Power Nickel Discovers a New High Grade Cu-Pd-Pt-Au-Ag Zone 5km Northeast of its Main Nisk Deposit 1 Oz/Tonne Combined Platinum and Palladium over 7.75 Metres New Discovery
Power Nickel Discovers a New High Grade Cu-Pd-Pt-Au-Ag
Zone 5km Northeast of its Main Nisk Deposit
1 Oz/Tonne Combined Platinum and Palladium over 7.75 Metres
New Discovery
• 1.47% Cu, 13.1 g/t Ag, 0.28 g/t Au, 5.71 g/t Palladium, 20.76 g/t Platinum over
7.75m in Hole PN-23-031A, including 3.90% Cu, 25 g/t Ag, 0.52g/t Au, 19.97g/t
Palladium, 90.60g/t Platinum over 1.75m.
TORONTO, ON / May 10, 2023 / Power Nickel Inc. (the "Company" or "Power Nickel")
(TSX-V:PNPN)(OTCQB:PNPNF)(Frankfurt:IVVI) is pleased to announce the discovery of a
new high-grade Cu-PGE mineralized zone approximately 5km northeast of the main Nisk
deposit. The target area was never previously drilled and was identified as "Wildcat." It is
characterized by a strong magnetic anomaly from an ultramafic unit previously mapped in the
surface outcrop. Ultramafic rocks consistent with the main Nisk deposit were intersected in hole
PN-23-031A, but the high-grade mineralization is hosted in amphibolite and tonalite, which lie
on top of the ultramafic sequence.
Hole PN-23-031A (Figure 1) intersected multiple chalcopyrite stringers and veinlets almost
continuously in the first sixty (60) metres of the drill hole. The thickness and density of these
stringers increased from 60.50 to 68.25 m down the hole. The main mineralization is
characterized by a high density of chalcopyrite veinlets with local massive chalcopyrite (Figure
2). The veins are greatly enriched in platinum and palladium with significant accessory gold and
silver (Table 1). The samples are rich in platinum, and palladium will be re-analyzed to include
the complete Platinum Group Elements (PGE), such as osmium, iridium, rhodium, and
ruthenium.
Figure 1 - Cross-section of DDH PN-23-031A
Figure 2 - Stringers and massive chalcopyrite in DDH PN-23-031A
Table 1: Significant results from the wildcat zone.
Hole
ID
UT
M
E1
UT
M
N1
Len
gth
(m)
Azim
uth
(°)
D
ip
(°
)
Fr
om
(m)
To
(m
)
Inter
val
Leng
th2
(m)
A
u
(g/
t)
A
g
g/t
)
C
u
(
%
)
Pd
(g/
t)
Pt
(g/
t)
PN-
23-
031A
464
338
5731
510 210 163
-
6
0
31.
50
32.
50 1.00
0.
34
10
.0
1.
10
0.0
2
NS
R
PN-
23-
031A
464
338
5731
510 210 163
-
6
0
60.
50
68.
25 7.75
0.
28
13
.1
1.
47
5.7
1
20.
76
Inclu
ding
464
338
5731
510 210 163
-
6
0
64.
35
66.
10 1.75
0.
52
25
.0
3.
90
19.
97
90.
60
1. UTM NAD83, Zone 18N.
2. True widths are estimated to be 70% of the Interval Length.
The Wildcat area represents an entirely new target to explore and is wide open laterally along
strike and at depth (Figure 3). This new discovery is very significant with high-grade platinum
and palladium associated with copper. It is probable that the high-grade platinum and palladium
originated in the underlying ultramafic unit and remobilized to the tonalite unit where the
mineralization occurs. As the mineralization is remobilized, there is potential for discovery in a
broader target area in the vicinity of the ultramafic source rocks. Follow-up drilling will consider
all other lithological units in addition to identifying the source mineralization in the ultramafic
unit.
Figure 3 - Location of the Wildcat Target relative to the main Nisk deposit.
"Wow, what a hole! Hats off to the team for identifying the outcrop and selling me on testing it.
We did not go too deep, only 200 metres, as we will be conducting the Ambient Noise
Tomography (see January 31. 2022 news release1) over this area, looking for similar signatures
that we have on our main Nisk mineralized zone. It is entirely possible that the massive sulfides
containing the nickel sequence are below this unit deeper in the Ultramafic. It's not unheard of
for nickel deposits to have a lot of high-grade PGM's but this hole is special. Obviously, we will
be following this sector up in our next round of drilling. This certainly has the potential to
contribute greatly to the project's economics," commented Power Nickel CEO Terry Lynch.
"This was a great surprise following up on continued good news from the exploration program.
Recently we conducted an Airborne EM survey over our mapped 5.5 Kilometre Ultramafic
section, and preliminary data review identified several encouraging signals that will require
follow-up exploration and eventually drilling in our fully funded Q3/Q4 2023 campaigns that
will commence sometime around late July" Lynch advised.
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 4).
Figure 4 - 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 5
below illustrates highlights from previously released assays from the current drill program.
Figure 5 - Long section highlighting mineralized intercepts of the Main Nisk Deposit.
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 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"), 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 Nisk 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.
GeoVector's QAQC program includes the 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 Release are complete. QAQC and data validation was
performed on these holes, and no material errors were observed.
Qualified Person
Eric Hébert, Géo, Ph.D. from GeoVector Management Inc and consultant to Power Nickel, is the
independent 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 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 kilometres 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.2
Power Nickel announced on June 8th, 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 a total of 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, 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 also 100 percent 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 that was 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.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking statements"
with respect to 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