated on
Figure 1
, grades obtained over a shy
1.70m
in hole PN-24-068 are similar, if not better, than those previously reported in hole 67, but over
12.15m
. Thus, we have the grades, even within
the relatively thin intersections, and it is fair to presume that the mineralization is being transposed into a fault zone to a nearby offset location, likely
deeper to the east. In parallel, drilling on the west side of the zone indicates that we are still in the thicker portion of the zone; this core seems to be
moderately plunging to the west. Our takeaway is that the Lion Zone is likely much bigger than originally envisioned. As discussed, in addition to
expanding the Lion Zone with our targeted drilling, we are in the process of compiling the information from several data sources. We have gathered
downhole EM, Gravity and Geo Chemical data which, combined with the Ambient Noise Tomography passive seismic data, should provide for a very
robust drill targeting strategy session which will determine our 30,000 metre fully funded fall and winter drill program that starts
Oct 15th
,"
commented
Ken Williamson
, VP of Exploration.
Note: Length is presented as downhole distance, true width corresponds to 60-80% of such downhole distance in function of the orientation of the
hole. *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.
(CNW Group/Power Nickel Inc.)
Figure 2
and
Figure 3
below are cross-sections through the Lion Zone, along the holes reported in this current release, presenting the new assay
results in their geological context. Core photos provide a visual support, allowing appreciation of the good correlation between sulphides presence
and reported polymetallic grades.
Figure 2: Sections 04+00 – presenting results from the West side of Lion Zone. Mineralized zone is between Red Brackets. Comprised of Massive
And Semi Massive Chalcopyrite and Stringers. (CNW Group/Power Nickel Inc.)
Figure 3: Sections 05+00 - .presenting results from the area below the Lion Zone. Mineralized zone is between Red Brackets. Comprised of Massive
And Semi Massive Chalcopyrite and Stringers. (CNW Group/Power Nickel Inc.)
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 Released 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.
Qualified Person
Kenneth Williamson
, Géo, M.Sc., 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 junior exploration company focusing on developing the high-grade Nisk project into
Canada's
first Carbon Neutral Nickel
mine.
The NISK property comprises a significant land position (20 kilometers 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.
In addition to the Nisk project, Power Nickel owns significant land packages in British
Colombia
and
Chile
. The Company is in the process of
reorganizing these assets in a related vehicle, through a Plan of Arrangement that will be presented to Power Nickel shareholders of record for their
approval.
To obtain Power Nickel's Corporate Presentation, please use the link below:
http://powernickel.com/corporate_presentation.pdf
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 it's 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 the Company to close the private placement or the second Nisk option or
risk that such transactions do not close at all; raise sufficient capital to fund its obligations under its property agreements going forward; 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: Mr. Duncan Roy, VP Investor Relations, 416-580-3862
CO: Power Nickel Inc.
CNW 03:00e 03-OCT-24