Power Nickel to Commence 4000 metre Drilling Program on Its Major Nickel Development Target "Nisk"
Power Nickel to Commence 4000 metre Drilling Program on Its
Major Nickel Development Target "Nisk"
TORONTO, ON / ACCESSWIRE / November 1, 2021 / Power Nickel Inc. (the "Company"
or "Power Nickel") (TSXV:PNPN)(OTCQB:CMETF)(Frankfurt:IVVI) is pleased to
announce that it has received and approved a 3D Litho-Structural Report on the Nisk project in
James Bay from 3DGeo-Solution Inc. ("3DGS"), an expert in 3D modeling and Mineral
Resource Estimation. The report identified a prospective set of targets that is felt will give the
best potential to expand the Nisk historical deposit.
The 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 NISK property comprises a large land position (20 kilometres 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.
3DGS recommended an initial drill program of around 4000 metres covering approximately 15
holes ranging in depth from 80 metres to 500 metres. Following the drill program, 3DGSwill be
responsible to prepare the NI 43-101 compliant Mineral Resource Estimate and Technical
Report.
Nisk has four distinct target areas covering over 7 Kilometres of strike length.
While Nickel Sulphate discoveries globally tend to come in clusters the focus of the initial Power
Nickel campaign will be drilling on the Nisk Main target and the Nisk West target where the
previous exploration had identified mineralized high-grade nickel zones. In the future, it is
anticipated that Power Nickel will test the east and west "Wildcat Targets". In the picture below
we highlight some of the high-grade intercepts identified from the historical drilling on the
project.
The picture below shows high-grade ore shoots identified from the Nickel-metal factor numerical
model. The drill program will test these most prospective areas.
It is anticipated that the drilling program will begin in early November and be about 4 weeks in
duration. All drilling permits have been received and drilling contracts are in place.
Company CEO and Director Mr. Terry Lynch stated, "It is rare to find a project with a historical
resource with an almost 2% Nickel EQ (at current price Nickel, Copper, Cobalt and Palladium
price curves- Oct 29, 2021) that we believe has a credible chance to become a mine. The
electrification movement in Automobiles and Industry is growing more and more every day and
this growth will be very supportive to the Nickel, Copper, Cobalt, and Palladium markets. We
look forward to concentrating our efforts on NISK and moving it from Historical resource
through the mine development process as quickly as possible. We are excited about the 3D
Model of the Nisk project and the 4,000 metre drill program we have outlined."
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, 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.
Qualified Person
Matthew DeGasperis, Géo (OGQ #2261), B.Sc., Consulting Geologist, and Kenneth Williamson,
Géo (OGQ #1490), M.Sc., Senior Consulting Geologist, from 3DGeo Solution Inc. are the
qualified persons pursuant to the requirements of NI 43-101, and have reviewed and approved the
technical content of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
Power Nickel Inc.
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
Terry Lynch & CEO [email protected]
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) accepts responsibility for the adequacy or accuracy
of this release.
SOURCE: Power Nickel Inc.