Quebec, Oct 29, 2024 AEST (ABN Newswire) - Power Nickel Inc. (
CVE:PNPN) (PNPNF:OTCMKTS) (IVV:FRA) is pleased to announce the third set of assay results obtained for two more holes of the summer 2024 drilling campaign at its polymetallic Lion Zone discovery.
"Today we announced the biggest intersection we have to date with 39.6 metres of 4.19% CuEq. This is incredibly rich in metal contained. We are expecting to deliver more of these types of holes as we finish off the last of our summer drill program. The Lion Zone is showing impressive grades and overall thickness and doing this consistently."
"We are building significant tonnage for our resource model. Shortly we will start delivering the results of the fall program where we are more than one week into our 30,000 metre fully funded fall and winter program. Its an exciting time to be a Power Nickel shareholder as together we are discovering just how big the Lion Zone can be and how important a discovery Nisk could become." commented Terry Lynch, CEO of Power Nickel.
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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.
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