Power Nickel Inc (TSX-V:PNPN) said it has added $833,568.7 to the capital of the company through the issue of 5,557,125 shares as a result of warrant exercises.
The company said the funds will be used for the 5,000 Metre follow-up drill program on its promising Nisk Nickel Sulphide project south of James Bay, in Quebec, Canada.
In a statement, Power Nickel CEO Terry Lynch commented: "We were very pleased with the drilling results at Nisk and are quite excited to be able to follow up our initial program with this new program in Q2 after breakup. We will continue to test the extension of Nisk Main and additionally several new target zones. Globally these deposits tend to exist as pods or as a string of pearls. With each pearl representing a deposit. We believe this is what we have here at Nisk and, with our actual understanding of the Nisk litho-structural setting, we can expect a well-planned drill program to help expand beyond our first pearl at Nisk Main to hopefully other pearls located in our project land package."
READ: Power Nickel says drill results confirm the presence of high-grade Nickel mineralization at the NISK Nickel Sulphate project
Results obtained during the 2021 drilling program are from 7 holes that were planned to either confirm or expand the historical resources reported in 2009. These results, presented below, successfully demonstrated the existence of the Nisk main mineralized lense, and appear to be representative of what was expected from the historical work.
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", noted Power Nickel's CEO.
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 - completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp (TSX-V:CRE, OTCQX:CRECF). The NISK property comprises a large land position (20 kilometers of strike length) with numerous high-grade intercepts.
Contact the author at jon.hopkins@proactiveinvestors.com