TORONTO - Power Nickel Inc. (the 'Company' or 'Power Nickel') (TSX-V:PNPN) (OTCBB:CMETF) (Frankfurt IVVI) has filed on SEDAR the Technical Report entitled 'NI 43 101 Technical Report and Mineral Resource Estimate for the Nisk Project, Eeyou Istchee James Bay territory, Quebec'. The Technical Report was prepared by 3DGeo Solution Inc. (3DGS) of Val-d'Or, Quebec, to support the disclosure of the Nisk Project 2022 Mineral Resource Estimate on July 19, 2022. The Technical Report is available here.
Outlined below is a summary of Power Nickel's Nisk Project Mineral Resource Estimate; with an effective date of May 17, 2022:
The Mineral Resource has been defined in both Open-Pit and Underground mining scenarios
The combined estimated Indicated Resources is 2.6 million tonnes grading 1.20 %NiEq, using a base case cut-off grade of 0.33 %NiEq for open pit constrained resources and a base case cut-off grade of 0.91 %NiEq for underground constrained resources.
The combined estimated Inferred Resources is 1.4 million tonnes grading 1.29 %NiEq, using a base case cut-off grade of 0.33 %NiEq for open pit constrained resources and a base case cut-off grade of 0.91 %NiEq for underground constrained resources.
Power Nickel completed the acquisition of its option to acquire up to 80% of the Nisk Project from Critical Elements Lithium Corp. The Nisk Project comprises a significant land position (20 kilometers of strike length) with numerous high-grade Nickel intercepts. Since completion of the option, Power Nickel retained 3DGeo Solution Inc to create a geological model of the Nisk Project and used this as a guide to the very successful initial Power Nickel 2400-metre drill program completed last December and reported in March of 2022.
Based on this drill program and the historical drill results, 3DGeo Solution Inc. was mandated to produce a NI 43-101 compliant Mineral Resource Estimate and Technical Report. Engineering work related to defining a constraining pit shell and underground mineable shapes was contracted to InnovExplo Inc. The Highlights of the Mineral Resource Estimate and Technical Report are below.
'Power Nickel was extremely pleased with the inaugural Mineral Resource Estimate and Technical Report. When taken in context with our very conservative assumptions and the clear infill drilling opportunities, as outlined below in the two figures showing isometric views of the potentially economic pit-constrained and underground stope-constrained mineral resources, we feel we have shown Nisk has significant commercial potential. The resource update has clearly indicated some additional infill drilling is needed, and these holes, as well as step-out targets, are now in the process of being permitted as part of our upcoming fully funded drill program,' commented Power Nickel CEO Terry Lynch. '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. Historically, Nickel Sulfide deposits don't exist in isolated solo deposits but typically have a string of pearl formation where multiple pearls or pods of resources are assembled in a close geographic area. The next round of drilling, commencing in September, will focus on infill drilling targets outlined by the Mineral Resources Estimate and Technical Report and on this search to extend and discover new Nickel pods. We expect this phase of drilling to continue through the fall with a minimum of 3,000 meters drilled and a maximum of 7,000 meters depending on our ability to continue to intersect the Black Peridotite rock, which is carrying the Nickel grade in the Nisk deposit.'
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)
The NISK property comprises a significant land position (20 kilometers of strike length) with numerous high-grade intercepts. Power Nickel, formerly Chilean Metals, is focused on confirming and expanding its current high-grade nickel-copper PGE mineralization historical resource by preparing a new Mineral Resource Estimate in accordance with NI 43-101, identifying additional high-grade mineralization, and developing a process to potentially produce nickel sulphates responsibly for batteries to be used in the electric vehicles industry.
Power Nickel (then called Chilean Metals) announced on June 8th, 2021, that an agreement has been made to complete the 100% acquisition of its Golden Ivan project in the heart of the Golden Triangle. The Golden Triangle has reported mineral resources (past production and current resources) in a total of 67 million ounces of gold, 569 million ounces of silver, and 27 billion pounds of copper. This property hosts two known mineral showings (gold ore and magee) and a portion of the past-producing Silverado mine, which was reportedly exploited between 1921 and 1939. These mineral showings are described as polymetallic veins containing quantities of silver, lead, zinc, plus/minus gold, and plus/minus copper.
Power Nickel is the 100-per-cent owner of five properties comprising over 50,000 acres strategically located in the prolific iron-oxide-copper-gold belt of northern Chile. It also owns a 3-per-cent NSR royalty interest on any future production from the Copaquire copper-molybdenum deposit, recently sold to a subsidiary of Teck Resources Inc. Under the terms of the sale agreement, Teck has the right to acquire one-third of the 3-per-cent NSR for $ 3 million at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's first region.
Contact:
Mr. Terry Lynch
CEO
T: 647-448-8044
E: terry@powernickel.com
Power Nickel Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON
CHILEAN METALS INC. 
