Power Nickel Inc (TSX-V:PNPN) unveiled new assay results from its Lion Discovery project, revealing thick high-grade concentrations of copper, platinum, palladium, gold, and silver.
Highlights of the new results include 14.42 meters of 0.59 grams per ton (g/t) Au, 69.14 g/t Ag, 8.17% Cu, 6.25 g/t Pd, 8.44 g/t Pt, and 0.58% Ni.
Another hole showcased 11.4 meters of 0.24 g/t Au, 13.95 g/t Ag, 2.51% Cu, 3.2 g/t Pd, 19.59 g/t Pt, and 0.18% Ni.
The discovery, situated five kilometres northeast of its main Nisk deposit, marks a significant expansion for the company.
CEO Terry Lynch noted that the assays exceeded expectations.
"What we had previously noted visually has now been more than proven by assays returned from an independent accredited lab,” Lynch said in a statement.
“In fact, many of these results were checked twice as they were well over normal detection limits.”
The winter 2024 drill program concluded with 15 successful holes, laying the groundwork for continued exploration during the upcoming summer season.
Vice president exploration Kenneth Williamson highlighted the structural significance of the discovery, indicating a structurally controlled high-grade multi-elements pod.
The assays reaffirm the presence of a chalcopyrite-rich mineralized zone initially discovered in an earlier drill hole.
Williamson emphasized the zone's ongoing expansion potential, with drilling yet to exhaust its lateral and depth extents.
"Although already sizeable at the end of the current program, drilling is far from being over at the Lion Discovery,” Williamson said.
“We believe that the whole surrounding area presents a very strong potential of hosting more of such high-grade multi-elements mineralization.”
Separately, the company issued a clarification following a review by the British Columbia Securities Commission regarding its April 15, 2024 news release. The release contained a table that used the company's assays to produce metal equivalent grades in gold, copper, palladium and platinum without considering recoveries or other factors, Power Nickel noted.
The company retracts the statement.