Power Nickel Continues Extension of Mineralization with High Grade Results at Nisk PN-21-003A - 27.4 Metres 0.94% Ni, 0.63% Cu, 0.06% Co, 0.72gPd, 0.10g Pt PN-21-002 - 8.4 Metres 1.45% 0.40% Cu, 0.10% Co, 1.21gPd, 0.45g Pt
Power Nickel Continues Extension of Mineralization with High
Grade Results at Nisk
PN-21-003A - 27.4 Metres 0.94% Ni, 0.63% Cu, 0.06% Co, 0.72gPd, 0.10g Pt
PN-21-002 - 8.4 Metres 1.45% 0.40% Cu, 0.10% Co, 1.21gPd, 0.45g Pt
TORONTO, ON / March 15, 2022 / Power Nickel Inc . (the "Company" or "Power
Nickel") (TSXV:PNPN)(OTCQB:CMETF)(Frankfurt:IVVI) and Critical Elements
Lithium Corporation (" Critical Elements ") (CRE)(CRECF)(F12) are pleased to announce
results from the second set of drill holes have been received from its recent drill program at its
"NISK" Nickel Sulphate project near James Bay. These drill results confirm (PN-21-003A) the
presence of high-grade Nickel Mineralization in the central portion of the Nisk Main mineralized
lens. In addition to the historic and previously released assays, these new results (PN-21-002)
also demonstrate that higher grade mineralization extends by at least an additional 50 m at depth
and to the southwest. (Current holes are in Bold in the Table below)
Hole
ID
UT
M
E*
UT
M
N*
Len
gth
(m)
Azim
uth
(°)
D
ip
(°
)
Fro
m
(m)
To
(m)
Lengt
h**
(m)
Ni
(
%
)
C
u
(
%
)
C
o
(
%
)
P
d
(g
/t)
Pt
(g
/t)
PN-
21-
001
459
784
5728
538
264.
00 170
-
6
5
Pending
PN-
21-
002
459
626
5728
600
396.
00 160
-
7
0
352
.10
363
.00 10.90
1.
16
0.
32
0.
08
0.
94
0.
35
Inclu
ding
354
.60
363
.00 8.40
1.
45
0.
40
0.
10
1.
21
0.
45
PN-
21-
003A
459
691
5728
576
333.
00 161
-
7
0
269
.90
297
.30 27.40
0.
94
0.
63
0.
06
0.
72
0.
10
Inclu
ding
269
.90
281
.40 11.50
1.
47
0.
87
0.
10
1.
07
0.
15
PN-
21-
004
459
913
5728
703
360.
00 163
-
6
3
Pending
Hole
ID
UT
M
E*
UT
M
N*
Len
gth
(m)
Azim
uth
(°)
D
ip
(°
)
Fro
m
(m)
To
(m)
Lengt
h**
(m)
Ni
(
%
)
C
u
(
%
)
C
o
(
%
)
P
d
(g
/t)
Pt
(g
/t)
PN-
21-
005
459
998
5728
721
325.
50 164
-
6
3
272
.80
292
.70 19.90 0.
70
0.
61
0.
04
0.
81
0.
39
PN-
21-
006
460
100
5728
782
399.
00 160
-
6
9
374
.30
384
.00 9.70 0.
77
0.
38
0.
04
0.
79
0.
06
PN-
21-
007
460
216
5728
802
318.
00 161
-
6
3
294
.20
312
.00 17.80 0.
36
0.
10
0.
02
0.
38
0.
08
Inclu
ding
296
.90
302
.30 5.40 0.
57
0.
17
0.
03
0.
80
0.
06
*UTM NAD83, Zone 18N
**True widths are estimated to be 70 to 90% of core length
The illustration below details the current location of drill holes covered in this release, the
previous March 1, 2022 release, and also the remaining drill holes which are expected to be
announced in the coming days.
"These results are another positive indication that Nisk is a very exciting Nickel Sulphate
discovery. It's particularly encouraging to have such a large intersection of 27.4 Metres on hole
PN-21-003A and to see 1.45% Ni over 8.4 Metres at depth in hole PN-21-002. These results are
indicating that Nisk could have the potential to host a commercial high-grade Nickel Sulphate
deposit. Our objectives in this initial drill program conducted by Power Nickel were to produce
enough drilling to allow us to establish a new NI 43-101 compliant resource to confirm and
replace the historical resource, and to extend the known Nickel mineralization. We believe we
have established the latter and expect to be able to deliver a NI 43-101 compliant Mineral
Resource Estimate in Q2", commented Power Nickel's CEO Terry Lynch.
The existing resource estimates at the Nisk project are of historic 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 1.
Table -1: 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.
The 3D geological model developed by 3DGeo Solution Inc. ("3DGS") identified a prospective
set of targets that the Company feels will give the best potential to expand the Nisk historical
deposit. The image below is a view of the mineralization projected from the surface at the area
we refer to as Nisk Main.
