Power Nickel Inc (TSX-V:PNPN) has told investors that recent results from Phase 2 drilling at its Nisk deposit in Québec continue to show high-grade nickel-copper-cobalt sulfide and platinum group element (PGE) mineralization.
One hole (PN-22-009) sunk at the deposit in the James Bay territory hit 40.3 metres (m), grading 0.88% nickel, 0.56% copper, 0.06% cobalt, 1.64 parts per million (ppm) palladium and 0.15 ppm platinum, starting from 337.7m depth, the firm highlighted.
This latest intercept is thought to be part of the same Nisk 'Main zone' and extends a previously reported intercept by 14.44m from 25.86m to 40.30m.
"The continued extension of PN-22-009 makes it one of the best Nickel holes reported in recent history," said Terry Lynch, the company's CEO, in a statement.
READ: Power Nickel says it will amend technical report for Nisk project in Quebec after a review by the BC Securities Commission
"A 40-meter long interval, representing 10 to 15 m of true thickness, at this grade of NiEq should positively impact tonnage as we prepare our new 43-101," he added.
Lynch said Power Nickel had now drilled 14 holes in total and had reported on five.
"We continue to be encouraged by all the results. Even holes PN-22-008 and PN-22-010, considering the geological interpretation, still show decent mineralization.
"We are confident that the upcoming Phase 3 drilling campaign will continue demonstrating the system's robustness, with more results in line with our best hole to date, PN-22-009," he said.
Other notable assays included 18.65m (from 350.35m) at 0.25% nickel, 0.01% copper, 0.01% cobalt, 0.76 ppm palladium and 0.08 ppm platinum, while another hole encountered 12.45m (starting from 269.15m) at 0.33% nickel, 0.34% copper, 0.02% cobalt, 0.39 ppm palladium and 0.05 ppm platinum.
The results confirm the presence of high-grade nickel-copper-cobalt-PGE mineralization in the Nisk Main zone and extend mineralization by a further 150m at depth and to the east and below the central portion, the company said.
Drilling will be extended by another 7,500m to 10,000m in the first quarter of this year, it added.
Power Nickel is a junior explorer focused on high-potential copper, gold, and battery metal prospects in Canada and Chile. Its NISK property comprises 20 kilometres (km) of strike length with numerous high-grade intercepts.
The company wants to expand the current high-grade nickel-copper PGE mineralization Ni 43-101 resource with a series of drill programs designed to test the initial Nisk discovery zone and to explore adjacent potential nickel deposits.
Shares added over 11% in Toronto to stand at C$0.24 each.
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Contact the writer at giles@proactiveinvestors.com