Impact: Positive
Power Nickel reported visual results from two holes at the Lion Zone at its 80%-owned Nisk project in Quebec. Both holes encountered sulphide mineralization – extending the zone at depth and to the west. Hole PN-24-095A cut a 13m wide intersection of the mineralized unit, down-dip and 75m to the west of previous drilling. Hole PN-24-093 cut 7m of mineralization, 125m deeper than previous drilling. The zone now stretches to a depth of 600m. Assays are pending. In our opinion, this is positive news, as this extends the Lion Zone further at depth. While these are only visual observations, the sulphide mineralization in the Lion Zone is visually clear in core, and copper grades have correlated well with visual observations in previously reported holes (read notable). As well, some previously reported intersections were thicker (>30m), but some pinching and swelling is typical for this deposit type. Importantly, the company has increasing confidence in the orientation of the Lion Zone, allowing more aggressive step-out holes (read site visit report).
