Power Nickel Inc (TSX-V:PNPN, OTCQB:PNPNF) reported new assay results from the first five holes of its summer 2024 drilling campaign at the Lion Zone polymetallic discovery, expanding the project's potential.
The company previously announced that the exploration program had increased the size of the Lion Zone by 50%, with the latest assays focused on an area referred to as the "Halo" zone, located outside the main mineralized section.
Results included 5 metres containing 0.48 g/t gold, 24.82 g/t silver, 4.41% copper, 0.21 g/t palladium, 6.15 g/t platinum, and 0.47% nickel, with a higher-grade section of 3 metres yielding 0.73 g/t gold, 37.90 g/t silver, and 7.10% copper.
Another hole returned 12.05 metres with 0.09 g/t gold, 4.53 g/t silver, 0.65% copper, 6.39 g/t palladium, and 0.06% nickel, including 3 metres of 1.95% copper, and a 1 metre section grading 5.08% copper.
Meanwhile, another intercepted 12.15 metres containing 0.12 g/t gold, 8.54 g/t silver, and 1.75% copper, with higher-grade intervals of 2.65 metres and 2.35 metres, including up to 7.41% copper.
“The results were obtained from targets we now realize were outside the main Lion Zone in what we refer to as the Halo area,” explained CEO Terry Lynch in a statement.
Ken Williamson, VP of Exploration, added: "The new results combined with structural interpretation suggest a potential fault offset, indicating further exploration opportunities."
Power Nickel plans to continue drilling westward to target the main Lion Zone in the coming months.