Discovery Hole had over One
Oz/Tonne Combined Platinum and Palladium over 7.75
Metres
TORONTO, March 4,
2024 /CNW/ - Power Nickel Inc. (the
"Company" or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF)
(Frankfurt: IVVI) is pleased to announce that hole PN-24-047
of the drill program aiming at following up on the Wildcat
high-grade PGM intersection has intersected the anticipated
mineralized zone some 40 meters to East of the discovery hole.
Along with PN-24-044 (Feb 22nd,
2024), this makes it the third intersection similar to the
discovery hole announced May
10th, 2023. An EM anomaly was also tested some
225 m further East (PN-24-045) but
did not visually intersect significant mineralization.
As previously stated (Feb 22nd,
2024), PN-24-044 successfully intersected the
chalcopyrite-rich zone approximately 100
m downdip the initial Hole PN-23-031A (Figure 1).
Confirmation of the zone presence at depth was part of a strategy
to systematically drill a series of EM targets that are lining up
with the tonalite-ultramafics contact at surface.
Given the triple amount of massive chalcopyrite observed in hole
PN-24-044 compared to PN-23-031A, the focus of the Wildcat drilling
program has now shifted to defining the extent of the mineralized
zone. The remaining EM anomalies shall be tested later.
A series of off-section drillholes were planned on a
50 m grid to start defining the
volume of the high-grade PGM mineralized zone. The current hole
PN-24-047, planned to test the lateral continuity of the zone to
the east, encountered the anticipated zone at a downhole depth of
approximately 150 m (Figure
2).
"We are even more encouraged to extend what appears to be a very
high-grade PGM rich zone laterally from the initial discovery. We
still need assay results to confirm, but it certainly looks better
and better. Subsequent holes will continue testing the east and
west extensions. I've already alluded to this, but this PGM
discovery adds an exciting and valuable dimension to the Nisk
Project," commented Power Nickel CEO, Terry
Lynch.
"PN-24-047 is the first lateral hit that provides us with an
initial geometry and volume of the zone. It also was the first hole
where we can see Nickel-bearing pentlandite in the massive
sulfide…making a very interesting mix. Can't wait to see the assays
on this one! We like what we see so we will be aggressively
attacking the zone, starting with closely spaced drillholes and
later with more distant step-out holes." stated 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 February.
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 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
For further information, readers are encouraged to
contact:
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.