Power Nickel Commences 8,000 Meters Summer Drill Program
Power Nickel Commences 8,000 Meters Summer Drill
Program
TORONTO
,
June 10, 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 summer Drill Program with 20 holes targeted and
over 8,000 metres of drilling as the Company continues ramping up exploration for additional mineralized zones of high-
grade Copper, Platinum, Palladium, Gold, Silver and Nickel at the polymetallic Lion Zone on its Nisk Property in
Nemaska,
Quebec
.
Following up on the successful results recently obtained at the Lion Zone, the summer drilling program will initially keep
focus on the discovery, with the aim of demonstrating an even further depth continuity and to test for lateral occurrences of
similar polymetallic mineralized sulphides lenses. The first few holes are designed to test the area below PN-24-051, PN-
24-059 and PN-24-062; the three deepest intersections to date.
The initial discovery was made by drilling an airborne EM survey (electro-magnetic survey) anomaly in association with a
surface expression of ultramafic rocks. From this airborne EM survey, two more EM anomalies are yet untested to the east
of Lion Zone. A broader ground-based EM survey is now being considered as this would help considerably to identify other
anomalies and get a better control on geometries at depth.
The Company's current understanding of the geometry of the zone suggests a strong structural control as the zone gets
transposed into meter-wide high-strain corridors at both of its lateral limits. The resulting geometry is a sigmoidal-shaped
lens, that it is plunging steeply along the felsic-ultramafic contact. In such structural context, it is possible that the zone itself
is being offset on each side and/or that other distinct lenses have developed in proximity.
Figure 1: Longitudinal view highlighting four of the best intersections obtained during the last winter’s program, as well as
the first three planned holes of the current summer drill program. (CNW Group/Power Nickel Inc.)
Figure 2: a) From left to right, Steve Beresford, Ken Williamson and Adam Findley, in front of the drill, currently on PN-24-
063, b) Steve Beresford observing cumulate textures within the dunite unit found at Lion Zone. (CNW Group/Power Nickel
Inc.)
"We are excited to welcome renowned polymetallic explorer
Steve Beresford
, Ph.D., to the Power Nickel team where he is
active as a special advisor. Steve's mission is to use his 40 years and hundreds of millions of dollars of drilling experience
searching very successfully for giant polymetallic deposits to help guide and accelerate our exploration efforts. Polymetallic
deposits like Norilsk, Platreef, and Sakatti are literally the world's most valuable due do their nature. They are very rare, but
they do exist, and Nisk is giving every indication that it will follow in this line of polymetallic discoveries. Steve and our team
are on the site finalizing the short- and medium-term exploration plans. I have been debriefed on what is coming and would
describe my excitement level (1-10) as an 11," commented Power Nickel CEO
Terry Lynch
.
Expansion Drilling at Nisk Main
While the Lion Zone has become a priority, the summer drill program will also allow the Company to keep pushing at
expanding the Nisk Main zone both at depth and laterally. Most of the resource of Nisk Main 2023 Mineral Resource
Estimate is of indicated category, with a relatively small proportion of inferred resource. The primary intention will be to drill
below the high-grade shoots observed and to continue to drill the ANT 1 and ANT 2 targets to the east of Nisk Main.
"Drilling Nisk Main and its surrounding area are, in our view, not separate drilling programs; rather we see them as part of
the same greater story. With the working hypothesis that Nisk Main (dominantly Nickel-rich) and Lion Zone (being more
polymetallic / PGE-rich) could be parts of a much bigger system. What we learn at Nisk Main helps us to better interpret
the Lion Zone and vice-versa. We will be initiating a thorough geochemistry analysis of all current and upcoming data to
determine if there's a potential genetic connection between the two zones," commented
Ken Williamson
, VP Exploration.
Figure 3: Longitudinal view of the Nisk Main zone showing proposed targets designed to expand on the current resource.
(CNW Group/Power Nickel Inc.)
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).
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.
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
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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SOURCE
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For further information:
On Power Nickel Inc., please contact: Duncan Roy, VP Investor Relations, 416-580-3862,
CO: Power Nickel Inc.
CNW 09:07e 10-JUN-24