"Nisk has four distinct target areas covering over 7 Kilometres of strike length. Our focus this
round was on the Nisk Main target. Historically, we know globally these types of deposits
typically have multiple pods. We are encouraged by what we see on Nisk Main and feel we can
continue to build commercial tonnage there but we are also looking forward to exploring Nisk
West and the two wildcat targets in subsequent drilling in Q2", commented Power Nickel's CEO
Terry Lynch.
ABOUT NISK
Nisk is located south of James Bay as illustrated in the area map below. This region is the site of
a number of mining projects and improving infrastructure.
Nisk has historically had some very high-grade Nickel intercepts as shown below. The Grade-
Thickness iso-contours are representative of the nickel distribution only.
Analysis and QAQC Procedures
All samples were submitted to and analyzed at ALS Global ("ALS"), an independent commercial
laboratory located in Val-d'Or, Québec for both the sample preparation and assaying. ALS is a
commercial laboratory independent of Power Nickel with no interest in the Project. ALS is an
ISO 9001 and 17025 certified and accredited laboratory. Samples submitted through ALS are run
through standard preparation methods and 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.
Power Nickel's QA/QC program includes the regular insertion of CRM standards, duplicates,
and blanks into the sample stream with a stringent review of all results. Historic holes were
assayed by various accredited laboratories.
About Power Nickel Inc.
Power Nickel is a Canadian junior exploration company focusing on high-potential copper, gold,
and battery metal prospects in Canada and Chile.
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 large land position (20 kilometers of strike length) with
numerous high-grade intercepts. Power Nickel, formerly Chilean Metals is focused on
confirming and expanding its current high-grade nickel-copper PGE mineralization historical
resource by preparing a new Mineral Resource Estimate in accordance with NI 43-101,
identifying additional high-grade mineralization, and developing a process to potentially produce
nickel sulphates responsibly for batteries to be used in the electric vehicles industry.
Power Nickel (then called Chilean Metals) announced on June 8 th , 2021 that an agreement has
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 a total of 67 million ounces of gold, 569 million ounces of silver, and 27 billion
pounds of copper. This property hosts two known mineral showings (gold ore and magee), and a
portion of the past-producing Silverado mine, which was reportedly exploited between 1921 and
1939. These mineral showings are described to be Polymetallic veins that contain quantities of
silver, lead, zinc, plus/minus gold, and plus/minus copper.
Power Nickel is the 100-per-cent 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, recently 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.
About Critical Elements Lithium Corporation
Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing
electric vehicle and energy storage system industries. To this end, Critical Elements is advancing
the wholly-owned, high-purity Rose lithium project in Quebec. Rose is the Corporation's first
lithium project to be advanced within a land portfolio of over 700 square kilometers. In 2017,
Critical Elements completed a feasibility study on Rose for the production of spodumene
concentrate. The internal rate of return for the Project is estimated at 34.9% after-tax, with a net
present value estimated at C$726 million at an 8% discount rate. In Critical Elements' view,
Quebec is strategically well-positioned for US and EU markets and boasts good infrastructure
including a low-cost, low-carbon power grid featuring 93% hydroelectricity. The project has
received approval from the Federal Minister of Environment and Climate Change on the
recommendation of the Joint Assessment Committee, comprised of representatives from the
Impact Assessment Agency of Canada and the Cree Nation Government; Critical Elements is
working to obtain similar approval under the Quebec environmental assessment process. Critical
Elements also has a good, formalized relationship with the Cree Nation.
For further information on Power Nickel Inc., please contact:
Mr. Terry Lynch, CEO
647-448-8044
For further information, readers are encouraged to contact:
Power Nickel Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON
For further information on Critical Elements, please contact:
Patrick Laperrière
Director of Investor Relations and Corporate Development
514-817-1119
www.cecorp.ca
or
Jean-Sébastien Lavallée, P. Géo.
Chief Executive Officer
819-354-5146
www.cecorp.ca
ON BEHALF OF THE BOARD OF DIRECTORS
Terry Lynch & CEO [email protected]
Qualified Person
Kenneth Williamson, Géo (OGQ #1490), M.Sc., Senior Consulting Geologist, and Matthew
DeGasperis, Géo (OGQ #2261), B.Sc., Consulting Geologist, from 3DGeo Solution Inc. are the
independent qualified persons pursuant to the requirements of NI 43-101, and have reviewed and
approved the technical content of this press release.
Cautionary Note Regarding Forward-Looking Statement
This news release may contain certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical fact, that address
events or developments that PNPN expects to occur, including details related to the proposed
spin-out transactions, are forward-looking statements. 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" and similar
expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements in this document include statements regarding current and future
exploration programs, activities, and results. Although PNPN believes the expectations
expressed in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may differ materially from
those in forward-looking statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include market prices, exploitation and
exploration success, continued availability of capital and financing, inability to obtain required
regulatory or governmental approvals, and general economic, market, or business conditions.
Investors are cautioned that any such statements are not guarantees of future performance and
actual results or developments may differ materially from those projected in the forward-looking
statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE: Power Nickel Inc.