Power Nickel Acquires 80% of Nisk Project, Reports High-Grade Assay Results

Power Nickel Inc., a Canadian junior exploration company, has acquired an additional 30% stake in its Nisk Project from Critical Elements Lithium, bringing its total ownership to 80%. The Nisk Project, located in the James Bay area of Quebec, Canada, is known for its high-grade nickel-copper platinum group elements (PGE) mineralization.

The company has also reported impressive assay results from recent drilling at the Lion Discovery Zone within the Nisk Project. Hole PN 24-047 returned 14.42 meters of 8.17% copper, 69.14 g/t silver, 8.44 g/t platinum, 6.25 g/t palladium, 0.57 g/t gold, and 0.58% nickel. Additionally, hole PN 24-051 yielded 11.40 meters of 2.51% copper, 13.95 g/t silver, 19.59 g/t platinum, 3.20 g/t palladium, 0.24 g/t gold, and 0.18% nickel.

Power Nickel's CEO, Terry Lynch, expressed enthusiasm about the findings, stating, "We are very enthusiastic about the impressive discoveries we have made and the potential for the Nisk Project. We plan to ramp up our efforts in 2024 and 2025 to bring these targets to a production decision."

The company's winter 2024 drill program at the Lion Discovery Zone succeeded in defining the initial footprint of a structurally controlled high-grade multi-element pod. Power Nickel plans to continue drilling at the zone during the upcoming summer season to further delineate the mineralization.

Why this matters: The acquisition and high-grade assay results emphasize the Nisk Project's potential to become a significant source of valuable metals, including nickel, copper, platinum, palladium, gold, and silver. Power Nickel's increased ownership and ongoing exploration efforts could position the company as a key player in the mining industry as demand for these metals continues to grow.

Power Nickel will continue to fund 100% of the Nisk Project's expenditures until a Bankable Feasibility Study is presented. The drilling program is being managed by GeoVector's Management Inc., with samples analyzed by Activation Laboratories Ltd., an independent, ISO-certified laboratory. As Power Nickel advances the Nisk Project, the company aims to develop it as Canada's first carbon-neutral nickel mine, utilizing carbon capture and hydroelectric power.

Key Takeaways

• Power Nickel acquires 80% stake in Nisk Project, a high-grade nickel-copper-PGE deposit
• Drilling results show exceptional grades of copper, silver, platinum, palladium, gold, and nickel
• Company plans to ramp up efforts in 2024-2025 to bring Nisk Project to production decision
• Nisk Project has potential to become a significant source of valuable metals
• Power Nickel aims to develop Nisk as Canada's first carbon-neutral nickel mine