Discovery hole had over 1 Oz/Tonne Combined
Platinum and Palladium over 7.75 Metres
TORONTO, Feb. 21,
2024 /CNW/ - Power Nickel Inc. (the
"Company" or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF)
(Frankfurt: IVVI) is pleased to announce that the first hole
of a drill program following up on the Wildcat high grade PGM
intersection, appears to have encountered a mineralized zone
similar to the previously announced May
10th 2023.
The initial Hole PN-23-031A (Figure 1) intersected
multiple chalcopyrite stringers and veinlets, almost continuously
in the first sixty (60) metres of the drill hole. The thickness and
density of these stringers increased at 60.50 to 68.25 m down the hole. The main mineralization is
characterized by a high density of chalcopyrite veinlets and local
massive chalcopyrite (Figure 2).
The current hole encountered the zone at a depth of 168.5 m. Wildcat area represents an entirely new
target to explore and is wide open laterally along strike and at
depth (Figure 3). This new discovery is very significant
with high-grade platinum and palladium associated with the copper.
It is probable that the high-grade platinum and palladium
originated in the underlying ultramafic unit and remobilized to the
tonalite unit where the mineralization occurs. As the
mineralization is remobilized, there is potential for discovery in
a broader target area in vicinity of the ultramafic source rocks.
Follow-up drilling will consider all other lithological units in
addition to identifying the source mineralization in the ultramafic
unit.
"We are very encouraged to extend this, what appears to be, a
very high grade PGM rich zone another 100 metres downdip from
initial discovery. Will need assay results to confirm, but it
certainly looks very good. Subsequent holes will test the
horizontal width of this zone while also testing east and west
extensions. The PGM discovery adds an exciting and valuable
dimension to the Nisk Project. High value PGM zones can add
significant value to the overall discovery. We are also excited to
learn about our test of the deeper Ultramafic units where we are
searching for massive sulfides containing Nickel." - Commented
Power Nickel CEO Terry Lynch
"We are currently drilling this area to discover a significant
volume of Copper-PGM rich mineralization, but our primary goal at
Nisk is to identify and explore for ultramafic rocks hosting
nickel; so, we have pushed PN-24-044 further down and intersected
and untested ultramafic unit observed to the south, in the footwall
of the current target. As illustrated in Figure 4, we wanted
to test the Fleet ANT velocity model that was suggesting a
shallower dip for the footwall ultramafic unit, and we did obtain
the anticipated result confirming our interpretation. Having in
hands a predictive model certainly indicates that we are having a
good grasp on the geology of the system. I'm a very strong believer
that a better understanding of the overall geology is the key that
will lead to additional discoveries across the property." –
commented Kenneth Williamson, Power
Nickel VP Exploration.
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 exercise the option was the delivery of a NI-43-101
Technical report which has now occurred. Power Nickel expects to
complete the acquisition in Q1.
The figure below presents a longitudinal view of the current
2023 Mineral Resource Estimate
About Us Figure 1
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.
About Us Figure 2
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 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.
To obtain Power Nickel's Corporate Presentation, please use
the link
below:
http://powernickel.com/corporate_presentation.pdf
Power Nickel Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON
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.