Power Nickel Provides Exploration Update
Power Nickel Provides Exploration Update
Toronto, Ontario – August 13, 2024 - Power Nickel Inc. (the "Company" or "Power Nickel") (TSX-
V: PNPN, OTCBB: PNPNF, Frankfurt: IVV ) is pleased to provide details on the Exploration
Program being deployed on its Nisk Property, Nemaska, Quebec. While the 2024 summer Drill
Program at the Lion Zone continues to successfully intersect poly -metallic mineralisation, the
Company has begun an extensive property scale Exploration Program, which will include
downhole and ground -based geophysical surveys. These exploration efforts are anticipated to
provide a robust framework for identifying new prospective sub -surface target areas and are
aiming at defining a possible continuity over the 5.5 km strike -length separating Nisk Main and
the Lion Zone.
“With the addition of the $20 Million dollars of exploration capital and Dr. Steve Beresford to our
Board and Technical Team, we have significantly enhanced our ability to follow up our exploration
success at Nisk. Our revamped exploration program is discussed below and in detail at our recent
webinar on the topic ( https://on.6ix.com/3WP0Nqa). We are most encouraged with this summer’s
progress and believe our strategic approach will maximize the speed and size of our exploration
discoveries,” commented Power Nickel CEO Terry Lynch.
Figure 1: Plan view of the area covering the Nisk Main deposit to the west and the Lion Zone
discovery to the northeast.
To the west, the Nisk Main zone extends over 650 m and to a depth of 500 m below surface. The
2023 Mineral Resource Estimate, with an effective date of November 26 , 2023, presents a
combined “in-pit” and underground indicated resource of 5.43 Mt grading 1.05% NiEq, and 1.79
Mt @ 1.35% NiEq of underground inferred resource. 1 Nisk Main remains open at depth along
what has been identified as high-grade mineralization shoots.
To the northeast, the Lion Zone is currently followed on approximately 300 m, to a depth of 350
m. The Lion Zone is a poly-metallic sulphides-rich zone presenting a high-grade content in PGM,
gold and silver, as well as in copper and nickel (Figure 1).
Valuable scientific and technical inputs received from Dr. Beresford has led to strengthening our
exploration strategy, aiming at identifying the best resources growth potential at both discoveries
and to understand the nature of the ground between them. F rom Dr. Beresford’s expertise, the
system appears to behave similarly to a vein system, to the difference that the key controlling
parameters are the thickness of the zone and its proximity to the “source”, as both factors play a
role in the mineralogy and grade of the different mineralized pods. The exploration program will
also benefit from Dr. Beresford’s experience by putting emphasis on a proper use of geophysics
in our targeting strategy.
Moving forward, the exploration strategy will include:
1- Downhole EM surveys from specially designed “Platform Holes”, with the aim of identifying
favourable areas for high grade sulphides mineralization within the target plane itself,
2- Ground-based geophysics, which includes both ground gravity and EM surveys on a tight
grid, providing yet another layer of information order to better understand the sub-surface
architecture,
3- Integration of these new datasets that will allow updating of the current litho -structural
component of the 3D model with enhanced gravity data. The 3D model can then be used
to filter out false-positive targets interpreted from the geophysical surveys.
Platform Holes
Platform holes are voluntarily drilled to follow and to remain at a constant distance from the target
plane, rather than intersecting it. The main purpose of such holes is to provide a “consistent
platform” on which downhole geophysics tools can generate a profile of EM responses along the
vertical extent of the target plane.
Mineralized sulphides contained within the target plane, especially when massive and/or as
interconnected stockwork of stringers are sensitive to EM interferences, and therefore can be
“seen” by the geophysical survey, with a precise depth location. The in tention is to align several
platform holes along strike of the target plane, providing then a continuous survey coverage along
1 For further details and underlying assumptions, refer to Company’s technical report entitled “Amended and Updated NI 43-101
Technical Report and Updated Mineral Resource Estimate for the Nisk Project, Eeyou Istchee James Bay Territory, Québec” with
an effective date of January 19, 2024 and filed on the Company’s profile on SEDAR+
both the vertical and lateral extents. For the technique to work best, platform holes are designed
to be hosted by non-EM responsive rocks to avoid any background interferences.
A second drill has been deployed at the eastern margin of Nisk Main, and the first platform hole,
PN-24P-001, is collared with the barren paragneiss. From there, the hole will be drilled to some
1,000 m depth. For the most part, the hole is drilled behind already known mineralization, for
calibration purposes, but will cover some 400 m vertical meters of untested ground below the Nisk
Main Zone. At least two more holes, following a 300 m step -out are also planned as part of this
initial test. The 1 km strik e-length covered is anticipated to provide valuable insights about the
offset of the Main Zone towards the ANT 2 target area (Figure 2).
Figure 2: A) Section view looking east showing the proposed platform hole PN-24P-001 in relation
to the projection of the Nisk Main zone at depth, B) Longitudinal view looking north presenting the
area of influence of the downhole survey tool.
Ground-based geophysics
With the combination of traditional high-resolution airborne geophysics and the Fleet Space ANT
gravity surveys, it was recognized that more precise ground -based surveys were required to
further refine our targeting strategy. From Dr. Beresford’s experienc e, not only are such surveys
essential, processing the data is also a critical component of the work.
Field work is ongoing at the Lion Zone to cover an EM ground -based survey; and the ground -
based gravity survey covering the most part of the property is also ongoing. Figure 3 below
presents the areas covered by both the EM and Gravity surveys within the p roperty scale
geological context and with respect to the position of the mineralized zones.
Figure 3: Plan view showing the extent of the ongoing ground -based geophysical surveys
conducted at the Lion Zone.
As new information is being gathered, geochemistry of both mineralized zones is also being
investigated. Defining the relation between the Nisk Main zone mineralogy with the more
Copper/PGE/Ag/Au-rich mineralogy observed at Lion Zone is another component that could lead
to defining a mineralogical vector, at the property scale; such vector could later help to “locate
ourselves” with respect the mineralized zones, providing better targeting for new discoveries
(Figure 4).
Figure 4: 3D view looking SE presenting the overall geological context of hosting both the Nisk
Main zone and the Lion Zone discovery. The figure describes the nature of each mineralized
zones within a Cu-Ni-PGE plot.
“So far, 2024 has been an exciting year of discoveries for Power Nickel and we believe the best
is yet to come,” commented VP Exploration, Ken Williamson.
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
Nisk project into Canada’s first Carbon Neutral Nickel mine.
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 PGE mineralization with a series of drill programs d esigned 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. The Company is in the process of reorganizing these assets in a related vehicle,
through a Plan of Arrangement that will be presented to Power Nickel shareholders of recor d for
their approval.
To obtain Power Nickel’s Corporate Presentation, please use the link below:
http://powernickel.com/corporate_presentation.pdf
Neither the TSX Venture Exchange nor its 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 for the Company to develop the NISK deposit or risk that such development does not
occur at all; 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 obt ain 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 reg ulations 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.
For further information about Power Nickel, please contact:
Mr. Duncan Roy, VP Investor Relations
416-580-3862
Power Nickel Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON