Power Nickel Inc (TSX-V:PNPN) has finalized the acquisition of an additional 30% stake in the Nisk project from Critical Elements Lithium, the company announced on Wednesday.
The completion of this transaction brings its ownership in the Nisk project to 80%.
"We are pleased to conclude our earn-in with Critical Elements on the Nisk project," said Terry Lynch, CEO of Power Nickel.
"As we have seen with the posting of the impressive new NI 43-101 Technical Report on the 2023 Mineral Resource Estimate on the Nisk Main Nickel Sulfide zone and the equally impressive high-grade copper, silver, platinum, palladium, gold and nickel discoveries at the Lion Zone.
“We have a real sentiment of having found a large prolific area hosting different styles of multi-elements mineralization, each being a smaller part of a much larger system.”
Lynch added that the company plans to ramp up exploration efforts throughout 2024 and 2025 to bring these targets to a production decision.
Under the terms of the agreement, Power Nickel will continue to fund 100% of expenditures at Nisk until a bankable feasibility study is presented.
Located in Quebec, the Nisk property comprises a large land position (20 kilometers of strike length) with numerous high-grade intercepts.