Power Nickel Inc. [PNPN-TSXV] reported latest results from drill holes PN-23-029 to PN-23-035 at its Nisk project in the southern portion of the Eeyo Istchee James Bay territory, northern Quebec. These eight holes were drilled to test distal targets east (PN-23-030/PN-23-031) and west (PN-23-029) of the Main Nisk deposit as well as to expand on high-grade intersections at Nisk Main (PN-23-032, PN-23-033, PN-23-034/034A and PN-23-035).
Highlights: 0.60% nickel, 0.39% copper, 0.50 g/t palladium and 0.11 g/t platinum over 31.86 metres in PN-23-035, including 1.18% nickel, 0.8% copper, 1.14 g/t palladium and 0.28 g/t platinum over 8.82 metres; 0.71% nickel, 0.37% copper and 0.85 g/t palladium over 10.05 metres in PN-23-033, including 1.25% nickel, 0.36% copper, 1.41 g/t palladium and 0.12 g/t platinum over 2.95 metres; 0.49% nickel, 0.13% copper and 0.46 g/t palladium over 8.08 metres in PN-23-034A. Power Terry Lynch Nickel, CEO, commented: “Another strong result from our Nisk main deposit, these holes will be valuable additions to the resource calculation. This concludes an amazing drill season for us at Nisk.
“We are very excited now to get the drill results from over 15,000 metres of drilling incorporated into our much anticipated inaugural NI 43-101 mineral resource estimate, which we expect to deliver in late Q3.
“As you read this release, we are readying the geodes for the ambient noise tomography program. This program will be conducted to assist in the identification of the next prime targets for our Nisk project (as released earlier this year). Preliminary surveys will be conducted over our core ore zones at Nisk Main, where there is a wealth of scientific data. This will enable us to correlate this exciting, advanced technology to reveal what we hope will be the identification of the next nickel/PGM [platinum group metal] pods at Nisk.”
Next steps at Nisk include deploying the ambient noise tomography program, completing the analysis of the recent airborne mag/EM (electromagnetic) survey, readying the drilling team for the July start of the financed 15,000-metre drill program, receipt of the metallurgical studies report and the publication of the inaugural NI 43-101 mineral resource estimate at Nisk.
A grant of 1.6 million options has been approved according to the company option plan. The strike price is at 25 cents. Options vest upon grant and expire five years from date of grant.
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 strike length) with numerous high-grade nickel intercepts from completed drill programs.
In addition to a successful campaign to extend and expand the resources 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, 2023, where Power Nickel stepped out f5 km from the main Nisk resource, intercepting one ounce per ton combined platinum and palladium over 7.75 metres in wildcat hole PN-23-031A.
Measured historical resources are pegged at 1,255,000 tonnes of 1.09% nickel, 0.56% copper, 0.07% cobalt, 1.11 g/t palladium and 0.20 g/t platinum. Indicated resources are 783,000 tonnes of 1.00% nickel, 0.53% copper, 0.06% cobalt, 0.91 g/t palladium and 0.29 g/t platinum. Inferred resources stand at 1,053,000 tonnes of 0.81% nickel, 0.32% copper, 0.06% cobalt, 1.06 g/t palladium and 0.50 g/t platinum.
Power Nickel expects to take the results from the historic drilling programs, its initial program in late 2021, the current drill program and a new metallurgical study and prepare a new NI 43-101 report, which the company expects to deliver in Q3 2023.
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.
An agreement has been completed to acquire 100% of its Golden Ivan project in the heart of the Golden Triangle, British Columbia. This property hosts two known mineral showings (gold ore and magee) and a portion of the past-producing Silverado mine, which was reportedly exploited between 1921 and 1939.
Power Nickel is 100% owner of five properties comprising over 50,000 acres located in the prolific iron oxide/copper/gold belt, northern Chile. It also owns a 3% net smelter return royalty interest on any future production from the Copaquire copper-molybdenum deposit, which was sold to a subsidiary of Teck Resources Inc. Under the terms of the sale agreement, Teck can acquire one-third of the 3% net smelter return royalty for $3-million. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s first region.
