TORONTO, Dec. 2, 2024
/CNW/ - Power Nickel Inc. (the "Company" or "Power
Nickel") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is
pleased to present a thorough exploration update on its discovery
of the Lion Zone at its Nisk Project near Nemaska Quebec. The Company is also pleased to
be publishing the drill assay database to date for the Lion Zone on
the company's website.
Based on assays reported to the market to
date, the Lion Zone has been intercepted across a strike length of
550 meters. This mineralized zone is adjacent to an ultra mafic
rock unit that outcrops at surface for 1.8 kilometers.
So far as part of the winter drill program,
the Company has been drilling west of the established 550 meters of
strike length, stepping out at 150 meter increments. Already
drilled with assays pending are holes 76, 78, 79, 80, 81 along the
western strike extension (see Figure 1 below). The purpose
of these holes was to test the potential continuation of the Lion
Zone to the west and the plunging nature of the deposit along
strike.
Figure 1 below is a
plan view showing the current lateral extent of the zone against
the overall strike length of the ultramafic unit, to which
mineralization is associated. The semi-massive to massive
chalcopyrite-rich mineralized zone appears to be plunging with a
rake of 45 degrees to the west; implying that the vertical extent
of the zone is equivalent to its lateral extent.
Based on the core logging from those holes,
and the correlation so far in 2024 between core logging and
eventual assays, the Company decided to collar Hole 80 to the west
of Holes PN-24-074 and PN-24-075 by 150 meters to test further
extension of the Lion Zone.
Power Nickel CEO Terry Lynch comments, "The Lion Zone has been
one of the most compelling base metal discoveries in the past year
all around the world, as shown by both the caliber of talent
attracted to the project like Dr. Steve
Beresford and the new investors we have welcomed as
shareholders.
Our exploration team has used an array of
tools including downhole EM to track this mineralized area over 550
metres and its open to the east and west and at depth. Our 30,000
metre drill program is incorporating all these scientific insights
into future drilling efforts. We have two drills rolling on Lion
now and a third is being added after Christmas.
In the past we have shared core photos of
holes before assays were reported because our exploration team
believed that visual core logging was allowing them to determine
where to place the next set of holes before receiving assays. The
assays have backed up that assumption year to date so
far.
I am thrilled we have successfully stepped
out an additional 150 meters to further test the potential of the
Lion zone."
The Lion Zone Exploration
Process
All drill holes at the Lion Zone are
planned to answer some specific questions about the zone
continuity, and/or to test areas that have shown favourable signs
to be hosting new mineralized zone in the vicinity of the initial
discovery. Core logging is the basis for the 3D litho-structural
model being developed internally. The model compiles all
information being gathered and aims to become part of the tools
being used in targeting.
The semi-massive to massive and stringers
nature of the Lion Zone, combined with its particular mineralogy
makes it something that can be "detected" by the appropriate
geophysical tools. Ambient Noise Tomography (ANT) deployed by FLEET
Technology is an indirect way to obtain information on the rock
density contrasts, from which the contact between two distinct rock
masses can be deduced. Airborne EM Surveys are particularly useful
to detect the electro-electromagnetic properties of the massive
sulfides. Ground EM is in final stages of collection and analysis.
Downhole EM is now routinely used to detect massive sulfides 'off
hole'.
The EM surveys are being paired with a
renewed focus on geochemistry, utilizing Dr. Beresford's experience
with geochemistry in polymetallic systems, help defining "a
location within the system", and therefore to be in a better
position to interpret favourable target areas, by using such
geochemistry vectors. In polymetallic systems, a 3-end members
metallic zonation can be observed (and explained from a chemical
point of view). The zonation involves a Nickel-rich component,
evolving towards a Copper-rich component, while a noble metal
component also interacts in the mix at different stages.
"It's been an exciting time for the
exploration team. GeoVector has done a great job executing on the
ground as we manage the many facets of the program. Dr.
Steve Beresford has successfully
implemented into our regimen the critical importance of downhole EM
and we have gained a terrific amount of data on the structure of
the mineralized zone giving us high confidence on our next
exploration moves. It is exciting to have developed an
understanding of the mineral system in 2024 and look forward to
sunlighting the full potential of the Lion Zone in 2025." –
commented Ken Williamson, VP
Exploration of Power Nickel.
The 2025 Winter Exploration
Program
The first priority of the winter
exploration at the Lion Zone, the plan is to drill west of the
existing strike length followed by the eastern extension and at
depth. By tackling the near surface potential lateral extensions,
successful hits would equate to expanding the top portion of Lion
Zone, or to the discovery of a new near surface zone. Misses near
surface aren't ruling out the presence of mineralization deeper,
the same mechanisms leading to genesis of the Lion Zone are
hypothesized to have been at play all along the ultramafic "sheet",
and as all holes as now "EM-surveyed", this approach will also
cover the presence of any potential EM anomalies as far down as the
range allowed by the survey too.
On the regional front, the plan is to
conduct a scout drilling program between Nisk and Lion with
relatively short holes and using the downhole EM surveys as a guide
for deeper drilling.
Across the entire Nisk Project, the Company
would expect to complete the 30,000 metres of drilling in the
winter program by end of April.
Figure 2 below is a
Longitudinal view across the Lion Zone Area, presenting the
location of Lion Zone against the ultramafic extent. Figure
3 following presents 4 cross-sections along with the position
of 5 representative intersections.
QAQC and Sampling
GeoVector Management Inc ("GeoVector") is
the Consulting company retained to perform the actual drilling
program, which includes core logging and sampling of the drill
core.
All samples were submitted to and analyzed
at Activation Laboratories Ltd ("Actlabs"), an independent
commercial laboratory for both the sample preparation and assaying.
Actlabs is a commercial laboratory independent of Power Nickel with
no interest in the Project. Actlabs is an ISO 9001 and 17025
certified and accredited laboratories. Samples submitted through
Actlabs are run through standard preparation methods and
analysed using RX-1 (Dry, crush (< 7 kg) up to 80%
passing 2 mm, riffle split (250 g) and pulverize (mild steel) to
95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES)
and 1C-OES - 4-Acid near total digestion + Gold-Platinum-Palladium
analysis and 8-Peroxide ICP-OES, for regular and over detection
limit analysis. Pegmatite samples are analyzed using UT7 - Li up to
5%, Rb up to 2% method. Actlabs also undertake their own internal
coarse and pulp duplicate analysis to ensure proper sample
preparation and equipment calibration.
GeoVector's QAQC program includes regular
insertion of CRM standards, duplicates, and blanks into the sample
stream with a stringent review of all results.
The results presented in the current Press
Release are complete within the mineralized intervals, but results
are still pending for the top portion of both holes reported. QAQC
and data validation was performed on these portions of the holes
where assays are fully integrated, and no material error were
observed.
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 exploration
company focusing on developing the High-Grade Nickel Copper PGM,
Gold and Silver Nisk project into potentially Canada's next poly metallic mine.
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. (CRE: TSXV).
The NISK property comprises a large land position (20
kilometres 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 test the initial Nisk discovery zone, the Lion
discovery zone and to explore the land package for adjacent
potential poly metallic deposits.
In addition to the Nisk project, Power
Nickel owns significant land packages in British Colombia and Chile. Power Nickel is expected to finalize
the reorganization of these assets in a related vehicle through a
plan of arrangement.
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; raising 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.
