Power Nickel Inc. announced that the first hole of a drill program following up on the Wildcat high grade PGM intersection, appears to have encountered a mineralized zone similar to the previously announced May 10th 2023. The initial Hole PN-23-031A intersected multiple chalcopyrite stringers and veinlets, almost continuously in the first sixty (60) metres of the drill hole. The thickness and density of these stringers increased at 60.50 to 68.25 m down the hole.

The main mineralization is characterized by a high density of chalcopyrite veinlets and local massive chalcopyrite. The current hole encountered the zone at a depth of 168.5 m. Wildcat area represents an entirely new target to explore and is wide open laterally along strike and at depth. This new discovery is very significant with high-grade platinum and palladium associated with the copper.

It is probable that the high-grade platinum and pallium originated in the underlying ultramafic unit and remobilized to the tonalite unit where the mineralization occurs. As the mineralization is remobilized, there is potential for discovery in a broader target area in vicinity of the ultramafic source rocks. Follow-up drilling will consider all other lithological units in addition to identifying the source mineralization in the ultramafic unit.

"We are very encouraged to extend this, what appears to be, a very high grade PGM rich zone another 100 metres downdip from initial discovery. Will need assay results to confirm, but it certainly looks very good. Subsequent holes will test the horizontal width of this zone while also testing east and west extensions.

The PGM discovery adds an exciting and valuable dimension to the Nisk Project.