Power Nickel drills 0.97% nickel over 16.40 metres at Nisk, Quebec

Power Nickel Inc. [PNPN-TSXV; PNPNF-OTCBB; IVVI-FSE] continues to confirm the presence of high-grade nickel-copper-cobalt-platinum-group-element mineralization in the Main zone of its Nisk project near James Bay, northern Quebec.

In addition, step-out exploration drilling 800 metres east of the Main zone shows indications of a new Ni-Cu-Co-PGE zone within the same ultramafic sequence of rocks. The Main zone drill results for holes PN-23-23 and PN-23-24 extend mineralization up dip from previous high-grade holes into an area previously believed to be a low-grade zone between two high-grade lodes.

New Discovery 800m east of Main Zone: 0.22% nickel, 0.42% copper, 0.01% cobalt, 0.71 g/t palladium and 0.31 g/t platinum over 4.9 metres in Hole PN-22-020.

Late in the fall 2022 drill program, two holes (PN-22-020 and PN-22-021) tested an exploration target at shallow depths approximately 800 metres and 600 metres respectively east of the high-grade Main Zone. Hole PN-22-021 did not intersect sulphide mineralization, but further to the east hole PN-22-020 intersected three zones of sulphides with significant Ni-Cu-Co-PGE mineralization. This hole contained low amounts of sulphides but with a high ratio of Ni-Cu-Co-PGE mineralization. The area will require further testing for potential massive sulphide zones, and both holes are good candidates for downhole EM surveying to look for off-hole EM conductors.

In a March 1 news release, hole PN-22-018 was listed as NSR (no significant results), but further analysis of initial assay results from this hole revealed a low-grade Ni/PGE zone over 7.5 metres.

 Fourteen holes totaling 5370.67 metres were completed in the fall of 2022 for the second phase of drilling at Nisk. At the time of writing, an additional 15 holes totalling 5210 m have been completed in the winter 2023 drill program.

“We are very pleased with the ongoing success of our exploration drilling at Nisk. It was another excellent intersection. The team has done an amazing job piecing together the underground mystery of this deposit and we believe we have learned some invaluable clues both with our East and West exploration away from the main zone on where our next Pod like Nisk main may lie,” commented Power Nickel CEO Terry Lynch

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The Nisk Project is located in the southern portion of the Eeyo Istchee James Bay territory, Quebec, 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.

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.

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 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.

Power Nickel is also 100% 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% NSR royalty interest on any future production from the Copaquire copper-molybdenum deposit, that was 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% NSR for $3-million at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s first region.