Power Nickel Inc (TSX-V:PNPN) said it has now filed the initial NI 43-101 mineral resource estimate (MRE) for the Nisk project in the James Bay territory, Quebec, which has an effective date of May 17 this year, showing 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 resource was defined in both open-pit and underground mining scenarios, with the higher confidence indicated resource for open pit pegged at 894,100 tonnes at 0.33%.
The underground indicated resource showed around 1.69 million tonnes at 0.91% NiEq.
"Power Nickel was extremely pleased with the inaugural Mineral Resource Estimate and Technical Report," said CEO Terry Lynch in July this year.
"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," he added.
READ: Power Nickel releases initial NI 43-101 resource for Nisk project in Québec showing over 2.5M indicated tonnes at 1.20% nickel-equivalent
"The resource update has clearly indicated some additional infill drilling is needed, and these holes, as well as step-out targets, are now in the process of being permitted as part of our upcoming fully funded drill program."
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 Crtical Elements Lithium Corp.
The Nisk property comprises a large land position (20 kilometers of strike length) with numerous high-grade intercepts.
Explorer Power Nickel is focused 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 giles@proactiveinvestors.com