TORONTO, Sept. 10,
2024 /CNW/ - Power Nickel Inc. (the
"Company" or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF)
(Frankfurt: IVV) is pleased to announce that 10 out the 12
holes drilled so far from the Company's summer drilling program at
the Lion Zone discovery have intercepted sulphides
mineralization.
Highlights:
- The High-Grade portion of the Lion Zone one continues to
the west, with a shallower plunge than what was previously
anticipated, as shown by holes PN-24-69 to PN-24-074.
- The Lion Zone is present at depth, as shown by holes
PN-24-063 toPN-24-068, expanding its footprint deeper by another
150m vertical.
- Ground-based geophysics is underway at Lion Zone and new
targets from the consolidated gravity and EM surveys interpretation
are anticipated to be available when drilling resumes mid-October,
after the traditional month long "Moose Break".
"Our 2024 summer drilling program had two objectives: (1) Grow
the Lion Zone and (2) Establish a process designed by Dr.
Steve Beresford to maximize our
ability to explore the project on a systematic basis, using
approaches he used successfully with First Quantum, MMG, and IGO. I
am very pleased to report success in accomplishing these
objectives. The first results you will note in our Lion Zone growth
and in the pictures below. The second will come in our planned
fully funded 30,000 meter winter drill program. The Lion Zone, and
indeed Nisk overall, is blossoming into what we believe will be a
world-class polymetallic discovery. We look forward to building on
this summers hard work and success into what we feel will be a
company defining winter program," stated CEO Terry Lynch.
The Company's 2024 summer drill program is currently focussed on
drilling systematically the Lion Zone using a 50 to 75 m square grid approach, which allows a better
understanding of the internal distribution of the high-grade
polymetallic mineralization within the zone. Three areas have been
successfully tested so far: A- the area directly below the zone
(holes PN-24-063 to -068), expanding the zone by 150 m vertically, B- the west boundary (PN-24-069
to -071), where the zone appears to be thicker and more massive in
nature, and C- below the known west boundary, following the
interpreted plunge of the zone (see Figures 1 and 2 below).
With the new holes considered, the Lion Zone now shows a footprint
reaching 350 m laterally and
450 m vertically, representing a
significant increase in size.
Assays from several promising holes are now in at the laboratory
and the Company expects to report on these by late September.
The thickness of the massive chalcopyrite zone remains the same,
ranging from up to 5-10 meters true width in the core of the zone
to less than 1 meter laterally. Figures 3 to 5 below present
cross-sections through the Lion Zone area drilled this summer. It
is noticeable that most of the new drillholes are close to being
perpendicular to the zone, yielding close to true thickness
intersections. The figures also present observed sulphides
mineralization in the core.
"This new information now allows us to anticipate a much
shallower westward plunging chute within the Lion Zone that will
benefit both short-term drilling costs and eventually, assuming
commercialization, reduce operating costs. As Terry mentioned, we
are achieving our two objectives of growing the Lion Zone and
establishing an exploration process that incorporates geologic,
geophysical, and geochemical data collection. We believe analysis
and interpretation of this data will set us up for an aggressive
winter exploration program. We look to extend the Lion Zone, and we
hope to discover other Lion Zones and find what we believe will be
the big brother extensions to Nisk Main, somewhere under the Lion
Zone," 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 Nisk project into Canada's first Carbon Neutral Nickel mine.
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 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.
In addition to the Nisk project, Power Nickel owns significant
land packages in British Colombia
and Chile. The Company is in the
process of reorganizing these assets in a related vehicle, through
a Plan of Arrangement that will be presented to Power Nickel
shareholders of record for their approval.
To obtain Power Nickel's Corporate Presentation, please use
the link below:
http://powernickel.com/corporate_presentation.pdf
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 for the
Company to close the private placement or the second Nisk
option or risk that such transactions do not close at all; 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.