Power Nickel Inc (TSX-V:PNPN) has made a new discovery of high-grade platinum group metals (PGM) associated with copper, indicating potential remobilization from underlying ultramafic units and promising further exploration for both PGM and nickel.
The firm was following up on its high-grade PGM intersection in the Wildcat area just north of the Nisk project.
The first hole of a drill program revealed a mineralized zone similar to previous findings, with chalcopyrite stringers and veinlets encountered consistently in the initial 60 meters.
This mineralization intensified between depths of 60.50 to 68.25 meters, characterized by dense chalcopyrite veinlets and local massive chalcopyrite.
Notably, the zone was encountered at a depth of 168.5 meters, with potential for lateral and depth expansion.
The discovery, which was rich in platinum and palladium associated with copper, suggests remobilization from an underlying ultramafic unit, according to Power Nickel. The company said that further exploration is planned to investigate this source.
CEO Terry Lynch expressed optimism about extending the high-grade PGM zone and exploring deeper ultramafic units for nickel.
"We are very encouraged to extend this, what appears to be, a very high grade PGM rich zone another 100 metres downdip from initial discovery,” Lynch said in a statement. “(We) will need assay results to confirm, but it certainly looks very good.”
VP Exploration Kenneth Williamson emphasized the importance of understanding the geology for future discoveries, highlighting the predictive model's role in guiding exploration efforts.