Power Nickel Caps Off Impressive Lion Zone Winter Drilling Program with CuEq Results of Holes 50 and 60 Ranging from 1.23% to 7.36%
Drilling Expands Lion Zone Mineralization by Over 90%
Highlights:
PN-24-060 returned:
10.39 m of 0.19 g/t Au, 14.17 g/t Ag, 2.12 % Cu, 2.08 g/t Pd, 0.4 g/t Pt and 0.14% Ni
Including:
4.05 m of 0.31 g/t Au, 18.64 g/t Ag, 2.75 % Cu, 2.81 g/t Pd, 0.75 g/t Pt and 0.14% Ni
With:
1.7 m of 0.58 g/t Au, 38.61 g/t Ag, 5.95 % Cu, 4.54 g/t Pd, 0.95 g/t Pt and 0.19% Ni
PN-24-050 returned:
5.45 m of 0.13 g/t Au, 4.2 g/t Ag, 0.61 % Cu, 1.32 g/t Pd, 0.52 g/t Pt and 0.11% Ni
Including:
2.6 m of 0.17 g/t Au, 7.3 g/t Ag, 0.81 % Cu, 2.38 g/t Pd, 0.72 g/t Pt and 0.05% Ni
And:
1.25 m of 0.18 g/t Au, 2.72 g/t Ag, 0.95 % Cu, 0.76 g/t Pd, 0.76 g/t Pt and 0.29% Ni
"Our 2024 winter drilling program was very productive and holes 50 and 60 add a significant amount of positive mineralization. They also grew our knowledge base, as we begin to better understand the orientation of the
The Company's 2024 winter drill program ended with 15 successful holes at the Lion Discovery; this press release presents the assay results obtained for the remaining holes of the campaign.
Table 1 below presents the significant results of previously released holes, and the current Assay. The complete set of results obtained demonstrates a tremendous success rate, which contributes to a continuously increasing level of confidence about the continuity of the zone.
Table 1 : Significant Results of the Lion Discovery 2024 Winter Drilling Program.
Note: Length is presented as downhole distance; true width corresponds to 60-80% of such downhole distance in function of the orientation of the hole. Grey shaded holes are the ones currently released. *CuEq Rec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and a recovery grade of 80% for all commodity, consistent with comparable peers. |
Lion Mineralized Zone Expands over 90%
We noted in our
Now, at the end of our winter program, the zone has shown an increase in size of over 94% compared to past reported zone dimension (see Figures 1 and 2). The thickness of the massive chalcopyrite zone remains the same and varies, ranging from up to 5-10 m true width in the core of the zone to less than one meter laterally. From the complete assays dataset and the newest structural interpretation, the core appears to present a westerly plunge (Figure 2).
The 2024 summer program is focusing on the depth and lateral continuity to the west of the current known mineralization. Assays from several promising holes are now in at the laboratory and we would expect to report on those by late September.
"We are extremely excited to continue drilling this discovery and combined with our comprehensive exploration program being deployed contemporaneously, we are addressing two key components of the work to be done: growing the
QAQC and Sampling
All samples were submitted to and analyzed at
GeoVector's QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results.
The results presented in the current press release are complete within the mineralized intervals, but results are still pending for the top portion of both holes reported. QAQC and data validation was performed on these portions of the holes where assays are fully integrated, and no material error was observed.
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Clarify
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About
The NISK property comprises a significant land position (20 kilometers of strike length) with numerous high-grade intercepts.
In addition to the Nisk project,
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powernickel.com/corporate_presentation.pdf
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Cautionary Note Regarding Forward-Looking Statements
This message contains certain statements that may be deemed "forward-looking statements" concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "indicates," "opportunity," "possible" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others, the timing for the Company to receive the summer program assays; raise sufficient capital to fund its obligations under its property agreements going forward; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company's plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.
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