Power Nickel Announces Latest Drill Results that Expands Central High-Grade Zone at Nisk
Power Nickel Announces Latest Drill Results that Expands Central
High-Grade Zone at Nisk
Highlights
• 1.01% Ni, 0.27% Cu, 0.07% Co, 0.88 g/t Palladium, 0.13 g/t Platinum, 0.03 g/t Gold
over 14.4m in Hole PN-23-028, including
• 1.69% Ni, 0.37% Cu, 0.12% Co, 1.59 g/t Palladium, 0.22 g/t Platinum, 0.04 g/t Gold
over 7.8m
TORONTO, ON / May 30, 2023 / Power Nickel Inc. (the "Company" or "Power Nickel")
(TSXV:PNPN)(OTCQB:PNPNF)(Frankfurt:IVVI) is pleased to announce the latest results
from drill holes PN-23-025, 027 and 028. These three (3) holes (Figure 1 and Table 1)
successfully expanded the high-grade intersection in drill hole PN-22-009 (1.17% Ni, 0.80% Cu,
0.08% Co, 1.46ppm Pd, 0.23ppm Pt over 25.86m) by 75 metres depth and 150 metres of strike
(Figure 2; NR January 12 th , 2023).
Table 1: Significant results for PN-23-025, PN-23-027, and PN-23-028.
Hole
ID
UT
M
E 1
UT
M N
1
Len
gth
(m)
Azi
mut
h (°)
D
ip
(°
)
Fro
m
(m)
To
(m)
Inte
rval
Len
gth 2
(m)
Ni
(
%
)
C
u
(
%
)
C
o
(
%
)
P
d
(g
/t)
Pt
(g
/t)
A
u
(g
/t)
PN-
23-
025
459
767
5728
715
453 155 -
6
5
391
.00
404
.25
13.2
5
0.
35
0.
18
- 0.
24
0.
03
-
Inclu
ding
393
.90
395
.50
1.60 0.
95
0.
43
0.
06
1.
31
0.
03
-
PN-
23-
027
459
910
5728
712
386 150 -
6
9
325
.50
329
.59
4.09 0.
78
0.
34
0.
05
1.
44
0.
03
0.
05
Inclu
ding
327
.46
329
.09
1.63 1.
75
0.
59
0.
11
2.
44
0.
03
0.
09
Inclu
ding
333
.50
336
.00
2.50 0.
29
- - 0.
41
0.
02
-
Inclu
ding
350
.40
351
.80
1.40 - 0.
45
- 0.
29
- 0.
10
PN-
23-
028
459
849
5728
713
455 135 -
7
0
414
.1
428
.50
14.4
0
1.
01
0.
27
0.
07
0.
88
0.
13
0.
03
Inclu
ding
418
.05
425
.85
7.80 1.
69
0.
37
0.
12
1.
59
0.
22
0.
04
1. UTM NAD83, Zone 18N.
2. True widths are estimated to be 70% of the Interval Length.
Commented Power Nickel CEO, Terry Lynch,
"Once again, Nisk is delivering very promising results. Hole 28 is a high-grade nickel hole with
robust cobalt and PGM values. The Nisk Main zone has been very cooperative, with each set of
assays having large high-grade intercepts as we look to build a commercial resource. All of these
assay results will be captured in our new NI 43-101, which we expect to be delivered in Q3. Our
Fall and winter campaigns were very productive, and we have one more set of assays to go, and
we are excited to see those sometime in Mid-June."
Figure 1. Long section showing the location of holes PN-23-025, PN-23-027, and PN-23-028.
Figure 2. Long section showing hole PN-22-009 intersection
The wide (7.8 m) high-grade mineralization intersected by hole PN-23-028 (Figure 3) occurs
mainly as massive sulphide beds composed of pyrrhotite, pentlandite, and minor chalcopyrite.
The mineralized intersections in holes PN-23-025 and PN-23-027 (Figures 3 and 4) occur as
narrow, 1.60m and 1.63m, massive sulphide and semi-massive beds composed of pyrrhotite,
pentlandite, and minor chalcopyrite.
The wider, higher-grade intersections in holes PN-22-009 and PN-23-028 are interpreted to be
located in the hinge zone, or nose, of a fold, while the narrower, high-grade intersections in holes
PN-23-025 and PN-23-027 are interpreted to be located in a deformation zone along the limb(s)
of the fold.
Follow-up ground geophysics consisting of EM and a FLEET ANT survey will be conducted this
summer to understand the geometry of the known mineralization better to target specific areas
where folding might have thickened the mineralization width.
Figure 3. The cross-section for holes PN-23-027 and PN-23-028
Figure 4. The cross-section for hole PN-23-025
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 5).
Figure 5 - Location of the Nisk Project with respect to the current infrastructure available in the
area.
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)
from recently completed drill programs.
Figure 6 - Long section highlighting mineralized intercepts of the Main Nisk Deposit.
In addition to a successful campaign to extend and expand the resource at Nisk Main, Power
Nickel has successfully tested extensions both east and west of the main zone in what could be
whole new pods of mineralization. Perhaps most critical was the announcement on May 10th,
where Power Nickel stepped out 5 km from the main Nisk resource (Figure 7), intercepting 1
Oz/Tonne Combined Platinum and Palladium over 7.75 Metres in Wildcat hole PN-23-031A.
Figure 7 - Location of the Wildcat Target relative to the main Nisk deposit.
The existing resource estimates at the Nisk project are of historical nature, and the Company's
geology team has not completed sufficient work to confirm a NI 43-101 compliant mineral
resource. Therefore, caution is appropriate since these historic estimates cannot and should not
be relied on. For merely informational purposes, see Table 2.
Table -2: Historical Resource Estimate figures for respective confidence categories at the
NISK-1 deposit, After RSW Inc 2009: Resource Estimate for the NISK-1 Deposit, Lac
Levac Property, Nemiscau, Québec.
The information regarding the NISK-1 deposit was 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 described above are set out in the technical report.
Power Nickel expects to take the results from the historical drilling programs, its initial program
in late 2021, the current drill program, and a new metallurgical study and prepare a new 43-101,
which we would expect to deliver in Q3 2023.
Power Nickel posts its drilling information and azimuths on www.PowerNickel.com to enable
independent modeling of the ore body.
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") and Actlabs, independent
commercial laboratories located in Val-d'Or, Québec, and Ancaster, Ontario, for both the sample
preparation and assaying. ALS and Actlabs are commercial laboratories independent of Power
Nickel without interest in the Nisk Project. ALS and Actlabs are ISO 9001 and 17025 certified
and accredited laboratories.
Samples submitted through ALS are run through thePREP-31 package, where samples are
crushed to 70% less than 2mm, riffle split off 250g, plus pulverize split to better than 85%
passing 75 microns.Following this,samples are analyzed 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 undertakes its own internal coarse and pulp
duplicate analysis to ensure proper sample preparation and equipment calibration.