Power Metallic Mines Inc - PNPNF STOCK NEWS

Power Nickel Inc. (TSXV: PNPN) (OTCBB: PNPNF) has announced high-grade multi-element assay results from its 2024 winter drill program at the Lion Zone. Highlights include:

- PN-24-060: 10.39 m of 2.12% Cu, 2.08 g/t Pd, 0.4 g/t Pt, 0.14% Ni
- PN-24-050: 5.45 m of 0.61% Cu, 1.32 g/t Pd, 0.52 g/t Pt, 0.11% Ni

The Lion Zone mineralization has expanded by over 90%, now measuring approximately 300 meters deep by 225 meters wide. The company continues its summer drilling program, focusing on depth and lateral continuity to the west of the known mineralization. Assay results from promising holes are expected in late September.

Power Nickel Inc. (PNPNF) has provided an update on its exploration program at the Nisk Property in Quebec. The company is conducting downhole and ground-based geophysical surveys to identify new prospective areas and potential continuity between Nisk Main and the Lion Zone. The exploration strategy includes:

1. Downhole EM surveys from 'Platform Holes' to identify high-grade sulphides mineralization
2. Ground-based geophysics, including gravity and EM surveys
3. Integration of new datasets into a 3D model

The company has deployed a second drill at Nisk Main and plans to drill at least three platform holes. Ground-based EM and gravity surveys are ongoing at the Lion Zone and across the property. Power Nickel aims to define the relationship between Nisk Main and Lion Zone mineralogy to improve targeting for new discoveries.

Power Nickel Inc. (TSXV: PNPN) (OTCBB: PNPNF) has appointed Dr. Steve Beresford to its board of directors. Dr. Beresford, an internationally recognized geoscientist, brings extensive experience as former Chief Geologist at major mining companies and expertise in magmatic Nickel-Copper-PGE deposits. His appointment strengthens Power Nickel's technical capabilities for exploring the Nisk project.

The company has also granted 4,300,000 incentive stock options to directors and consultants at an exercise price of $0.66 per common share, with terms ranging from two to five years. Power Nickel will host a podcast on August 6th to discuss ongoing exploration at Nisk with Dr. Beresford and the company team.

Power Nickel announced the closure of its over-subscribed $20 Million Flow-Through Offering, raising $20,062,497.50. The offering saw participation from prominent mining investors Robert Friedland, Rob McEwen, CVMR, and Terra Capital. A total of 16,049,998 flow-through units were issued at $1.25 per unit, each consisting of one flow-through common share and half of a share purchase warrant, exercisable at $1.25 per share for three years. The funds will be utilized for exploration activities on Power Nickel's Nisk property in Quebec. The offering awaits final TSX Venture Exchange approval and includes a hold period of four months plus one day from issuance. The company paid $387,239.64 in commissions and advisory fees and issued 265,027 finder warrants.

Power Nickel has announced a flow-through offering to raise up to $20 million through the issuance of 16 million flow-through units priced at $1.25 each. Each unit consists of one flow-through common share and half a share purchase warrant. This financing is backed by renowned mining investors, including Rob McEwen. The funds will be used for exploration activities at Power Nickel's Nisk property in Quebec and to qualify for the federal critical mineral exploration tax credit. The company expects to close the financing by the end of June, pending TSX Venture Exchange approval. Additionally, Power Nickel has closed a previous flow-through financing of $200,000, issuing 250,000 units at $0.80 each.

Power Nickel has launched its 2024 summer drill program, targeting 8,000 meters of drilling at the Lion Zone within its Nisk Property in Nemaska, Quebec. The program aims to explore additional mineralized zones rich in Copper, Platinum, Palladium, Gold, Silver, and Nickel. Following recent successful results, the initial focus will be on deeper and lateral extensions of the Lion Zone. Two untested EM anomalies have also been identified to the east of Lion Zone. Expansion efforts will also cover the Nisk Main zone, with intentions to explore beneath high-grade shoots and further east. Renowned polymetallic explorer Steve Beresford has joined as a special advisor to guide and accelerate exploration.

Power Nickel released high-grade multi-element assay results from its Lion Zone exploration, with notable findings from hole PN-24-059 showing 1.91 g/t Gold, 73.48 g/t Silver, 9.88% Copper, 6.23 g/t Palladium, 4.56 g/t Platinum, and 0.49% Nickel over 5.59 meters.

Other significant results include hole PN-24-058 with 8.27 meters of 0.64% Copper and 3.43 g/t Palladium, and hole PN-24-057 with 5.20 meters of 2.57% Copper and 5.72 g/t Palladium.

The company plans to continue drilling in the Lion Zone during the summer season. Assays from 15 successful holes support ongoing progress and potential expansion of the near-surface high-grade zone, situated 5km northeast of the Nisk Deposit.

GeoVector Management is overseeing the drilling program, with samples analyzed by the independent lab, Activation Laboratories.

Power Nickel announced a partnership with Karbon-X to offset the carbon footprint of their 30,000 meters drilling program, reinforcing their commitment to environmental sustainability. The discovery of the Lion Zone has accelerated their drilling activities, revealing potential polymetallic deposits including nickel, copper, platinum, palladium, gold, and silver. Power Nickel aims to establish Canada's first carbon-neutral nickel mine at their Nisk Project in Quebec. Additionally, the company has engaged Apaton Finance GmbH for investor relations, aiming to increase visibility in the investment community, particularly in German-speaking regions. The engagement is for six months, with a compensation of EUR125,000.

Power Nickel announced high-grade assay results for hole PN-24-055, featuring 50.53 feet of 0.44 g/t Au, 22.04 g/t Ag, 5.06% Cu, 13.12 g/t Pd, 3.35 g/t Pt, and 0.015% Ni. The results include a 16.57-foot segment of higher-grade mineralization and a 10.99-foot segment of even higher grades. The company’s winter 2024 drill program concluded with 15 successful holes at the Lion Discovery Zone, showing potential for further expansion. The core zone features chalcopyrite, extending 725 feet laterally and 1,000 feet deep, with true widths up to 20 feet. The summer drill program will focus on deeper intersections. Assays were completed by Actlabs, ensuring QAQC through rigorous standards.