PN-21-001 - 12.4 Metres 0.82% Ni, 0.36% Cu, 0.09% Co, 0.69gPd, 0.14g Pt

PN-21-004 - 3.6 Metres 1.05% Ni, 0.35% Cu, 0.07% Co, 1.08gPd, 0.28g Pt

TORONTO, ON / ACCESSWIRE / March 30, 2022 / Power Nickel Inc. (the "Company" or "Power Nickel") (TSX-V: PNPN, OTCBB: CMETF, Frankfurt IVVI) and Critical Elements Lithium Corporation ("Critical Elements") (TSX-V:CRE)(USOTCQX:CRECF)(FSE:F12) are pleased to announce results from the third and final set of drill holes from its recent drill program at its "NISK" Nickel Sulphate project near James Bay. These drill results confirm the presence of high-grade Nickel Mineralization in the eastern and central deep portions of the Nisk Main mineralized lens. In addition to the historic and previously released assays, these new results (PN-21-001 and PN-21-004) continue to demonstrate a good grade and thickness continuity. (Current holes are in Bold in Table below)

*UTM NAD83, Zone 18N

**True widths are estimated to be 70 to 90% of core length

The illustration below details the current location of drill holes covered in this release, as well as the previous releases dated March 1 and March 14, 2022.

"These results are another positive indication that Nisk is a very exciting Nickel Sulphate discovery. Our objectives in this initial drill program conducted by Power Nickel were to produce enough drilling to allow us to establish a new NI 43-101 compliant resource to confirm and replace the historical resource, and to extend the known Nickel mineralization. We believe we have established the latter and expect to be able to deliver a NI 43-101 compliant Mineral Resource Estimate in Q2. Further, these results have made us confident enough to commence execution of an additional fully funded 5,000-meter drill program which we would expect to start later in Q2 after breakup.", commented Power Nickel's CEO Terry Lynch.

The existing resource estimates at the Nisk project are of historic nature and the Company's geology team has not completed sufficient work to confirm a NI 43-101 compliant mineral resource. Therefore, caution is appropriate since these historic estimates cannot, and should not be relied on. For merely informational purposes see Table 1.

Table -1: Historical Resource Estimate figures for respective confidence categories at the NISK-1 deposit, After RSW Inc 2009: Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec.

The information regarding the NISK-1 deposit was derived from the technical report titled "Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec" dated December 2009. The key assumptions, parameters and methods used to prepare the mineral resource estimates described above are set out in the technical report.

The 3D geological model developed by 3DGeo Solution Inc. ("3DGS") identified a prospective set of targets that the Company feels will give the best potential to expand the Nisk historical deposit. The image below is a view of the mineralization projected from the surface of the area we refer to as Nisk Main.

"Nisk has four distinct target areas covering over 7 Kilometres of strike length. Our focus this round was on the Nisk Main target. Historically, we know globally these types of deposits typically have multiple pods. We are encouraged by what we see on Nisk Main and feel we can continue to build commercial tonnage there but we are also looking forward to exploring Nisk West and the two wildcat targets in subsequent drilling in Q2", commented Power Nickel's CEO Terry Lynch.

ABOUT NISK

Nisk is located south of James Bay as illustrated in the area map below. This region is the site of a number of mining projects and improving infrastructure.

Nisk has historically had some very high-grade Nickel intercepts as shown below. The Grade-Thickness iso-contours are representative of the nickel distribution only.

Analysis and QAQC Procedures

All samples were submitted to and analyzed at ALS Global ("ALS"), an independent commercial laboratory located in Val-d'Or, Québec for both the sample preparation and assaying. ALS is a commercial laboratory independent of Power Nickel with no interest in the Project. ALS is an ISO 9001 and 17025 certified and accredited laboratory. Samples submitted through ALS are run through standard preparation methods and analyzed using ME-ICP61a (33 element Suite; 0.4g sample; Intermediate Level Four Acid Digestion) and PGM-ICP27 (Pt, Pd, and Au; 30g fire assay and ICP-AES Finish) methods. ALS also undertake its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

Power Nickel's QA/QC program includes the regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. Historic holes were assayed by various accredited laboratories.

About Power Nickel Inc.

Power Nickel is a Canadian junior exploration company focusing on high-potential copper, gold, and battery metal prospects in Canada and Chile.

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. (CRE:TSXV)

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Power Nickel Inc. published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 12:40:07 UTC.