Power Nickel Inc (TSX-V:PNPN) has released an initial NI 43-101 compliant mineral resource estimate (MRE) for its Nisk nickel sulphide project near James Bay, Québec, the site of a number of mining projects and improving infrastructure.
"Power Nickel was extremely pleased with the inaugural Mineral Resource Estimate. When taken in context with our very conservative assumptions and the clear infill drilling opportunities, as outlined below in the two figures showing isometric views of the potentially economic pit constrained and underground stope constrained mineral resources, we feel we have shown Nisk has significant commercial potential. The resource update has clearly indicated some additional infill drilling is needed and these holes are now in process of being permitted as part of our upcoming fully funded drill program," said Power Nickel CEO Terry Lynch in a statement.
The estimate showed over 2.5 million tonnes of indicated resources at 1.20% nickel-equivalent (NiEq) and 1.4 million inferred tonnes at 1.29 % NiEq. The indicated resource for the open pit was pegged at 894,100 tonnes at 0.33%, while the underground resource showed around 1.69 million tonnes at 0.91% NiEq.
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The Power Nickel CEO added: "We already have permitted several drill targets to the flanks of the current deposit designed to extend the deposit and test new potential pods for additional resources. Historically, Nickel Sulfide deposits don't exist in isolated solo deposits but typically have a string of pearl formation where multiple pearls or pods of resources are congregated in a close geographic area. The next round of drilling will focus on infill drilling targets as outlined by the Mineral Resources Estimate and on this search to extend and discover new Nickel pods. We expect drilling to commence in August and to be completed in September."
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.
The NISK property comprises a large land position (20 kilometers of strike length) with numerous high-grade intercepts.
Since completion of the option, Power Nickel retained 3DGeo Solution Inc to create a geological model of the Nisk Project and used this as a guide to the very successful initial Power Nickel 2400-metre drill program completed last December and reported in March of 2022.
On the basis of this drill program and the historical drill results, 3DGeo Solution Inc was mandated to produce a NI 43-101 compliant Mineral Resource Estimate and Technical Report. Engineering work related to defining a constraining pit shell and underground mineable shapes was contracted to InnovExplo Inc.
The full technical report, prepared in accordance with the provisions of National Instrument 43-101, will be available on SEDAR under the company's issuer profile within 45 days.
Power Nickel also said it will host an investor webinar with 6ix on Tuesday, July 19, 2022, at 10.30 am EST / 7.30 am PST to discuss the release of the significant inaugural NI 43-101 on the Nisk Nickel Project. To register for the webinar, interested parties can click here: Power Nickel Corporate Update - 6ix.
Power Nickel is a Canadian junior exploration company focusing on high-potential copper, gold, and battery metal prospects in Canada and Chile.
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 writer at jon.hopkins@proactiveinvestors.com