Power Nickel Expands Main Zone by 50% with Latest Summer Drilling

Power Nickel Inc. (TSXV: PNPN) (OTCBB: PNPNF) announced that 10 out the 12 holes drilled so far from the Company’s summer drilling program at the Lion Zone discovery have intercepted sulphides mineralization.

Highlights:

• The High-Grade portion of the Lion Zone one continues to the west, with a shallower plunge than what was previously anticipated, as shown by holes PN-24-69 to PN-24-074.
• The Lion Zone is present at depth, as shown by holes PN-24-063 toPN-24-068, expanding its footprint deeper by another 150m vertical.
• 30,000 meter drill program to commence this winter

The Company’s 2024 summer drill program is currently focused on drilling systematically the Lion Zone using a 50 to 75 m square grid approach, which allows a better understanding of the internal distribution of the high-grade polymetallic mineralization within the zone.

Three areas have been successfully tested so far: A- the area directly below the zone (holes PN-24-063 to -068), expanding the zone by 150 m vertically, B- the west boundary (PN-24-069 to -071), where the zone appears to be thicker and more massive in nature, and C- below the known west boundary, following the interpreted plunge of the zone (see Figures 1 and 2 below). With the new holes considered, the Lion Zone now shows a footprint reaching 350 m laterally and 450 m vertically, representing a significant increase in size.

Figure 1: Longitudinal view of the Lion Discovery zone; highlighting the location of holes PN-24-063 to PN-24-075. This figure highlights the current size the of the zone, given the successful intersections of the semi-massive to massive sulphides from the new holes.

Figure 2: Surface plan view of the Lion Discovery zone; highlighting the location of holes PN-24-063 to PN-24-075. The figure highlights the currently projected size the of the zone.

Assays from several promising holes are now in at the laboratory and the Company expects to report on these by late September.

The thickness of the massive chalcopyrite zone remains the same, ranging from up to 5-10 meters true width in the core of the zone to less than 1 meter laterally. Figures 3 to 5 below present cross-sections through the Lion Zone area drilled this summer. It is noticeable that most of the new drillholes are close to being perpendicular to the zone, yielding close to true thickness intersections. The figures also present observed sulphides mineralization in the core.

Figure 3: Sections 04+00. Mineralized zone is between Red Brackets. Comprised of Massive And Semi Massive Chalcopyrite and Stringers. Standard core box length is 1.5 metres.

Figure 4: Sections 04+50. Mineralized zone is between Red Brackets. Comprised of Massive And Semi Massive Chalcopyrite and Stringers.

Figure 5: Sections 05+00. Mineralized zone is between Red Brackets. Comprised of Massive And Semi Massive Chalcopyrite and Stringers.

Qualified Person

Kenneth Williamson, Géo, M.Sc., 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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