Power Nickel Extends Mineralization at Nisk and Continues Preparation for an Updated NI 43-101 Mineral Resource Estimate 19.9 Metres 0.7% Ni, 0.61% Cu, 0.04% Co, 0.81gPd, 0.39g Pt
Power Nickel Extends Mineralization at Nisk and Continues Preparation for
an Updated NI 43-101 Mineral Resource Estimate
19.9 Metres 0.7% Ni, 0.61% Cu, 0.04% Co, 0.81gPd, 0.39g Pt
TORONTO, ON / ACCESSWIRE / March 1, 2022 / Power Nickel Inc. (the "Company" or
"Power Nickel") (TSX-V:PNPN) (OTCQB:CMETF) (FSE:IVVI) and Critical Elements
Lithium Corporation ("Critical Elements") (TSX-V:CRE) (OTCQX:CRECF) (FSE:F12) are
pleased to announce initial results have been received from its recent drill program at its "NISK"
Nickel Sulphate project near James Bay. These initial drill results confirm the presence of high-
grade Nickel Mineralization in the north-eastern portion of the Nisk Main mineralized lens.
Compared to the historical results, the results obtained also suggest that, within this portion of
the Nisk Main lens, higher grade mineralization extends by an additional 150 m at depth and to
the northeast.
Hole
ID
UT
M E
UT
M N
Len
gth
(m)
Azim
uth
(°)
Di
p
(°
)
Fro
m
(m)
To
(m
)
Len
gth
(m)
Ni
(
%
)
C
u
(
%
)
C
o
(
%
)
P
d
(g/
t)
Pt
(g/
t)
PN-
21-
001
459
784
5728
538 303 264 17
0 Pending
PN-
21-
002
459
626
5728
600 308 396 16
0 Pending
PN-
21-
003A
459
691
5728
576 309 333 16
1 Pending
PN-
21-
004
459
913
5728
703 305 360 16
3 Pending
PN-
21-
005
459
998
5728
721 306 325.5 16
4
272
.8
29
2.7 19.9 0.
7
0.
61
0.
04
0.
81
0.
39
PN-
21-
006
460
100
5728
782 308 399 16
0
374
.3
38
4 9.7 0.
77
0.
38
0.
04
0.
79
0.
06
PN-
21-
007
460
216
5728
802 315 318 16
1
294
.2
31
2 17.8 0.
36
0.
1
0.
02
0.
38
0.
08
Inclu
ding
296
.9
30
2.3 5.4 0.
57
0.
17
0.
03
0.
8
0.
06
This is the first of two press releases presenting the results of the 2021 drilling campaign. The
illustration below details the current location of drill holes covered in this release and also the
remaining drill holes which are expected to be announced in the coming weeks.
"We are very excited to begin to deliver our initial drill results at Nisk. The results showcase
Nisk's potential to have a commercial high-grade Nickel Sulphate deposit. Our objectives in this
initial drill program conducted by Power Nickel were to conduct 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 undertake their 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. (TSX-
V:CRE)
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 8th, 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, the
Corporation 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 the Corporation's 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; The Corporation is working to obtain
similar approval under the Quebec environmental assessment process. The Corporation 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.