Power Nickel Delivers 10.60% CuEq over 5.35 Metres With New Drill Hole

Power Nickel Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV)  announced the return of the 5 holes of the fall campaign. These holes were testing multiple targets in the Lion zone area.

Hole PN-24-095a tested the interpreted plunge of the Lion zone below previous drill holes. Power Nickel previously released photos of mineralized core from hole PN-24-095a (news release January 21, 2025), and assays have now confirmed that extension of the high-grade zone (Table 1).

Figure 1: Longitudinal view across the Lion Zone Area, presenting the CuEq Rec1 x meters, with interpreted plunge direction extension

Drill holes PN-24-082 to PN-24-085 inclusive, were designed to intersect the target horizon 100-200m west of known mineralization at depths below the ground and airborne EM signals (Figure 1 and 2), therefore they were testing unknown locations along the target horizon.

Although the holes passed through the target horizon they only returned weakly geochemically anomalous Pt and Pd (up to 0.14g/t combined). These holes were specifically located to provide platforms for borehole EM (BHEM) surveys, which will be carried out this month. The BHEM should give a ‘look’ radius of 150-200 meters around the hole for any off-hole conductors indicative of mineralization.

Hole PN-24-88 was drilled to test a weak airborne EM anomaly halfway (Figure 1 and 2) between Lion and the Lion East discovery hole PN-24-094 located approximately 700m east of Lion (see news release January 27, 2025).

PN-24-88 contained minor sporadic Au and Cu values (up to 0.09 g/t and 0.17% respectively). The location of the drill hole was significantly below the interpreted airborne EM anomaly. A partial BHEM survey (obstruction prevented a full survey) was re-evaluated by Power Nickel’s geophysicist and indicated a potential off-hole anomaly that will be tested in the coming weeks. It is not known what causes this anomaly, but based on previous experience at Lion there is reasonable expectation that a sulphide concentration is causing the conductor.

Figure 2: Plan view of drill holes in the Lion Zone Area, showing recently completed drill hole PN-25-096; discovery hole PN-24-094 east of Lion; and BH EM targets.

The Lion Zone continues to provide excellent intersections and grades, conforming to interpreted geological modeling, and extending the mineralized area of the high-grade copper, gold, silver, and platinum group metals within the Lion zone. Visual logging of the first hole of the 2025 campaign, hole PN-25-96 (assays pending) suggests the high-grade trend will extend to depth and along strike from hole PN-24-95a reported in this news release.

Table 1 below presents the significant results of the current assays. Previously released results are included at the end of this news release (Table 2).

Copper Equivalent Rec Calculation

CuEq Rec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and a recovery grade of 80% for all commodities, consistent with comparable peers.

Drilling Strategy

A second drill has arrived at site and will begin with drill holes around Lion East utilizing an improved interpretation of previous borehole EM surveys. This drill will then be used to carry out additional borehole surveys west of Lion in holes PN-24-082 to 085. By mid-February a third drill will be added. The increased drill capacity will allow for a much quicker turnaround of drill results, building the potential mineral resource in a shorter time.

In addition to the drilling program, ongoing expert interpretations of the 2024 EM ground and borehole surveys is expected to identify multiple conductive targets that will allow for a much greater expansion of the exploration effort. The EM is expected to identify extensions to the Lion zone as well as providing additional targets of similar zones along several kilometers of strike on the mineralized structures. The geophysical targets promise to keep the additional drills busy during this winter’s drill campaign.

Qualified Person
Joseph Campbell, P.Geo, VP Exploration at Power Nickel, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

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