Power Nickel Inc (TSX-V:PNPN) said it has had a great start to its fall drilling campaign at its Nisk project near Nemaska in Quebec as it released assay results for the first hole.
The company noted that the step out hole, PN-23-036, is testing the Nisk Main Deposit 300 metres (m) 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% nickel (Ni), 5.54% copper (Cu) and 0.06% cobalt (Co), along with 0.87 parts per million (ppm) palladium (Pd) and 0.19 ppm platinum (Pt).
Also included were 6.0m of 0.86% Ni, 0.54% Cu and 0.04% Co, along with 1.57 ppm Pd and 0.45 ppm Pt.
Hole PN-23-036 is the first in a series of deeper holes Power Nickel has planned to test some of the best previous holes that were open at depth. It lies to the east of two of the best holes so far at the project, PN-22-009 and PN-23-035.
“We are, with all the tools we have employed, getting a much better understanding of the ore body,” Power Nickel CEO Terry Lynch commented in a statement.
“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.”
The company also noted that the hole was the first that used the Ambient Noise Tomography (ANT) data it collected this summer.
“We drilled into an area previously considered to be low grade and had a quite positive result,” the company’s vice president of exploration Kenneth Williamson added.
“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.”
Private placement
Power Nickel also announced it has closed its previously announced private placement of non-flow-through units at $0.25 each.
The company issued an aggregate of 2,820,000 units for gross proceeds of $705,000, with each unit comprised of one common share one-half of one share purchase warrant. Each whole warrant is exercisable to acquire an additional share for $0.50 for three years from the date of issue.
Power Nickel is a Canadian junior exploration company focusing on developing the High-Grade Nisk project into Canada's first carbon-neutral nickel mine.
In addition to the Nisk project, Power Nickel owns significant land packages in British Colombia and Chile. Power Nickel is expected to reorganize these assets in a related public vehicle through a plan of arrangement.
Contact the author at stephen.gunnion@proactiveinvestors.com