Power Nickel completes acquisition of 80% of Nisk

Apr 24, 2024

2024-04-24 09:52 ET – News Release

Mr. Terry Lynch reports

POWER NICKEL EXTENDS MOMENTUM – CLOSES ACQUISITION ON 80% OF NISK

Power Nickel Inc. has completed the acquisition of an additional 30 per cent of the Nisk project from Critical Elements Lithium. The last remaining condition was the acceptance of the filing of a National Instrument 43-101 technical report, which was accomplished in the first quarter (Q1). This brings Power Nickel’s percentage to 80 per cent. Power Nickel will continue to finance 100 per cent of expenditures at Nisk until such time as a bankable feasibility study is presented.

“We are pleased to conclude our earn-in with Critical Elements on the Nisk project. As we have seen with the posting of the impressive new NI 43-101 technical report on the 2023 mineral resource estimate on the Nisk Main nickel sulphide zone, and the equally impressive high-grade copper, silver, platinum, palladium, gold and nickel discoveries at the Lion zone. We have a real sentiment of having found a large prolific area hosting different styles of multielements mineralization, each being a smaller part of a much larger system. We look forward to ramping up our efforts throughout 2024 and 2025 as we seek to bring these targets to a production decision,” commented Terry Lynch, Power Nickel’s chief executive officer.

Power Nickel has observed a pattern where certain media sites like Stockwatch change the company’s original headlines to the most obscure headline. In recognition of this, Power Nickel is reposting its April 22 news release below for those who may have missed it due to this misguided behaviour.

Power Nickel has released high-grade multielement assay results for holes PN-24-047 and PN-24-051.

Highlights:

PN-24-047 returned 14.42 metres of 0.59 gram per tonne (g/t) gold (Au), 69.14 g/t silver (Ag), 8.17 per cent copper (Cu), 6.25 g/t palladium (Pd), 8.44 g/t platinum (Pt) and 0.58 per cent nickel (Ni), including:
- 4.66 m of 0.85 g/t Au, 91 g/t Ag, 11.66 per cent Cu, 8.42 g/t Pd, 6.69 g/t Pt and 0.46 per cent Ni;
- 3.01 m of 0.95 g/t Au, 167.46 g/t Ag, 17.33 per cent Cu, 13.04 g/t Pd, 29.24 g/t Pt and 1.77 per cent Ni.
PN-24-051 returned 11.40 m of 0.24 g/t Au, 13.95 g/t Ag, 2.51 per cent Cu, 3.20 g/t Pd, 19.59 g/t Pt and 0.18 per cent Ni, including:
- 2.60 m of 0.40 g/t Au, 41.18 g/t Ag, 8.09 per cent Cu, 8.37 g/t Pd, 84.75 g/t Pt and 0.54 per cent Ni;
- 4.90 m of 0.23 g/t Au, 7.53 g/t Ag, 1.32 per cent Cu, 2.47 g/t Pd, 0.53 g/t Pt and 0.12 per cent Ni.

“What we had previously noted visually has now been more than proven by assays returned from an independent accredited lab. In fact, many of these results were checked twice, as they were well over normal detection limits. A good example of the assays being better that what we visually expected is hole 51 in Figure 1 — it doesn’t look that thick but, as the assays showed, it was a spectacular hole,” commented Mr. Lynch, Power Nickel’s chief executive officer.

The company’s winter 2024 drill program ended with 15 successful holes at the Lion discovery. Additional assays to be released when received shortly could evidence continuing progress on the significant discovery that has been made. Power Nickel will continue to drill at the Lion discovery in the coming summer season, following up PN-24-051 (this release) and PN-24-062, the deepest mineralized intersections to date.

“With 15 holes through the mineralized zone, we have been able to define the initial footprint of what appears to be a structurally controlled high-grade multielement pod. Our 50 m grid approach has proven to be successful in helping us to define the geometry of the zone and its plunge. We will continue our analysis of the assay results as they become available to refine our interpretation,” stated Kenneth Williamson, Power Nickel’s vice-president of exploration.

As previously stated in the company’s press release dated April 12, 2024, multiple new holes successfully intersected the chalcopyrite-rich mineralized zone initially discovered in hole PN-23-031A.

The associated table presents the significant results and the current assay status for the remaining holes of the program.

From the available data and observations, the mineralized zone can be followed 225m laterally and 300m deep. The thickness of massive chalcopyrite varies, ranging from up to 5-6 m true width in the core of the zone to less than 1 meter laterally. Holes PN-24-047 and PN-24-051 respectively represent both cases. Figure 5 below is a 3D view of the Lion Discovery Zone which illustrates our current interpretation as well as the vast open ground area that could potentially be host of more than one of these mineralized zones.

“Although already sizeable at the end of the current program, drilling is far from being over at the Lion Discovery as the zone remains open laterally and at depth. We believe that the whole surrounding area presents a very strong potential of hosting more of such high-grade multi-elements mineralization. We’re looking at the possibility of having both drill rigs up there this summer; one that would keep pushing the zone deeper, while another one would be exploring the surrounding ground,” commented Kenneth Williamson, Power Nickel’s VP Exploration.

QAQC and Sampling

GeoVector’s Management Inc 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 mum) 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 Released 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, Geo, 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

We seek Safe Harbor.

https://powernickel.com/