Hole 70 delivers 32 metres with 6.97%
CuEq
32.00 m of 0.45 g/t Au, 20.93 g/t Ag, 3.62 % Cu, 8.10
g/t Pd, 2.47 g/t Pt and 0.18% Ni
TORONTO, Oct. 3, 2024
/CNW/ - Power Nickel Inc. (the "Company" or "Power
Nickel") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is
pleased to announce the second set of assay results obtained for
three more holes of the summer 2024 drilling campaign at its
polymetallic Lion Zone discovery.
"With one of our best holes to date, it is becoming more evident
that the Lion discovery is substantially bigger than we originally
envisioned. Taking education from the holes drilled and announced
earlier this week, we went further west and much shallower and
struck the zone at 118 m. This is
very encouraging for lots of reasons: size of zone, grade, depth of
intersection, and the move westward," commented Terry Lynch, CEO.
Highlights:
PN-24-069 returned:
17.00 m of 0.28 g/t Au, 9.52 g/t
Ag, 0.93 % Cu, 7.19 g/t Pd, 1.66 g/t Pt and 0.05%
Ni
Including:
6.00 m of 0.42 g/t Au, 19.33 g/t Ag, 0.96 %
Cu, 11.68 g/t Pd, 3.69 g/t Pt and 0.04% Ni
And including:
5.00 m of 0.35 g/t Au, 7.80 g/t Ag, 1.78 %
Cu, 9.69 g/t Pd, 0.74 g/t Pt and 0.09% Ni
PN-24-070 returned:
32.00 m of 0.45 g/t Au, 20.93 g/t
Ag, 3.62 % Cu, 8.10 g/t Pd, 2.47 g/t Pt and 0.18% Ni
Including:
10.00 m of 0.50 g/t Au, 12.94 g/t Ag, 1.76 %
Cu, 10.82 g/t Pd, 5.98 g/t Pt and 0.08% Ni
And including:
11.4 m of 0.60 g/t Au, 44.51 g/t Ag, 8.39 %
Cu, 11.52 g/t Pd, 1.24 g/t Pt and 0.42% Ni
Table 1 below presents the significant results of
previously released holes, and the current assays. The complete set
of results obtained demonstrates a tremendous success rate, which
contributes to a continuously increasing level of confidence about
the continuity of the zone.
Assays from the remaining holes are now in at the laboratory and
the Company expects to report on those in October.
"This second batch of results confirms that deformation is more
intense at depth below the Lion Zone. The interesting thing is that
deformation intensity does not seem to have any impact on the
grades obtained for the different metals. As illustrated on
Figure 1, grades obtained over a shy 1.70m in hole PN-24-068 are similar, if not
better, than those previously reported in hole 67, but over
12.15m. Thus, we have the grades,
even within the relatively thin intersections, and it is fair to
presume that the mineralization is being transposed into a fault
zone to a nearby offset location, likely deeper to the east. In
parallel, drilling on the west side of the zone indicates that we
are still in the thicker portion of the zone; this core seems to be
moderately plunging to the west. Our takeaway is that the Lion Zone
is likely much bigger than originally envisioned. As discussed, in
addition to expanding the Lion Zone with our targeted drilling, we
are in the process of compiling the information from several data
sources. We have gathered downhole EM, Gravity and Geo Chemical
data which, combined with the Ambient Noise Tomography passive
seismic data, should provide for a very robust drill targeting
strategy session which will determine our 30,000 metre fully funded
fall and winter drill program that starts Oct 15th," commented Ken
Williamson, VP of Exploration.
Figure 2 and Figure 3 below are
cross-sections through the Lion Zone, along the holes reported in
this current release, presenting the new assay results in their
geological context. Core photos provide a visual support, allowing
appreciation of the good correlation between sulphides presence and
reported polymetallic grades.
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 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, 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 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
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, the timing for the
Company to close the private placement or the second Nisk
option or risk that such transactions do not close at all; raise
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.