Malibu, CA, Sep 23, 2024 AEST (ABN Newswire) - In this segment of Money Talk Radio's The Ellis Martin Report, we speak Terry Lynch, CEO of Power Nickel Inc. (
CVE:PNPN) (PNPNF:OTCMKTS) (IVV:FRA). The company just released news announcing that 10 out the 12 holes drilled so far from the Company's summer drilling program at the Lion Zone discovery have intercepted sulphides mineralization.
The High-Grade portion of the Lion Zone one continues to the west, with a shallower plunge than what was previously anticipated, as shown by holes PN-24-69 to PN-24-074.
The Lion Zone is present at depth, as shown by holes PN-24-063 toPN-24-068, expanding its footprint deeper by another 150m vertical.
Ground-based geophysics is underway at Lion Zone and new targets from the consolidated gravity and EM surveys interpretation are anticipated to be available when drilling resumes mid-October, after the traditional month long "Moose Break".
"Our 2024 summer drilling program had two objectives: (1) Grow the Lion Zone and (2) Establish a process designed by Dr. Steve Beresford to maximize our ability to explore the project on a systematic basis, using approaches he used successfully with First Quantum, MMG, and IGO. I am very pleased to report success in accomplishing these objectives. The first results you will note in our Lion Zone growth and in the pictures below. The second will come in our planned fully funded 30,000 meter winter drill program. The Lion Zone, and indeed Nisk overall, is blossoming into what we believe will be a world-class polymetallic discovery. We look forward to building on this summers hard work and success into what we feel will be a company defining winter program," stated CEO Terry Lynch.
The Company's 2024 summer drill program is currently focussed on drilling systematically the Lion Zone using a 50 to 75 m square grid approach, which allows a better understanding of the internal distribution of the high-grade polymetallic mineralization within the zone. Three areas have been successfully tested so far: A- the area directly below the zone (holes PN-24-063 to -068), expanding the zone by 150 m vertically, B- the west boundary (PN-24-069 to -071), where the zone appears to be thicker and more massive in nature, and C- below the known west boundary, following the interpreted plunge of the zone. With the new holes considered, the Lion Zone now shows a footprint reaching 350 m laterally and 450 m vertically, representing a significant increase in size.
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About Power Nickel Inc.
Power Nickel Inc. (CVE:PNPN) (OTCMKTS:PNPNF) (FRA:IVV) is a Canadian junior exploration company focusing on developing the High-Grade Nisk project into Canada's first Carbon Neutral Nickel mine.
On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CVE:CRE). Subsequently, Power Nickel has exercised its option to acquire 50% of the Nisk Project and delivered notice to Critical Elements that it intends to exercise its second option to bring its ownership to 80%. The last remaining commitment to exercise the option was the delivery of a NI-43-101 Technical report which has now occurred.
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. Power Nickel is expected to reorganize these assets in a related vehicle through a plan of arrangement.
Power Nickel announced on June 8, 2021, that an agreement had been made to complete the 100% acquisition of its Golden Ivan project in the heart of the Golden Triangle. The Golden Triangle has reported mineral resources (past production and current resources) in 130 million ounces of gold, 800 million ounces of silver, and 40 billion pounds of copper (Resource World). This property hosts two known mineral showings (gold ore and Magee) and a portion of the past-producing Silverado mine, reportedly exploited between 1921 and 1939. These mineral showings are Polymetallic veins containing quantities of silver, lead, zinc, plus/minus gold, and plus/minus copper.
Power Nickel is also 100 percent owner of five properties comprising over 50,000 acres strategically located in the prolific iron-oxide-copper-gold belt of northern Chile. It also owns a 3-per-cent NSR royalty interest on any future production from the Copaquire copper-molybdenum deposit sold to a subsidiary of Teck Resources Inc. Under the terms of the sale agreement, Teck has the right to acquire one-third of the 3-per-cent NSR for $3 million at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's first region.
About The Ellis Martin Report
The Ellis Martin Report (TEMR) is an internet based radio program showcasing potentially undervalued companies to an audience of potential retail investors and fund managers that comprise our listening audience. TEMR is broadcasted on the VoiceAmerica Business Channel and The Opportunity Radio Network. CEO and company interviews are paid for by those represented on the program.
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