0.57%Ni, 0.81% Cu, 0.03% Co along with 0.81
ppm Pd and 0.33 ppm Pt Over 19.5M
TORONTO, Nov. 14,
2023 /CNW/ - Power Nickel Inc. (the
"Company" or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF)
(Frankfurt: IVV) is pleased to announce it has closed the
previously announced private placement of non-flow-through units
("Units") at a price of $0.25 per
Unit (the "Offering"). In connection with closing the Offering, the
Company issued an aggregate of 2,820,000 Units for gross proceeds
of $705,000. Each Unit is comprised
of one common share of the Company and one-half of one share
purchase warrant (each whole warrant, a "Warrant"). Each Warrant is
exercisable to acquire one common share of the Company at a price
of $0.50 per share for a period of
three years from the date of issuance (subject to acceleration, as
described below).
At any time starting four months and one day from the date of
issuance of the Warrants, the expiry date of the Warrants can be
accelerated at the election of the Company if the closing price of
the common shares of the Company on the TSX Venture Exchange is
equal or greater than $1.00 for ten
consecutive trading days. If the Company elects to accelerate the
expiry date of the Warrants, the Company will provide notice to the
holders of the Warrants, following which the Warrants will expire
if not exercised within 30 days from the date of the notice.
All securities issued in connection with the Offering are
subject to a statutory hold period of four months and one day.
Assay Results
Power Nickel is pleased to release the assay results for the
step out hole testing the Nisk Main Deposit 300 metres to the south
and east of previous drilling. The overall 19.5m interval, starting at a downhole distance
of 463.5m, includes:
- 1.75m of 1.10% Ni, 4.54% Cu,
0.06% Co along with 0.87 ppm Pd and 0.19 ppm Pt
- 6.00m of 0.86% Ni, 0.54% Cu,
0.04% Co along with 1.57 ppm Pd and 0.45 ppm Pt
The hole, also referred to as PN-23-036, is testing at depth an
area to the east of two of the best holes, PN-22-009 and PN-23-035
as noted in Figure 1 above.
"A great start to the fall campaign. This was a big step out
hole almost 300 metres below the nearest successful hole on that
side of the fault. So will ring up some solid resource with this,
we are with all the tools we have employed getting a much better
understanding of the ore body…It appears now to us that the west
side of Nisk Main contains the higher grade material and we have
seen that again in our two holes with pending results, it looks
like Nisk Main West is open at depth and the remaining holes up to
Christmas will focus on large step outs in this area. The hole we
announced today is very productive addition to Nisk Main east which
has slightly less but still excellent grade, - Commented Power
Nickel CEO Terry Lynch.
The picture below presents a mosaic of the 6 core boxes
containing the massive and semi-massive sulphides intercepted over
19.5m in this first hole of the fall
drilling program. The table 1 below summarizes results received so
far.
"This hole was the first that used the Ambient Noise Tomography
(ANT) data we collected this summer. We drilled into a area
previously considered to be low grade and had a quite positive
result. As noted below it has given us some important new targets
on Nisk Main but also in completely unexplored areas called ANT 1
and 2 to the East of Nisk Main as outlined in Figure 4 below -
commented VP Exploration Kenneth Williamson.
The cross-section above presents the position of PN-23-036
relative to previous holes that have intercepted mineralization
higher up along the main ultramafic unit (purple). This new hole,
located some 50 m below PN-21-006,
continues to demonstrate high grade mineralization at depth.
The hole was drilled in the eastern portion of the Nisk Main
mineralized zone, in vicinity of an interpreted fault corridor,
which is believed to have displaced the eastern portion of the
deposit some 500 m to the ESE, and at
greater depths; an area that is now called ANT2. Figure 4 below
shows the location of hole PN-23-036 with respect to the
interpreted geology of Nisk Main area.
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.
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). Subsequently, Power Nickel has
exercised its option to acquire 50% of the Nisk Project and
delivered notice to Critical Elements that it intends to exercise
its second option to bring its ownership to 80%. The last remaining
commitment to activate this exercise of the option is the delivery
of a NI-43-101 Technical report which is anticipated to occur at
the latest in Q4 2023.
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
designed 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. Power Nickel is
expected to reorganize these assets in a related public vehicle
through a plan of arrangement.
Power Nickel announced on June 8,
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 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, reportedly
exploited between 1921 and 1939. These mineral showings are
Polymetallic veins containing 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 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.
Neither the TSX Venture Exchange nor it's 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 close the private placement or the second Nisk
option or risk that such transactions do not close 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 obtain
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
regulations 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.
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SOURCE Power Nickel Inc.