Power Nickel Commences 2024 Drill Program
Power Nickel Commences 2024 Drill Program
TORONTO
,
Jan. 19, 2024
/CNW/ - Power Nickel Inc. (the "
Company
" or "
Power Nickel
") (TSXV: PNPN)
(OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce it has started the 2024 winter Drill Program at
the Nisk Nickel Sulfide project in
Nemaska Quebec
.
"We are excited to start our ambitious 2024 Drill Program. The Program will have multiple objectives.
First, to test the four new target zones that were identified from the interpretation of our Ambient Noise
Tomography (ANT) program. These targets are hosted in areas showing a similar "ANT signature" to Nisk
Main. Given the right geology, each target represents a potential volume varying from 50% to 100% of the
volume we have identified at Nisk Main (See Figure 1).
Figure 1: top) Longitudinal view looking north presenting the location and depth of the four ANT targets,
bottom) Plan view through the ANT combined survey at elevation 60m, along with the interpreted ANT
targets and a schematic representation of the major structures. (CNW Group/Power Nickel Inc.)
Second, we will be testing the extension of our PGM hole that hit on over 1 ounce of PGM over 7.75
metres as outlined in Figure 2.
Figure 2: Plan view showing the location the “Wild Cat” target area with respect to Nisk Main. (CNW
Group/Power Nickel Inc.)
Finally, we will look to continue to extend the known resource at Nisk Main (Figure 3).", - said Power
Nickel CEO
Terry Lynch
.
Figure 3: Longitudinal view of the Nisk Main mineralized zone showing the location of the intercepts from
the Fall 2023 program. (CNW Group/Power Nickel Inc.)
Power Nickel's plan is to finish drilling hole PN-23-
042B
on Nisk Main and then to start testing the ANT
Target number 3. In February, a second rig will be added to follow up on the successful PGM hit at the
Wildcat Target, which is a full 5.5 Kilometres from Nisk Main.
On
January 18, 2024
, Power Nickel held a Podcast to discuss our 2024 plans; a replay of this event is
located below.
https://events.6ix.com/preview/exploration-highlights-drilling-and-2024-outlook
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 Nickel Nisk
project into
Canada's
first Carbon Neutral nickel mine.
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). Subsequently,
Power Nickel has exercised its option to acquire 50% of the Nisk Project and delivered notice to Critical
Elements that it intends to exercise its second option to bring its ownership to 80%. The last remaining
commitment to activate this exercise is delivering a NI 43-101 Technical Report, which is anticipated to
completed in January.
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 PGM
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
.
Power Nickel is expected to reorganize these assets in a related public vehicle through a plan of
arrangement.
Power Nickel announced on
June 8, 2021
, that an agreement had 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 130 million ounces of gold, 800
million ounces of silver, and 40 billion pounds of copper (Resource World). This property hosts two known
mineral showings (Gold Ore and Magee) and a portion of the past-producing Silverado mine, reportedly
exploited between 1921 and 1939. These mineral showings are Polymetallic veins containing quantities of
silver, lead, zinc, plus/minus gold, plus/minus copper.
Power Nickel is also 100% 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 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.
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 and ability to complete the 2024 drill program plans identified and the
risk that such programs do not complete; 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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Power Nickel Inc.
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%SEDAR: 00007586E
For further information:
Duncan Roy, VP Investor Relations, 416-580-3862, [email protected];
For further information, readers are encouraged to contact: Power Nickel Inc., The Canadian Venture
Building, 82 Richmond St East, Suite 202, Toronto, ON
CO: Power Nickel Inc.
CNW 06:51e 19-JAN-24