Base Metals
May 30, 2023

Power Nickel Continues to Expand The Central High-Grade Zone at Nisk, Hitting 1.01% Nickel over 14.4m

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  • 1.01% Ni, 0.27% Cu, 0.07% Co, 0.88 g/t Palladium, 0.13 g/t Platinum, 0.03 g/t Gold over 14.4m in Hole PN-23-028, including:
  • 1.69% Ni, 0.37% Cu, 0.12% Co, 1.59 g/t Palladium, 0.22 g/t Platinum, 0.04 g/t Gold over 7.8m

Power Nickel  (TSX-V: PNPN, OTCBB: PNPNF, Frankfurt: IVVI) is pleased to announce the latest results from drill holes PN-23-025, 027 and 028. These three (3) holes (Figure 1 and Table 1) successfully expanded the high-grade intersection in drill hole PN-22-009 (1.17% Ni, 0.80% Cu, 0.08% Co, 1.46ppm Pd, 0.23ppm Pt over 25.86m) by 75 metres depth and 150 metres of strike (Figure 2; NR January 12th, 2023).

Commented Power Nickel CEO, Terry Lynch,

"Once again, Nisk is delivering very promising results. Hole 28 is a high-grade nickel hole with robust cobalt and PGM values. The Nisk Main zone has been very cooperative, with each set of assays having large high-grade intercepts as we look to build a commercial resource. All of these assay results will be captured in our new NI 43-101, which we expect to be delivered in Q3. Our Fall and winter campaigns were very productive, and we have one more set of assays to go, and we are excited to see those sometime in Mid-June."

Figure 1. Long section showing the location of holes PN-23-025, PN-23-027, and PN-23-028.

Figure 2. Long section showing hole PN-22-009 intersection

The wide (7.8 m) high-grade mineralization intersected by hole PN-23-028 (Figure 3) occurs mainly as massive sulphide beds composed of pyrrhotite, pentlandite, and minor chalcopyrite.

The mineralized intersections in holes PN-23-025 and PN-23-027 (Figures 3 and 4) occur as narrow, 1.60m and 1.63m, massive sulphide and semi-massive beds composed of pyrrhotite, pentlandite, and minor chalcopyrite.

The wider, higher-grade intersections in holes PN-22-009 and PN-23-028 are interpreted to be located in the hinge zone, or nose, of a fold, while the narrower, high-grade intersections in holes PN-23-025 and PN-23-027 are interpreted to be located in a deformation zone along the limb(s) of the fold.

Follow-up ground geophysics consisting of EM and a FLEET ANT survey will be conducted this summer to understand the geometry of the known mineralization better to target specific areas where folding might have thickened the mineralization width.

Figure 3. The cross-section for holes PN-23-027 and PN-23-028

Figure 4. The cross-section for hole PN-23-025

About the Nisk Project

The Nisk Project is located in the southern portion of the Eeyo Istchee James Bay territory, Québec, the site of a number of mining projects improving infrastructure (Figure 5).

Figure 5 - Location of the Nisk Project with respect to the current infrastructure available in the area.

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 kilometres of strike length) with numerous high-grade Nickel intercepts (Figure 6) from recently completed drill programs.

Figure 6 - Long section highlighting mineralized intercepts of the Main Nisk Deposit.

In addition to a successful campaign to extend and expand the resource 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 10th, where Power Nickel stepped out 5 km from the main Nisk resource (Figure 7), intercepting 1 Oz/Tonne Combined Platinum and Palladium over 7.75 Metres in Wildcat hole PN-23-031A.

Figure 7 - Location of the Wildcat Target relative to the main Nisk deposit.

The existing resource estimates at the Nisk project are of historical nature, and the Company's geology team has not completed sufficient work to confirm a NI 43-101 compliant mineral resource. Therefore, caution is appropriate since these historic estimates cannot and should not be relied on. For merely informational purposes, see Table 2.

Table 2: Historical Resource Estimate figures for respective confidence categories at the NISK-1 deposit, After RSW Inc 2009: Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec.

The information regarding the NISK-1 deposit was derived from the technical report titled "Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec," dated December 2009. The key assumptions, parameters, and methods used to prepare the mineral resource estimates described above are set out in the technical report.

Power Nickel expects to take the results from the historical drilling programs, its initial program in late 2021, the current drill program, and a new metallurgical study and prepare a new 43-101, which we would expect to deliver in Q3 2023.

Power Nickel posts its drilling information and azimuths on to enable independent modeling of the ore body.

DISCLAIMER: Power Nickel is a paid marketing client, we own shares in the company*

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