Power Nickel drills 0.88% nickel over 40.3 metres at Nisk, Quebec

Power Nickel Inc. [PNPN-TSXV; CMETF-OTCQB; IVVI-FSE] reported new and complementary results from its phase 2 drill program at its Nisk project near James Bay, northern Quebec. These initial drill results confirm the presence of high-grade nickel-copper-cobalt-platinum group element (Ni-Cu-Co-PGE) mineralization in the Nisk Main zone, and extends mineralization by an additional 150 metres at depth and to the east and below to the central portion.

New assay results show mineralization farther down the reported intercept in hole PN-22-009. This new intercept is interpreted as part of the same main mineralized lens, extending the previously reported intercept from 25.86 m to 40.30 m.

Highlights: Recent assay results from the current drill program at the Nisk deposit continue to return high-grade Ni-Cu-Co sulphide and PGE mineralization.

Significant results from this batch of assays include 40.3 metres at 0.88% nickel, 0.56% copper, 0.06% cobalt, 1.64 parts per million (ppm) palladium and 0.15 ppm platinum (PN-22-009), including, 25.86 metres at 1.17% Ni, 0.8% Cu, 0.08% Co, 1.46 ppm Pd and 0.23 ppm Pt; 7.5 metres at 0.6% Ni, 0.25% Cu, 0.04% Co, 3.76 ppm Pd and trace Pt, including t3 metres at 1.28% Ni, 0.47% Cu, 0.09% Co, 1.16 ppm Pd and trace Pt; 18.65 metres at 0.25% Ni, 0.01% Cu, 0.01% Co, 0.76 ppm Pd and 0.08 ppm Pt (PN-22-008); as well as 12.45 metres at 0.33% Ni, 0.34% Cu, 0.02% Co, 0.39 ppm Pd and 0.05 ppm Pt (PN-22-010).

Fourteen holes were completed to date for this second phase of drilling, but assay results covering the mineralized target area are available only for five holes, i.e., PN-22-008 to PN-22-010, PN-22-013, and PN-22-014.

Core logging has confirmed the presence of sulphide mineralization in the areas defined as targets. Such visual observation indicates that the mineralization extends to a minimum of 150 metres below the deepest know intercepts.

“The continued extension of PN-22-009 makes it one of the best Nickel holes reported in recent history. A 40-metre long interval, representing 10 to 15 metres of true thickness, at this grade of NiEq should positively impact tonnage as we prepare our new 43-101.

“We have drilled 14 holes in total and now have reported on five. We continue to be encouraged by all the results. Even holes PN-22-008 and PN-22-010, considering the geological interpretation, still show decent mineralization. We are confident that the upcoming Phase 3 drilling campaign will continue demonstrating the system’s robustness, with more results in line with our best hole to date, PN-22-009,” said Terry Lynch, President and CEO.

Based on such optimistic results, the company has recently announced that it would ramp up drilling by another 7,500 metres to 10,000 metres starting mid-January Q1 2023.

The remaining results of Phase 2 2022 fall drilling program will be reported as soon as they become available from the Assay Laboratory.

The Nisk Project is located in the southern portion of the Eeyo Istchee James Bay territory, Quebec, a region that is the site of a number of mining projects improving infrastructure.

Power Nickel completed the acquisition of its option to acquire up to 80% of the Nisk Project from Critical Elements Lithium Corp. [CRE-TSXV]. The Nisk Project comprises a large land position (20 km of strike length) with numerous high-grade Nickel intercepts.