TORONTO, Jan. 19,
2024 /CNW/ - Power Nickel Inc. (the "Company"
or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt:
IVV) is pleased to announce it has started the 2024 winter Drill
Program at the Nisk Nickel Sulfide project in Nemaska Quebec.
"We are excited to start our ambitious 2024 Drill Program. The
Program will have multiple objectives. First, to test the four new
target zones that were identified from the interpretation of our
Ambient Noise Tomography (ANT) program. These targets are hosted in
areas showing a similar "ANT signature" to Nisk Main. Given the
right geology, each target represents a potential volume varying
from 50% to 100% of the volume we have identified at Nisk Main (See
Figure 1).
Second, we will be testing the extension of our PGM hole that
hit on over 1 ounce of PGM over 7.75 metres as outlined in Figure
2.
Finally, we will look to continue to extend the known resource
at Nisk Main (Figure 3).", - said Power Nickel CEO
Terry Lynch.
Power Nickel's plan is to finish drilling hole
PN-23-042B on Nisk Main and then
to start testing the ANT Target number 3. In February, a second rig
will be added to follow up on the successful PGM hit at the Wildcat
Target, which is a full 5.5 Kilometres from Nisk Main.
On January 18, 2024, Power Nickel
held a Podcast to discuss our 2024 plans; a replay of this event is
located below.
https://events.6ix.com/preview/exploration-highlights-drilling-and-2024-outlook
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 Nickel 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 is delivering a NI 43-101
Technical Report, which is anticipated to completed in January.
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 PGM 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, plus/minus copper.
Power Nickel is also 100% 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 and
ability to complete the 2024 drill program plans identified and the
risk that such programs do not complete; 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.