Power Nickel drills 1.01% nickel over 14.4 metres at Nisk, Quebec

Power Nickel Inc. [PNPN-TSXV; PNPNF-OTCBB; IVVI-FSE] reported the latest results from drill holes PN-23-025, PN-23-027 and PN-23-028 at the Nisk project, northern Quebec.

These three holes successfully expanded the high-grade intersection in drill hole PN-22-009 (1.17% nickel, 0.80% copper, 0.08% cobalt, 1.46 parts per million palladium and 0.23 parts per million platinum over 25.86 metres) by 75 metres depth and 150 metres of strike.PN-23-025 returned 13.25 metres of 0.35% nickel, 0.18% copper, 0.24 g/t palladium and 0.03 g/t platinum, including 1.60 metres of 0.95% nickel, 0.43% copper, 0.06% cobalt,, 1.31 g/t palladium and 0.03 g/t platinum.

PN-23-028 returned 14.40 metres of 1.01% nickel, 0.27% 0.27% copper, 0.07% cobalt, 0.88 g/t palladium, 0.13 g/t platinum and 0.03 g/t gold, including 7.80 metres of 1.69% nickel, 0.37% copper, 0.12% cobalt, 1.59 g/t palladium, 0.22 g/t platinum and 0.04 g/t gold.

Commented Power Nickel CEO, Terry Lynch, “Once again, Nisk is delivering very promising results. Hole 28 is a high-grade nickel hole with robust cobalt and PGM values. The Nisk Main zone has been very cooperative, with each set of assays having large high-grade intercepts as we look to build a commercial resource. All of these assay results will be captured in our new NI 43-101, which we expect to be delivered in Q3. Our Fall and winter campaigns were very productive, and we have one more set of assays to go, and we are excited to see those sometime in Mid-June.”

The wide (7.8 m) high-grade mineralization intersected by hole PN-23-028 occurs mainly as massive sulphide beds composed of pyrrhotite, pentlandite, and minor chalcopyrite.

The mineralized intersections in holes PN-23-025 and PN-23-027 occur as narrow, 1.60m and 1.63m, massive sulphide and semi-massive beds composed of pyrrhotite, pentlandite, and minor chalcopyrite.

The wider, higher-grade intersections in holes PN-22-009 and PN-23-028 are interpreted to be located in the hinge zone, or nose, of a fold, while the narrower, high-grade intersections in holes PN-23-025 and PN-23-027 are interpreted to be located in a deformation zone along the limb(s) of the fold.

Follow-up ground geophysics consisting of EM and a FLEET ANT survey will be conducted this summer to understand the geometry of the known mineralization better to target specific areas where folding might have thickened the mineralization width.

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 from recently completed drill programs.

In addition to a successful campaign to extend and expand the resource at Nisk Main, Power Nickel has successfully tested extensions both east and west of the main zone in what could be whole new pods of mineralization. Perhaps most critical was the announcement on May 10, where Power Nickel stepped out 5 km from the main Nisk resource, intercepting 1 oz/ton combined platinum and palladium over 7.75 metres in Wildcat hole PN-23-031A.

Power Nickel expects to take the results from the historical drilling programs, its initial program in late 2021, the current drill program, and a new metallurgical study and prepare a new 43-101, which we would expect to deliver in Q3 2023.

Power Nickel posts its drilling information and azimuths on www.PowerNickel.com to enable independent modeling of the ore body.

Power Nickel is a Canadian junior exploration company focusing on developing the high-grade Nisk project into Canada’s first Carbon Neutral Nickel mine.

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.