Power Nickel drills 14.42 m of 12.14% CuEq at Nisk
2024-06-04 09:39 ET – SMF Withdrawn
Mr. Terry Lynch reports
POWER NICKEL LION ZONE DELIVERS HOLE ASSAYS FROM 2.60-17.90% CUEQ WITH HOLE 59 DELIVERING 1.91 G/T GOLD, 73.48 G/T SILVER, 9.88% COPPER, 6.23 G/T PALLADIUM, 4.56 G/T PLATINUM, AND 0.49% NICKEL OVER 5.59M
Power Nickel Inc. has released high-grade multielement assay results for holes PN-24-056 to PN-24-059 (see the associated table). The company continues to expand its near-surface, high-grade copper, platinum, palladium, gold and silver zone five kilometres northeast of its Main Nisk deposit.
Highlights (one ounce (oz) equals 31.1 grams per tonne (g/t) and one metre equals 3.28 feet):
- PN-24-059 returned:
- 17.25 m of 0.66 g/t gold (Au), 27.20 g/t silver (Ag), 3.33 per cent copper (Cu), 2.04 g/t palladium (Pd), 1.49 g/t platinum (Pt) and 0.18 per cent nickel (Ni), including:
- 5.59 m of 1.91 g/t Au, 73.48 g/t Ag, 9.88 per cent Cu, 6.23 g/t Pd, 4.56 g/t Pt and 0.49 per cent Ni, with:
- 3.01 m of 0.86 g/t Au, 110.5 g/t Ag, 13.92 per cent Cu, 8.55 g/t Pd, 7.69 g/t Pt and 0.48 per cent Ni.
- 5.59 m of 1.91 g/t Au, 73.48 g/t Ag, 9.88 per cent Cu, 6.23 g/t Pd, 4.56 g/t Pt and 0.49 per cent Ni, with:
- 17.25 m of 0.66 g/t gold (Au), 27.20 g/t silver (Ag), 3.33 per cent copper (Cu), 2.04 g/t palladium (Pd), 1.49 g/t platinum (Pt) and 0.18 per cent nickel (Ni), including:
- PN-24-058 returned:
- 8.27 m of 0.19 g/t Au, 7.12 g/t Ag, 0.64 per cent Cu, 3.43 g/t Pd, 0.84 g/t Pt and 0.25 per cent Ni, including:
- 5.20 m of 0.15 g/t Au, 10.18 g/t Ag, 0.90 per cent Cu, 4.84 g/t Pd, 1.17 g/t Pt and 0.38 per cent Ni, with:
- 2.20 m of 0.16 g/t Au, 22.43 g/t Ag, 1.87 per cent Cu, 7.53 g/t Pd, 1.15 g/t Pt and 0.83 per cent Ni.
- 5.20 m of 0.15 g/t Au, 10.18 g/t Ag, 0.90 per cent Cu, 4.84 g/t Pd, 1.17 g/t Pt and 0.38 per cent Ni, with:
- 8.27 m of 0.19 g/t Au, 7.12 g/t Ag, 0.64 per cent Cu, 3.43 g/t Pd, 0.84 g/t Pt and 0.25 per cent Ni, including:
- PN-24-057 returned:
- 5.20 m of 0.37 g/t Au, 36.23 g/t Ag, 2.57 per cent Cu, 5.72 g/t Pd, 2.45 g/t Pt and 0.19 per cent Ni, including:
- 2.17 m of 0.57 g/t Au, 78.62 g/t Ag, 5.53 per cent Cu, 12.42 g/t Pd, 5.62 g/t Pt and 0.24 per cent Ni.
- 5.20 m of 0.37 g/t Au, 36.23 g/t Ag, 2.57 per cent Cu, 5.72 g/t Pd, 2.45 g/t Pt and 0.19 per cent Ni, including:
- PN-24-056 returned:
- 4.60 m of 0.72 g/t Au, 5.38 g/t Ag, 0.88 per cent Cu, 2.67 g/t Pd, 1.42 g/t Pt and 0.12 per cent Ni, including:
- 2.45 m of 1.33 g/t Au, 9.66 g/t Ag, 1.58 per cent Cu, 4.25 g/t Pd, 0.66 g/t Pt and 0.15 per cent Ni.
- 4.60 m of 0.72 g/t Au, 5.38 g/t Ag, 0.88 per cent Cu, 2.67 g/t Pd, 1.42 g/t Pt and 0.12 per cent Ni, including:
“Another exciting set of holes from the Lion Zone. The zone continues to be very productive as we explore deeper. We are seeing the high grade width of about 100 metres and very mineable halos that extend 50-75 metres on either side continue at depth,” commented Terry Lynch, Power Nickel CEO.
“The pictures plate below (see Figure 1) is finally complete. Hole PN-24-056, located to the east, and holes PN-24-057 and -058, to the west, pierced through the attenuated lateral boundaries surrounding the core of the zone. Hole -059 is more representative of the said thicker core. All information is good information at this point, and we are constantly learning more and more about this new polymetallic zone,” stated VP Exploration Ken Williamson.
The Company’s winter 2024 drill program ended with 15 successful holes at the Lion Discovery. Additional assays released keep supporting the ongoing progress on the discovery that has been made (see Figure 2 below). Power Nickel will continue to drill at the Lion Discovery in the upcoming summer season, following up PN-24-051 and PN-24-062, the deepest mineralized intersections to date.
Table 1 below presents the significant results of previously released holes, and the current Assay Status for the remaining holes of the program.
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From the available data and observations, the mineralized zone can be followed 225m laterally and 300m deep. The thickness of the massive chalcopyrite zone varies, ranging from up to 5-6 m true width in the core of the zone to less than 1 meter laterally. The core of the zone appears to be sheared and highly altered locally; considering the overall geological context in which the zone is hosted, and the knowledge acquired at Nisk Main, some degree of deformation is to be expected. In such scenario, holes PN-24-056, -057 and -058 are interpreted to have intersected the attenuated lateral boundaries the zone, while PN-24-059 intersection is through the core of the zone. 3D modeling and interpretation of secondary lithologies (dykes, sub-units) and structures from core logging and geochemistry data is ongoing as more results become available.
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 per cent passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95 per cent 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 per cent, Rb up to 2 per cent 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.
We seek Safe Harbor.
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