Power Nickel Announces New Assay Results from its Polymetallic Lion Zone Discovery Holes 63,66,67 deliver 5-12 metres with CuEq ranging from 2.36% to 5.93%
Power Nickel Announces New Assay Results from its Polymetallic
Lion Zone Discovery
Holes 63,66,67 deliver 5-12 metres with CuEq ranging from 2.36% to 5.93%
TORONTO
,
Oct. 1, 2024
/CNW/ -
Power Nickel Inc.
(the "Company" or "Power Nickel")
(TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is
pleased to announce the assay results obtained for the first five holes of the summer 2024 drilling campaign at its polymetallic Lion Zone
discovery.
"We announced our summer exploration program had expanded the Lion Zone by 50% and today we provide the first assays from the program.
The results were obtained from targets we now realize were outside the main Lion Zone in what we refer to as the Halo area. Holes 63, 66 and
67 still delivered great value to the project. Five metres of 5.93% CuEq is excellent in hole 63 and 66-67 both showed a very sizeable section of
12 metres of 2.97% CuEq an. d 2.36% CuEq respectively, after this set of holes we retargeted the drills at a lower pitch further west and once
again found the main Lion Zone. Assays on these holes are pending" commented
Terry Lynch
, CEO.
Highlights:
PN-24-063 returned:
5.00 m
of 0.48 g/t Au, 24.82 g/t Ag, 4.41 % Cu, 0.21 g/t Pd, 6.15 g/t Pt and 0.47% Ni
Including:
3.00 m of 0.73 g/t Au, 37.90 g/t Ag, 7.10 % Cu, 0.30 g/t Pd, 9.26 g/t Pt and 0.50% Ni
PN-24-066 returned:
12.05 m
of 0.09 g/t Au, 4.53 g/t Ag, 0.65 % Cu, 6.39 g/t Pd, 0.30 g/t Pt and 0.06% Ni
Including:
3.00 m of 0.20 g/t Au, 12.50 g/t Ag, 1.95 % Cu, 2.26 g/t Pd, 0.62 g/t Pt and 0.12% Ni
With:
1.00 m of 0.28 g/t Au, 32.4 g/t Ag, 5.08 % Cu, 4.44 g/t Pd, 0.44 g/t Pt and 0.16% Ni
PN-24-067 returned:
12.15 m
of 0.12 g/t Au, 8.54 g/t Ag, 1.75 % Cu, 1.99 g/t Pd, 0.36 g/t Pt and 0.14% Ni
Including:
2.65 m of 0.16 g/t Au, 8.47 g/t Ag, 1.27 % Cu, 1.01 g/t Pd, 0.84 g/t Pt and 0.11% Ni
And :
2.35 m of 0.31 g/t Au, 32.77 g/t Ag, 7.41 % Cu, 8.59 g/t Pd, 0.64 g/t Pt and 0.32% Ni
Figure 1: Longitudinal view of the Lion Zone Discovery; assay results from PN-24-063 to PN-24-067 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.
"As we have previously described, the thickness of the massive chalcopyrite zone within the core is ranging from up to 5-
10 m
true width but
decreases to less than 1 metre laterally. The new results, combined with the ongoing structural interpretation and 3D modeling, suggests an
inverse relation between thickness and strain intensity. As illustrated on
Figure 1
, results obtained at depth below the current zone show a
decreasing thickness, suggesting that the Zone could be transposed into a deformation corridor (fault); in such scenario, the possibility that the
zone regains in thickness on the other side of the fault is very real. It is in our short-term plan to step out a few hundreds of metres from the
discovery zone, and explore for such potential offsets," commented
Ken Williamson
, VP of Exploration.
Note: Length is presented as downhole distance, as gathered from preliminary “quick logs”; 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 05+50. 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. 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 01-OCT-24