TORONTO, June 10,
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 summer
Drill Program with 20 holes targeted and over 8,000 metres of
drilling as the Company continues ramping up exploration for
additional mineralized zones of high-grade Copper, Platinum,
Palladium, Gold, Silver and Nickel at the polymetallic Lion Zone on
its Nisk Property in Nemaska,
Quebec.
Following up on the successful results recently obtained at the
Lion Zone, the summer drilling program will initially keep focus on
the discovery, with the aim of demonstrating an even further depth
continuity and to test for lateral occurrences of similar
polymetallic mineralized sulphides lenses. The first few holes are
designed to test the area below PN-24-051, PN-24-059 and PN-24-062;
the three deepest intersections to date.
The initial discovery was made by drilling an airborne EM survey
(electro-magnetic survey) anomaly in association with a surface
expression of ultramafic rocks. From this airborne EM survey, two
more EM anomalies are yet untested to the east of Lion Zone. A
broader ground-based EM survey is now being considered as this
would help considerably to identify other anomalies and get a
better control on geometries at depth.
The Company's current understanding of the geometry of the zone
suggests a strong structural control as the zone gets transposed
into meter-wide high-strain corridors at both of its lateral
limits. The resulting geometry is a sigmoidal-shaped lens, that it
is plunging steeply along the felsic-ultramafic contact. In such
structural context, it is possible that the zone itself is being
offset on each side and/or that other distinct lenses have
developed in proximity.
"We are excited to welcome renowned polymetallic explorer
Steve Beresford, Ph.D., to the Power
Nickel team where he is active as a special advisor. Steve's
mission is to use his 40 years and hundreds of millions of dollars
of drilling experience searching very successfully for giant
polymetallic deposits to help guide and accelerate our exploration
efforts. Polymetallic deposits like Norilsk, Platreef, and Sakatti
are literally the world's most valuable due do their nature. They
are very rare, but they do exist, and Nisk is giving every
indication that it will follow in this line of polymetallic
discoveries. Steve and our team are on the site finalizing the
short- and medium-term exploration plans. I have been debriefed on
what is coming and would describe my excitement level (1-10) as an
11," commented Power Nickel CEO Terry
Lynch.
Expansion Drilling at Nisk Main
While the Lion Zone has become a priority, the summer drill
program will also allow the Company to keep pushing at expanding
the Nisk Main zone both at depth and laterally. Most of the
resource of Nisk Main 2023 Mineral Resource Estimate is of
indicated category, with a relatively small proportion of inferred
resource. The primary intention will be to drill below the
high-grade shoots observed and to continue to drill the ANT 1 and
ANT 2 targets to the east of Nisk Main.
"Drilling Nisk Main and its surrounding area are, in our view,
not separate drilling programs; rather we see them as part of the
same greater story. With the working hypothesis that Nisk Main
(dominantly Nickel-rich) and Lion Zone (being more polymetallic /
PGE-rich) could be parts of a much bigger system. What we learn at
Nisk Main helps us to better interpret the Lion Zone and
vice-versa. We will be initiating a thorough geochemistry analysis
of all current and upcoming data to determine if there's a
potential genetic connection between the two zones," commented
Ken Williamson, 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 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).
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.
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 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.