Power Nickel Inc (TSX-V:PNPN) and Critical Elements Lithium Corporation have announced results from the third and final set of drill holes from the recent drill program at the NISK Nickel Sulphate project near James Bay in Quebec, Canada.
The company said the drill results confirm the presence of high-grade Nickel mineralization in the eastern and central deep portions of the Nisk Main mineralized lens. In addition to the historic and previously released assays, these new results (PN-21-001 and PN-21-004) continue to demonstrate a good grade and thickness continuity, it added.
"These results are another positive indication that Nisk is a very exciting Nickel Sulphate discovery. Our objectives in this initial drill program conducted by Power Nickel were to produce enough drilling to allow us to establish a new NI 43-101 compliant resource to confirm and replace the historical resource, and to extend the known Nickel mineralization," commented Power Nickel's CEO Terry Lynch in a statement.
"We believe we have established the latter and expect to be able to deliver a NI 43-101 compliant Mineral Resource Estimate in Q2. Further, these results have made us confident enough to commence execution of an additional fully funded 5,000-meter drill program which we would expect to start later in Q2 after breakup," he added.
Power Nickel noted that existing resource estimates at the Nisk project are of historic nature and said its geology team has not completed sufficient work to confirm a NI 43-101 compliant mineral resource. However, the 3D geological model developed by 3DGeo Solution Inc identified a prospective set of targets that the company feels will give the best potential to expand the Nisk historical deposit.
"Nisk has four distinct target areas covering over 7 Kilometres of strike length. Our focus this round was on the Nisk Main target. Historically, we know globally these types of deposits typically have multiple pods. We are encouraged by what we see on Nisk Main and feel we can continue to build commercial tonnage there but we are also looking forward to exploring Nisk West and the two wildcat targets in subsequent drilling in Q2", Lynch said.
Power Nickel is a Canadian junior exploration company focusing on high-potential copper, gold, and battery metal prospects in Canada and Chile. On February 1, 2021, Power Nickel - then called Chilean Metals Inc - completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium. The NISK property comprises a large land position (20 kilometers of strike length) with numerous high-grade intercepts.
The company is the 100% owner of five properties comprising over 50,000 acres strategically located in the prolific iron-oxide-copper-gold belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire copper-molybdenum deposit, recently sold to a subsidiary of Teck Resources Inc. Under the terms of the sale agreement, Teck has the right to acquire one-third of the 3% NSR for $3 million at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's first region.
Contact the author at jon.hopkins@proactiveinvestors.com