Power Nickel [TSXV-PNPN; OTCQB-PNPNF; FSE-IVV] reports that 10 out the 12 holes drilled so far from the company’s summer drilling program at the Lion zone discovery at the Nisk Project, Québec, have intercepted sulphide mineralization.
Highlights: The high-grade portion of the Lion zone 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 to PN-24-068, expanding its footprint deeper by another 150 metres vertically.
Ground-based geophysics is under way at Lion zone and new targets from the consolidated gravity and EM (electromagnetic) 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: grow the Lion zone; and 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 […]. The second will come in our planned fully funded 30,000-metre winter drill program. The Lion zone and indeed Nisk over all is blossoming into what we believe will be a world-class polymetallic discovery. We look forward to building on this summer’s 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 focused on drilling systematically the Lion zone using a 50-to-75-metre 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 PN-24-068), expanding the zone by 150 metres vertically; B – the west boundary (PN-24-069 to PN-24-071), 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. With the new holes considered, the Lion zone now shows a footprint reaching 350 metres laterally and 450 metres 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 five to 10 metres true width in the core of the zone to less than one metre laterally. It is noticeable that most of the new drill holes are close to being perpendicular to the zone, yielding close to true thickness intersections.
“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, vice-president of exploration.
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 km of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the historical high-grade nickel/copper/platinum group element 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.
