Mike Fagan,
Editor
Dec. 5, 2024
Power Nickel Inc. (TSX-V: PNPN)(OTC: PNPNF) — currently trading around C$0.75 per share — has provided a detailed exploration update on its high-grade Lion Zone discovery at the flagship Nisk nickel-copper sulfide polymetallic project in northern Quebec, Canada.
With a fully-funded, multi-rig, 30,000-meter drill program underway, which includes step-outs at 150-meter increments to the west of the established mineralization, the company has systematically expanded the Lion Zone across a strike length of 550 meters to-date.
Importantly, in an effort to build transparency, the company has published, and will be continually updating, the Nisk drill assay database on its website.
The PNPN team also reports no shortage of additional targets with the main mineralized zone sitting adjacent to an ultramafic rock unit that outcrops at surface for 1.8 km with multi-kilometer extension potential.
Power Nickel CEO Terry Lynch — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the Lion Zone discovery and expansion via press release:
“The Lion Zone has been one of the most compelling base metal discoveries in the past year all around the world, as shown by both the caliber of talent attracted to the project like Dr. Steve Beresford and the new investors we have welcomed as shareholders. Our exploration team has used an array of tools including downhole EM to track this mineralized area over 550 meters and its open to the east and west and at depth. Our 30,000 meter drill program is incorporating all these scientific insights into future drilling efforts. We have two drills rolling on Lion now and a third is being added after Christmas.”
Mr. Lynch continued:
“In the past we have shared core photos of holes before assays were reported because our exploration team believed that visual core logging was allowing them to determine where to place the next set of holes before receiving assays. The assays have backed up that assumption year to date so far. I am thrilled we have successfully stepped out an additional 150 meters to further test the potential of the Lion zone.”
Power Nickel, at the expert direction of Dr. Steve Beresford, director, and Joe Campbell, president of GeoVector Management, is utilizing downhole EM as a key exploration tool in the advancement of Nisk.
The technology essentially allows the PNPN team to map subsurface conductivity variations, aiding in the delineation of potential new mineralized zones and subsequent drill targets, including at depth.
Via the systematic deployment of the tech, the company now reports that mineralization at the Lion Zone remains open to the east and west, and at depth, with the first priority of the program to drill west of the existing strike length followed by the eastern extension and later at depth.
The ongoing 30,000-meter winter program is expected to be completed by the end of April of next year.
The Lion Zone has produced a number of impressive drill intercepts to-date, including:
Hole 70: 32 meters @ 6.97% copper-equivalent (CuEq)
Hole 71: 39.6 meters @ 4.19% CuEq
Hole 72: 19.6 meters @ 3.82% CuEq
Plus, the Nisk Main Zone already boasts an NI 43-101-compliant Mineral Resource Estimate (2023) of a combined in-pit and underground Indicated resource of 5.43 million tonnes (Mt) grading 1.05% nickel equivalent (NiEq), and 1.79 Mt grading 1.35% NiEq of underground Inferred resource.
Quebec’s favorable mining tax laws also mean that for every dollar Power Nickel spends on exploration and development in the province, the company gets back fifty cents in tax benefit equating to around a 50% discount on exploration.
With access to abundant low-carbon hydropower, shallow polymetallic mineral depth, and established infrastructure nearby, the exploration-stage Nisk project is positioned to become, potentially, if produced, one of the lowest-cost and most environmentally friendly sources of high-grade nickel in the world.
With a fully-funded, multi-rig drill program underway, and with the highly-favorable metals mix being explored, Power Nickel is absolutely one-to-watch in the junior resource space with drills continuing to spin and with assays published and forthcoming.
As promised, our own Gerardo Del Real of Junior Resource Monthly caught up with Power Nickel CEO Terry Lynch for a detailed update on the ongoing winter drill program and state-of-the-art exploration technologies being put to task at Nisk. Please enjoy!
For additional information on Toronto-based Power Nickel, be sure to contact the company’s IR department directly at 416-580-3862 or via email at duncan@powernickel.com.
Sign up to receive updates directly from Power Nickel here. View the Corporate Presentation here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
Click here to see more from Power Nickel
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