Power Nickel closes final tranche of financing and releases results of the first hole of the current campaign
- The private placement has been successfully closed, providing a significant amount of gross proceeds for the company. The assay results for the step-out hole indicate promising findings, highlighting the potential for high-grade material in the Nisk Main Deposit area. The comments from the CEO and VP Exploration reflect a positive outlook on the results and the company's future exploration plans.
- None.
At any time starting four months and one day from the date of issuance of the Warrants, the expiry date of the Warrants can be accelerated at the election of the Company if the closing price of the common shares of the Company on the TSX Venture Exchange is equal or greater than
All securities issued in connection with the Offering are subject to a statutory hold period of four months and one day.
Power Nickel is pleased to release the assay results for the step out hole testing the Nisk Main Deposit 300 metres to the south and east of previous drilling. The overall 19.5m interval, starting at a downhole distance of 463.5m, includes:
- 1.75m of
1.10% Ni,4.54% Cu,0.06% Co along with 0.87 ppm Pd and 0.19 ppm Pt - 6.00m of
0.86% Ni,0.54% Cu,0.04% Co along with 1.57 ppm Pd and 0.45 ppm Pt
The hole, also referred to as PN-23-036, is testing at depth an area to the east of two of the best holes, PN-22-009 and PN-23-035 as noted in Figure 1 above.
"A great start to the fall campaign. This was a big step out hole almost 300 metres below the nearest successful hole on that side of the fault. So will ring up some solid resource with this, we are with all the tools we have employed getting a much better understanding of the ore body…It appears now to us that the west side of Nisk Main contains the higher grade material and we have seen that again in our two holes with pending results, it looks like Nisk Main West is open at depth and the remaining holes up to Christmas will focus on large step outs in this area. The hole we announced today is very productive addition to Nisk Main east which has slightly less but still excellent grade, - Commented Power Nickel CEO Terry Lynch.
The picture below presents a mosaic of the 6 core boxes containing the massive and semi-massive sulphides intercepted over 19.5m in this first hole of the fall drilling program. The table 1 below summarizes results received so far.
"This hole was the first that used the Ambient Noise Tomography (ANT) data we collected this summer. We drilled into a area previously considered to be low grade and had a quite positive result. As noted below it has given us some important new targets on Nisk Main but also in completely unexplored areas called ANT 1 and 2 to the East of Nisk Main as outlined in Figure 4 below - commented VP Exploration Kenneth Williamson.
The cross-section above presents the position of PN-23-036 relative to previous holes that have intercepted mineralization higher up along the main ultramafic unit (purple). This new hole, located some 50 m below PN-21-006, continues to demonstrate high grade mineralization at depth.
The hole was drilled in the eastern portion of the Nisk Main mineralized zone, in vicinity of an interpreted fault corridor, which is believed to have displaced the eastern portion of the deposit some 500 m to the ESE, and at greater depths; an area that is now called ANT2. Figure 4 below shows the location of hole PN-23-036 with respect to the interpreted geology of Nisk Main area.
Kenneth Williamson, Géo, M.Sc., VP Exploration at Power Nickel, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.
Power Nickel is a Canadian junior exploration company focusing on developing the High-Grade Nisk project into
On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to
The NISK property comprises a significant land position (20 kilometers of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the historical high-grade nickel-copper PGE mineralization with a series of drill programs designed to test the initial Nisk discovery zone and to explore the land package for adjacent potential Nickel deposits.
In addition to the Nisk project, Power Nickel owns significant land packages in British
Power Nickel announced on June 8, 2021, that an agreement had been made to complete the
Power Nickel is also 100 percent owner of five properties comprising over 50,000 acres strategically located in the prolific iron-oxide-copper-gold belt of northern
Neither the TSX Venture Exchange nor it's Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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 close the private placement or the second Nisk option or risk that such transactions do not close at all; 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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SOURCE Power Nickel Inc.
FAQ
What is the purpose of the private placement closed by Power Nickel Inc.?
What are the assay results for the step-out hole testing the Nisk Main Deposit?
Who is the qualified person responsible for the technical disclosure in the news release?
