Power Nickel drills 6.26% CuEq over 10.25 metres within 4.29% CuEq over 20.05 metres at Nisk, Quebec

Power Nickel Inc. [TSXV: PNPN; OTCBB: PNPNF; FSE: IVV] reported results of three holes from the fall campaign at the Nisk Project, Quebec, have been returned. These holes were testing the depth and western extensions of the Lion zone.

Hole PN-24-079 tested the interpreted plunge of the Lion zone below hole PN-24-078 and intersected the main high-grade zone with 6.26% CuEq over 10.25 metres. Hole PN-24-080, drilled approximately 75 metres farther west from hole PN-24-79, intersected the mineralized horizon above the interpreted plunge of the zone and only returned sporadic metal values (0.38% copper, 0.213 g/t palladium and 0.36% copper in separate assays). Drill hole PN-24-081 tested approximately 100 metres below hole PN-24-080 and caught the top edge of the main Lion zone returning 4.85 metres of 1.85% copper equivalent.

The current results validate the expected strike, dip and plunge extensions to the Lion deposit model and increase the level of confidence about the continuity of the zone.

Terry Lynch, CEO, commented: “These holes continue to inspire the team on how exciting the Lion zone is so far and its potential as we expect to complete the remaining 15,000 metres of drilling between now and the end of April, 2025. We have 14 more holes to report from the autumn drilling program that will inform the current winter program. The assay labs have been backed up but we hope to update the market in the coming weeks with more results, along with clarity around the plans and objectives for the rest of this program.”

The Lion zone continues to provide excellent intersections and grades, conforming to interpreted geological modelling and extending the mineralized area of the high-grade copper, gold, silver and platinum group metals within the Lion zone.

“Our understanding of the Lion zone continues to improve, with the excellent continuity and consistency of the zone allowing us to confidently forecast where individual holes will intersect the target mineral horizon of each hole – whether it’s the Lion zone itself or, for example, deploying downhole EM [electromagnetics] to amplify the aggressive step-out exploration efforts. As we disclosed to the market in December, our visual logging of hole PN-24-95a (assays pending) suggests the high-grade trend will extend to depth. This bodes well for continued success expanding the zone in 2025, leading to a future robust initial mineral resource estimate,” commented Joe Campbell, vice-president of exploration.

The 2025 program is now under way, with a technical crew carrying out core cutting of the remaining December drill core, preparing winter drill roads and pads, and upgrading the core logging and sampling facilities to manage multiple drills. The drill contractor has collared the first drill on to the initial 2025 drill site. By the first week of February, a second drill will be operating, and, by mid-February, a third drill will be added. The increased drill capacity will allow for a much quicker turnaround of drill results, building the potential mineral resource in a shorter time.

In addition to the drilling program, continuing expert interpretations of the 2024 EM ground and borehole surveys are expected to identify multiple conductive targets that will allow for a much greater expansion of the exploration effort. The EM survey is expected to identify extensions to the Lion zone as well as providing additional targets of similar zones along several kilometres of strike on the mineralized structures. The geophysical targets promise to keep the additional drills busy during this winter’s drill campaign.

Power Nickel is a Canadian exploration company focusing on developing the high-grade nickel-copper, platinum group metal, gold and silver Nisk project into Canada’s next polymetallic mine.

On Feb. 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. [TSXV: CRE; US OTCQX: CRECF; FSE: F12].

The Nisk property comprises a large land position (20 km of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the high-grade nickel-copper, PGM, gold and silver mineralization with a series of drill programs designed to evaluate the initial Nisk discovery zone and the Lion discovery zone and to explore the land package for adjacent potential polymetallic deposits.

In addition to the Nisk project, Power Nickel owns significant land packages in British Columbia and Chile. Power Nickel is expected to reorganize these assets in a related public vehicle through a plan of arrangement.