May 10, 2023
Power Nickel Inc. (TSXV:PNPN, Not Rated, Timothy Lee) reported positive results from a wildcat exploration drill hole (PN23-031A) at its 80%-owned Nisk project in the James Bay region of Quebec. The hole was designed to test a strong magnetic anomaly in a previously undrilled area ~5km northeast of the main Nisk Ni-Cu-Co-PGM deposit (see map), where fall 2022 and winter 2023 drilling recently returned encouraging results (read more). The hole encountered multiple chalcopyrite stringers and veinlets over the first 60m (see section). Assay highlights include: 1.47% Cu, 13.1 g/t Ag, 0.28 g/t Au, 5.71 g/t Pd, and 20.76 g/t Pt over 7.75m, including 3.9% Cu, 25 g/t Ag, 0.52 g/t Au, 19.97 g/t Pd, and 90.6 g/t Pt over 1.75m (true width estimated at 70% of drilled thickness). Notably, the mineralization was encountered within the amphibolite and tonalite rocks that overlie the ultramafic unit that is the host of the main Nisk deposit. Power Nickel plans to complete additional geophysics (Ambient Noise Tomography) over this area before conducting follow-up drilling. The company also plans to conduct re-analysis of the results from hole PN-23-031A to assay for other PGEs such as Os, Ir, Rh and Ru. In our view, this is an interesting new discovery, with notably high-grade Pt-Pd assay results. It is worthy of follow-up work to determine if this mineralization is continuous laterally. As well, the discovery of mineralization in the overlying rock units opens the door to additional exploration on the property beyond the main ultramafic unit. Power Nickel recently raised ~C$4.8M (read more) and is well positioned to explore this sector when the next round of drilling commences in Q3/23. Read more
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Power Nickel Inc. – TSXV:PNPN
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