Power Nickel (TSXV: PNPN; OTC: CMETF) and its partner Critical Elements Lithium (TSXV: CRE; OTC: CRECF) have delivered an initial NI 43-101 compliant mineral resource estimate for their Nisk nickel sulphide project near James Bay, Que. Power Nickel, formerly known as Chilean Metals, currently has an option to acquire 80% of the project from Critical Elements.
Following its initial 2,400-metre drill program completed last December, Power Nickel retained 3DGeo Solution to produce an NI 43-101 resource using the new and historical drilling results. In total, more than 2.5 million tonnes were indicated, with average grades of 0.72% nickel, 0.42% copper, 0.05% cobalt, 0.11 g/t platinum and 0.72 g/t palladium. The inferred portion showed 1.4 million tonnes at 0.75% nickel, 0.53% copper, 0.04% cobalt, 0.18 g/t platinum and 0.79 g/t palladium.
"Power Nickel was extremely pleased with the inaugural mineral resource estimate. When taken in context with our very conservative assumptions and the clear infill drilling opportunities, we feel we have shown Nisk has significant commercial potential," Power Nickel CEO Terry Lynch commented. "The resource update has clearly indicated some additional infill drilling is needed and these holes are now in process of being permitted as part of our upcoming fully funded drill program. We already have permitted several drill targets to the flanks of the current deposit designed to extend the deposit and test new potential pods for additional resources.
The next round of drilling is expected to begin in August.
The Nisk property comprises a large land position encompassing 20 km of strike length, with numerous high-grade intercepts for multiple battery metals including copper, cobalt, palladium, platinum and nickel. Since acquiring its option in 2021, Power Nickel has been focused on confirming and expanding the project's high-grade nickel-copper-PGE (platinum group elements) mineralization historical resource.
The Nisk property is composed of two blocks totalling 90 claims covering an area of nearly 46 km2 south of James Bay, a region that already hosts a number of mining projects. It covers a large part of the regional volcano-sedimentary unit, a favourable unit that hosts Nemaska Lithium's Wabouchi lithium deposit.
The project is supported by favourable infrastructure: the Route du Nord from Chibougamau runs inside the south border of the property. It is also traversed in a northeast direction by a Hydro-Québec power line and a road that heads north to the Eastmain River and beyond to the La Grande River area.
For additional information, visit www.powernickel.com.
April 18, 2024
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